Saudi Arabia’s Ministry of Finance said it expects a state budget surplus up to SAR 4 billion in 2023, as it will be the first year a surplus is achieved since 2013.

 

Several measures will be taken in the coming years to gradually diversify the Kingdom’s sources of income, including the introduction of value-added tax (VAT) and the expatriate levy, as well as rolling back energy subsidies. 

 

In 2023, the ministry projects a total revenue of SAR 1.138 trillion and expenditure of SAR 1.134 trillion. 

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