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FINANCIAL NEWS
Saudi Arabia to achieve budget surplus by 2019
14 Mar 2017
(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
MENAFN1403201700450000ID1095312204
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