Minister of Finance Mohammed Al-Jadaan has ruled out imposing taxes on Saudi citizens or companies. He was responding to concerns that taxes would be imposed as part of the Kingdom's economic reforms during a recent meeting hosted by the Eastern Chamber of Commerce. Al-Jadaan highlighted the role of the private sector which he described as a key partner in the economic development in the Kingdom. The minister also clarified that the value added tax planned for next year would not be more than five percent before 2020. He added that contractors and suppliers would receive their financial dues within 60 days from the due date. He pointed out that the Kingdom had activated many financial and economic strategies in 2015 and 2016, and had taken a number of actions to keep up with the policies adopted by the world's largest economies. They include attending to energy prices, adjusting various governmental fees, and suspension of some allowances. The minister highlighted the factors that were taken into account when preparing the 2017 budget, including the international and domestic economic situation, oil prices, financial commitments, various programs and projects, and economic growth targets.
