Saudi Arabia freezes expat fees for 2020

Pedro Gonçalves
clock
Saudi Arabia freezes expat fees for 2020

Saudi Arabia has no plans to increase expat fees during 2020, according to the Saudi Minister of Finance, Mohammed Al Jadaan.

Al Jadaan added that the kingdom will not consider any additional tax before examining their respective social and economic effects on businesses, the economy's competitiveness, as well as the impact on exports and imports.

Saudi Arabia on Monday said its budget deficit for next year would widen as the world's top oil exporter faces tumbling oil prices and production cuts.

The minister's remarks came on Tuesday during his participation at the 2020 Budget Forum, which is organized by the Saudi Ministry of Finance.

Al-Jadaan said the country is looking to increase its growth in 2020, which includes strengthening the private sector in line with the Saudi Vision 2030. However, he stressed any growth strategy would not come as a result of new taxes or fees.

He also explained that the government would work on ensuring more financing opportunities for the small and medium enterprises.

The kingdom projected a budget deficit of $50bn for 2020, for the seventh year in a row, up $15bn on this year, according to an official statement.

 

Subscribe to International Investment's free, twice-daily, newsletter