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Saudi Arabia’s Finance Minister, Mohammed Al-Jadaan, stated that the Kingdom will ‘ultimately’ consider lowering the VAT rate, but that for the time being, the reserves must be replenished.
In the year 2020, Saudi Arabia’s Value Added Tax will be increased from 5% to 15%. As the Corona virus outbreak affected global demand, the VAT rate was increased to support the finances hit by low oil prices. Saudi woman finds out she is male after 20 years
He went on to say that the Kingdom’s financial sustainability policy will ensure that reserves do not fall below a specific proportion of GDP.
Speaking to Reuters on the sidelines of the World Economic Forum in Davos, Al-Jadaan stated, “We are in the last phases of establishing our fiscal sustainability policy, which will ensure that reserves do not go below a specific percentage of GDP” (GDP).
The Minister of Finance affirmed that the reserves will be in the double digits, and that any excess cash will be directed to the Public Investment Fund (PIF), the Kingdom’s $600 billion sovereign wealth fund, and the National Development Fund (NDF).Saudi Arabia bans citizens from traveling to 16 countries
In the last five years, Saudi Arabia has spent one trillion riyals in reserves, and we are still trying to reimburse them.
The Saudi Central Bank had 1.63 trillion riyals in net foreign assets at the end of March. The Saudi Central Bank’s government reserves are estimated to reach 350 billion riyals by the end of fiscal year 2021, according to the Budget document.
Saudi Arabia is predicted to expand 7.4% in 2022, with inflation hovering around 2.1 to 2.3 percent towards the end of the year, according to Al-Jadaan. He reaffirmed the Kingdom’s resolve to press through with its reforms.
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