Custodian of Holy Mosques King Salman of Saudi Arabia has announced Saudi Arabia 2018 Budget in the Saudi Cabinet session which happened at Al-Yamamah Palace in Saudi Arabia.
King Salman approved the State’s General Budget for the Fiscal year 2018 on Tuesday and it is said that the 2018 state budget is the biggest ever Budget (Expenditure) in the history of Saudi Arabia and the plan for funding it are from various sources.
2018 Budget Funding Sources:
50% from Oil Revenue
30% from Non-Oil revenue
12% from debt
8% from Government Balances
The decline in the government’s budget deficit will slow next year. The 2018 deficit is projected at 195 billion riyals, or 7.3 percent of gross domestic product, against an actual 230 billion riyals in 2017.
Saudi Arabia 2018 Budget Highlights
– 85 Billion Saudi Riyals (SAR) to be generated by Tax on Goods & Services in 2018
– Saudi Budget 2018 allocates 2.5 Billions Saudi Riyals a month to the Citizens’ account in 2018
– Public debts % compared to GDP will not exceed 25% during the Fiscal balance phase
– General reserves will not decrease lesser than 250 Billion Saudi Riyals during the fiscal yeay
– General Expenditure in 2018 will also include General Budget Expenditure, Public Investment Fund and other Development Funds
– Increase in Energy, Water, Electricity for Expatriate taxes will continue to increase as per the earlier announcements
More details of the Saudi Arabia Budget for 2018 can be viewed below: