Deficit of saudi budget fell 71% in first quarter

Thu, 11.05.2017 12:39

Saudi Arabia’s Finance Minister Mohammed Al-Jadaan has announced the kingdom’s first quarter budget performance on Thursday, saying the ministry has seen a SAR 144 billion in revenues and increase by 72 percent from last year’s figures.

The minister also announced the first quarter’s expenses reached SAR 170 billion.

Al-Jadaan confirmed that the Saudi budget deficit fell by 71 percent to SAR 26 billion compared to the same period last year.

Saudi Arabia’s total non-oil revenues reached SAR 32 billion during the same time period.

Saudi Arabia’s undersecretary at the ministry of finance also reported that Riyadh saw an increase in oil revenues that amounted to a 115 percent increase, while the increase on income tax 4 percent, tax on goods and services 8 percent, tax on trade 27 percent and Zakat tax up 46 percent.

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Source: Al Arabiya

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