209 billion riyals tax revenue for goods and services next year

“Al-Jazira Capital” expects a rise in tax revenues on goods and services next year by 47.7% to 209 billion riyals, as a result of the increase in value-added tax for the whole year. She explained that the Kingdom’s economic goals for the year 2021 are realistic and that the economy is in a good position to achieve them, noting that adopting appropriate policies to achieve balance between growth, economic stability and financial sustainability have stimulated economic recovery and reduced the fiscal deficit. She indicated that the Kingdom’s plan to increase revenues from the previous year by 10.3% to 849 billion riyals seems realistic with the expected increase in oil prices, the launch of the new Corona virus vaccine worldwide, and the great commitment to production cuts .. She indicated that the government is planning to significantly reduce the fiscal deficit for 2021. With the support of oil prices exceeding the barrier of $ 50 a barrel by the end of 2020 and optimism for economic recovery, she indicated that the continued focus on the initiatives of the Kingdom’s Vision 2030 and the increase in the participation of the private sector would lead to the strengthening of economic activities, and according to the data announced last week, the Ministry of Finance The state budget for 2021 and the general budget performance report for the year 2020, expenditures were estimated at 990 billion riyals in 2021, and revenues were 849 billion riyals, i.e. an expected deficit of about 141 billion riyals.

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