The Minister of Finance clarifies when the 15% VAT will be reviewed


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Finance Minister Muhammad Al-Jadaan said that the value-added tax will be reconsidered when the conditions are in place when the domestic product is high and the economy expands, and we can achieve support for our economic targets, and the rise and continuation of oil prices, and it will be announced within the period specified by the Crown Prince.

Today, Saturday, Al-Jadaan added in the dialogue session marking the 5-year anniversary of the launch of the Kingdom’s Vision 2030, that the option to raise the tax to 15% was the better option than a set of bad options.

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He pointed out that taxes are an essential part in all countries of the world, and they are non-oil revenues. However, the government’s goal is to expand the economy and reduce the economic burden through fees and taxes, and reduce the burden on the private sector.

He explained that when the economy expands, revenues increase, and the government has the ability and option to reduce the burden on the private sector, and as the Crown Prince said a few days ago about that, and we have the Public Investment Fund, the main goal of which is to be after 2030 a basic source of public financial resources.

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Source : Akhbariya

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