Saudi Arabia approves updated State Revenues Law to strengthen fiscal governance
JEDDAH — The Saudi Cabinet approved the updated State Revenues Law during its session held on Tuesday, marking a key step toward strengthening the governance of government revenues and enhancing fiscal sustainability. Minister of Finance Mohammed Al-Jadaan said the law will improve the efficiency of
JEDDAH — The Saudi Cabinet approved the updated State Revenues Law during its session held on Tuesday, marking a key step toward strengthening the governance of government revenues and enhancing fiscal sustainability. Minister of Finance Mohammed Al-Jadaan said the law will improve the efficiency of government revenue management by enabling government entities to strengthen revenue estimation mechanisms, increase compliance with the payment of government dues, and streamline collection procedures and the settlement of government debts while balancing efficient collection with consideration of taxpayers' circumstances. The updated law forms part of the Kingdom's ongoing efforts to develop its financial system by enhancing the efficiency of government revenue management, reinforcing the principles of governance and transparency, and keeping pace with Saudi Arabia's economic and administrative transformation objectives of Saudi Vision 2030. It also establishes clear roles and responsibilities for the relevant government entities, develops mechanisms for estimating revenues over the medium and long term to support financial planning and improve the reliability of revenue forecasts, and introduces procedures for collecting government receivables. In addition, the law regulates payment and installment mechanisms under specific controls to strengthen fiscal discipline and improve the efficiency of the Kingdom's financial resource management.