Directors welcomed the authorities’ fiscal discipline and their adherence to the 2022 budget ceilings despite higher oil prices. To support fiscal consolidation and transition to a greener economy, Directors underscored the need to sustain energy price reforms, including reconsideration of the cap on gasoline prices, and welcomed the authorities’ commitment to reach market energy prices by 2030. They called for further efforts to strengthen non-oil revenue mobilization through tax policy measures—including by maintaining the current VAT rate—and enhancing revenue administration. Directors commended the authorities for ongoing reforms to strengthen social safety nets through targeted schemes, which should help sustain energy price reforms.
Source: imf.org
Latest Posts in "Saudi Arabia"
- New VAT Rules: When Marketplaces Must Account for VAT Instead of Individual Sellers
- Saudi Arabia VAT: New Deemed Supplier Rules for Electronic Marketplaces Effective January 2026
- Saudi Arabia Issues Bylaws Establishing Tax and Regulatory Framework for Special Economic Zones
- Saudi Arabia Issues Implementing Regulations for Special Economic Zones, Introducing Tax and Customs Incentives
- 3 countries offering grace periods for e-invoicing mandates
