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Saudi Arabia unveils new revenue system
The official gazette in Saudi Arabia has published the new State Revenue System, which includes regulations for organizing the sources of the state's income and achieving revenues more effectively. The system specifies sources of revenue such as fees, taxes, sales, penalties and fines, sale and leasing of state assets, among others, along with procedures for their collection and development. It also addresses amendments to debt collection and installment procedures, and establishes controls for financial obligations transactions. The aim is to enhance the efficiency of revenue management procedures and promote transparency and accountability. Additionally, the system encompasses procedures for reviewing and amending related regulations to increase revenues in line with the Kingdom's fiscal reform agenda.
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