Kingdom seeks to position itself as a global investment destination and business hub
RIYADH: Saudi Arabia saw an 11 percent boost in non-oil revenues, reaching SR457.73 billion ($122.06 billion) in 2023 compared to 2022, primarily driven by increased taxes on income, profits, and capital gains.
According to the fiscal year 2023 budget performance report released by the Ministry of Finance, these taxes surged by 58 percent, totaling SR38.64 billion.
This aligns with Saudi Arabia’s efforts to position itself as a global investment destination and business center, aspiring to join the ranks of the world’s leading economies.
The surge in foreign direct investment into Saudi Arabia may have contributed to an uptick in tax revenues as more international businesses establish operations in the country.