RIYADH: For the first time in the past 10 years, Saudi government has spared its citizens from the payment of income tax.
Saudi Finance Minister Mohammad Jadaan has announced that the kingdom had been able to spend less than the estimated budget, and achieve higher than expected non-oil revenues. Speaking at a press conference in Riyadh, Jadaan detailed the Saudi budget for 2017, and spoke of the government’s promise of transparency. He also completely removed the need for income taxes on Saudi citizens and residents. It is pertinent to mention here that since 2014 Saudi Arabia was forced to bring economic revolution due to decline in oil prices. The revolution included steps like new currency system, privatization, fresh investment strategy and heavy cut in official expenses.
