Saudi Budget: Non-oil revenues jump 6% in 9 months to 370.5 billion riyals

The quarterly report on the state’s general budget for the third quarter of this year, issued a short while ago by the Ministry of Finance, revealed an increase in non-oil revenues during the 9 months of this year to about 370.5 billion riyals, an increase of 6% over the same period last year, as non-oil revenues continue to grow to reflect the continued fruits of the reforms of the Kingdom’s Vision 2030 and the major transformation witnessed by the Saudi economy in recent years.

According to the report’s data, non-oil revenues constituted 38.7% of the total budget revenues during the first 9 months, as total revenues amounted to about 956.2 billion riyals.

The data shows that tax revenues on goods and services accounted for about 57.8% of non-oil revenues, with a value of about 214 billion riyals, an increase of 7%, indicating the continued growth of economic activity within the Kingdom, as the proceeds of taxes on goods and services are an indicator of the state of optimism in the markets.

Other taxes recorded a 12% increase to reach 33.5 billion riyals during the first 9 months of this year compared to 29.9 billion riyals for the same period last year. Revenues from taxes on international trade and transactions also increased to 16.9 billion riyals compared to 16.4 billion riyals for the same period last year, an increase of 2%.

As for revenues from taxes on income, profits and capital gains, they amounted to about 25.4 billion riyals, a decrease of 21% compared to the same period last year.

According to the data, other revenues other than taxes amounted to about 80.7 billion riyals during the first 9 months of this year compared to 71 billion riyals, an increase of 14%, in an indication of the diversity of non-oil revenues and away from taxes, which are mostly investment revenues.

The continuous rise in non-oil revenues comes against the backdrop of the reforms and restructuring witnessed by the Saudi economy in the last two years, which began to bear fruit with the implementation of the programs and initiatives of the Kingdom’s Vision 2030, as the indicators of the non-oil economy – the primary target of the economic leadership in the Kingdom – continued to rise significantly, which was met with praise from many international institutions and those interested in economic affairs in Saudi Arabia.