Finance Ministry Gains Power and Extends Debt Terms
The Council of Ministers approved the "State Revenues" System to enhance transparency and efficiency in managing the kingdom's sources of income. The system defines revenue sources, including fees, taxes, sales, fines, and returns from contracts and assets. It grants the Ministry of Finance a leading role in estimating and managing revenues for up to 10 years, with the possibility of adjustments in response to economic changes. The system also encourages government agencies to develop revenue from their assets and allocates incentives for success in doing so. Additionally, it permits the involvement of the private sector in collection processes to improve performance and expedite procedures.
Size: 120%Text Size
Notice: This Is an AI-Generated Summary
Comments (0)