Saudi Budget in Q4 2024: Tax Revenues from Goods and Services Rise 19%

Saudi Arabia’s Ministry of Finance reported that total actual revenues for the fourth quarter of 2024 reached 302 billion riyals ($80.5 billion), down 15% from 357 billion riyals in the same period of 2023.

According to the ministry’s quarterly report, non-oil revenues in the final quarter of 2024 totaled 132 billion riyals, up 21% from 108 billion riyals a year earlier. Of this, tax revenues from goods and services stood at 74.8 billion riyals, a 19% increase from 63 billion riyals in the fourth quarter of 2023.

Other revenue streams in the fourth quarter of 2024 included 41.2 billion riyals in miscellaneous revenues, up 37% from 30 billion riyals a year earlier. Taxes on international trade and transactions rose 34% to 7.6 billion riyals from 5.7 billion riyals. Taxes on income, profits, and capital gains declined 6% to 6.1 billion riyals from 6.5 billion riyals, while other tax revenues fell 39% to 2.1 billion riyals from 3.4 billion riyals.

The report showed that tax revenues accounted for 30.2% of total budget revenues in 2024, which amounted to about 1.16 trillion riyals. Non-oil revenues, including tax revenues, made up approximately 40% of the total, reaching 502.5 billion riyals.

Tax revenues from goods and services represented 76% of total tax revenues, amounting to 288.8 billion riyals in 2024, a 10% increase from the previous year, underscoring strong consumer demand.

Other tax categories included 35.6 billion riyals, up 7% from 2023, while income, profits, and capital gains taxes totaled 31.6 billion riyals, down 18% year-on-year. Taxes on international trade and transactions climbed 11% to 24.5 billion riyals.