{"id":82064,"date":"2024-01-21T00:00:00","date_gmt":"2024-01-21T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/01\/21\/al-jadaan-on-reform-taxation-and-the-outlook-for-oil\/"},"modified":"2024-01-21T00:00:00","modified_gmt":"2024-01-21T00:00:00","slug":"al-jadaan-on-reform-taxation-and-the-outlook-for-oil","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/01\/21\/al-jadaan-on-reform-taxation-and-the-outlook-for-oil\/","title":{"rendered":"Al Jadaan on reform, taxation, and the outlook for oil"},"content":{"rendered":"

K<\/strong>ey takeaways<\/strong> from Finance Minister Mohammed Al Jadaan\u2019s interview with Bloomberg <\/strong>TV<\/strong> on Friday on the sidelines of WEF in Davos (watch, runtime: 7:31<\/a>): <\/p>\n

TOP PRIORITIES FOR 2024<\/strong><\/p>\n

Reform + diversification: <\/strong>The government plans to \u201cdouble down on what we are doing in terms of reform and diversifying our economy,\u201d Al Jadaan said, suggesting that policymakers are set to put more firepower behind the country\u2019s economic transformation plan initiated in 2016.<\/p>\n

Regional diplomacy: <\/strong>\u201cWe don\u2019t want to be distracted by what\u2019s happening, we don\u2019t want to be derailed by what\u2019s happening,\u201d Al Jadaan added, suggesting that policymakers will keep their eyes on economic transformation, while Riyadh leverages its \u201cdiplomatic machine to make sure that we de-escalate in the region, bring wisdom, and try to find solutions to the situations in the region.\u201d<\/p>\n

OIL WATCH-<\/strong><\/p>\n

\u201cI\u2019m mot worried about that at all,\u201d<\/strong> said Al Jadaan, highlighting that the ministry\u2019s conservative budget approach safeguards against market turmoil and volatility \u2014 including dipping oil prices. State revenues still exceeded expectations even as oil ended 2023 at a 20% discount to the projected USD 100 a barrel and production was 17% less than projected (11 mn barrels a month), Al Jadaan explained.<\/p>\n

PACING OUT GROWTH-<\/strong><\/p>\n

\u201cThe game is efficiency, and the game is economic value,\u201d <\/strong>said the fiscal policy chief, reiterating that the government\u2019s decision to pace out growth by expanding the timeframe for some economic development projects is aimed at managing the import bill and inflation. \u201cWe [policymakers] want to make sure that every SAR we spend in the economy is not leaking,\u201d and not fueling inflation. <\/p>\n

TAX POLICY-<\/strong><\/p>\n

\u201cThere is no intention at all in Saudi Arabia to impose income tax on individuals,\u201d <\/strong>the minister highlighted, explaining that the tax revenues are levied on corporates and foreign investors, while locals pay Zakat. \u201cWe are trying to rationalize some of the burden on the economy to make it even more business friendly.\u201d<\/strong><\/p>\n

DEBT WATCH-<\/strong><\/p>\n

The latest three-tranche, USD 12 bn debt financing <\/strong>will be used to fund some of the country\u2019s fiscal deficit, and fast-track projects particularly in the fields of logistics, water treatment, and renewable energy, Al-Jadaan added. \u201cWe will tap the markets as opportunities arise,\u201d<\/strong> he said, signaling a plan<\/a> to sell more bonds.<\/p>\n","protected":false},"excerpt":{"rendered":"

No plans to impose income tax on individuals<\/p>\n","protected":false},"author":1,"featured_media":82065,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2633],"tags":[136,2553,204,179],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-82064","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-public-policy","tag-cabinet-watch","tag-regulation","tag-regulations","tag-startup-watch","wpautop","entry"],"acf":{"mongo_id":"b4ed5269-180a-4a47-8c8e-71f65d28da02","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/1656.jpeg","photo_position":"above","homepage_title":"","full_issue_title":"Saudi Finance Minister Mohamed Al Jadaan on reform, taxation, and the outlook for oil","related_issue":[82060],"teaser":"No plans to impose income tax on individuals","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.8c1d22eb-b655-4e2f-ab90-ea5fbd2e635f.mp3"},"yoast_head":"\nAl Jadaan on reform, taxation, and the outlook for oil - 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