Saudi Arabia’s tax revenues are expected to increase by around SAR 45 billion to SAR 142 billion in 2018 compared to 2017, figures included in 2018 budget showed.
Tax revenues are likely to increase further by SAR 47 billion in 2020, compared to 2018.
Other revenues are projected to increase to SAR 720 billion in 2020 from SAR 641 billion in 2018, data showed.
Meanwhile, expenditure is expected to rise to SAR 1.05 trillion in 2020 from SAR 978 billion in 2018.
As for the debt-to-GDP ratio, the Ministry of Finance sees an increase from 21 percent in 2018 to 26 percent in 2020.
|
Saudi Budget Projections (SAR bln) |
|||||||
|
Item |
2016 actual |
2017 budget |
2017 estimates |
2018 budget |
2019 estimates |
2020 estimates |
|
|
Revenue |
|||||||
|
Total Revenue |
519 |
692 |
696 |
783 |
843 |
909 |
|
|
Taxes |
82 |
121 |
97 |
142 |
164 |
189 |
|
|
Taxes on income, profit & capital gains |
15 |
18 |
14 |
15 |
16 |
18 |
|
|
Taxes on goods & services |
30 |
56 |
47 |
85 |
103 |
124 |
|
|
Taxes on trade and international transactions |
20 |
31 |
21 |
25 |
26 |
28 |
|
|
Other taxes |
17 |
16 |
15 |
17 |
18 |
20 |
|
|
Other revenue |
437 |
571 |
599 |
641 |
679 |
720 |
|
|
Expenditure |
|||||||
|
Total Expenditure |
830 |
890 |
926 |
978 |
1,006 |
1,050 |
|
|
Operating expenditure |
696 |
716 |
746 |
773 |
789 |
822 |
|
|
Employee compensations |
409 |
412 |
440 |
438 |
445 |
452 |
|
|
Goods and services |
150 |
153 |
135 |
143 |
145 |
146 |
|
|
Financing charges |
5 |
9 |
9 |
14 |
19 |
24 |
|
|
Subsidies |
7 |
7 |
7 |
14 |
7 |
7 |
|
|
Grants |
5 |
3 |
3 |
3 |
3 |
3 |
|
|
Social benefits |
41 |
37 |
44 |
65 |
74 |
94 |
|
|
Other expenditure |
79 |
95 |
108 |
95 |
95 |
96 |
|
|
Non-financial assets (capital expenditure) |
134 |
174 |
180 |
205 |
218 |
228 |
|
|
Budget Surplus/ deficit |
|||||||
|
Budget surplus/deficit |
(311) |
(198) |
(230) |
(195) |
(163) |
(141) |
|
|
Budget surplus/deficit to GDP % |
(12.8%) |
(7.7%) |
(8.9%) |
(7.3%) |
(5.9%) |
(4.9%) |
|
|
Debt and assets |
|||||||
|
Debt |
317 |
-- |
438 |
555 |
673 |
749 |
|
|
Debt to GDP ratio (%) |
13 % |
-- |
17 % |
21 % |
24 % |
26 % |
|
|
Govt deposits at SAMA |
683 |
-- |
584 |
456 |
411 |
345 |
|
|
Govt deposits to GDP % |
28.2% |
-- |
22.7 % |
17.2 % |
14.8 % |
12.0 % |
|
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