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FinancialNews


  • 14-03-17

    Saudi Arabia to achieve budget surplus by 2019

    (MENAFN) Saudi Arabia could achieve a budget surplus by 2019 if all the reforms outlined in the fiscal balance program are installed amid the set timeline.

    Furthermore, the fiscal balance program covers rationalizing government spending, cost savings from energy and water price reform offset by household allowance.

    Accordingly, the total employee levy will be 1.4 percent of the establishments' aggregate income, considering the peak levy applicable by 2020.

    Meanwhile, higher non-oil revenue is premised on the expat levy and will be implemented in July this year; VAT will be implemented in early 2018.

    MENAFN1403201700450000ID1095312204

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