by: TN Media News:
Saudi Finance Minister Muhammad Al-Jadaan stated that tax amendments, including Value Added Tax, will be announced in due time. Addressing the National Budget 2024 announcement, he highlighted the government’s focus on developing modern public institutions for economic stability.
Budget 2024 prioritizes strategic spending on development projects, emphasizing the balanced and positive phase of the Saudi economy. Achievements aligned with Saudi Vision 2030 include the creation of over one million new jobs in 2023. The next budget targets increased non-oil production, aiming for a six percent growth rate in the national product by 2030.
Al-Jadaan addressed the budget deficit, attributing it to project expenditures, which he deemed non-alarming. He acknowledged global inflation but assured that measures have been taken to control it, projecting a decrease from 2.6 percent to 1.9 percent by 2026.
Discussing Expo 2030, Al-Jadaan highlighted completed infrastructure projects, minimizing additional costs for hosting 150 million tourists annually by 2030. He expressed confidence in Saudi Arabia’s stable infrastructure for international events and affirmed the government’s commitment to providing domestic and international funding.
