Economy / Minister of Finance Expresses Gratitude to Leadership for Cabinet Approval of the Updated State Revenues Law

Jeddah, Muharram 29, 1448 AH, corresponding to July 14, 2026, SPA — His Excellency Minister of Finance, Mr. Mohammed bin Abdullah Al-Jadaan, extended his thanks to the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and to His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister — may Allah preserve them — for the Cabinet’s approval of the updated State Revenues Law. His Excellency highlighted the support and attention given to the public finance sector, describing the adoption of the law as an important step toward developing the governance of government revenues and enhancing the efficiency of their management in a way that supports financial sustainability. His Excellency noted that the law contributes to empowering government entities to improve revenue estimation mechanisms and raise the level of compliance with payment of dues, in addition to organizing collection procedures and handling government debts, achieving a balance between collection efficiency and consideration of taxpayers’ circumstances. The law update comes within the framework of developing the financial system in the Kingdom, enhancing the efficiency of government revenue management, and consolidating the principles of governance and transparency, in line with the economic and administrative transformations taking place in the Kingdom, consistent with the goals of Saudi Vision 2030. The law contributes to organizing the management of government revenues by defining roles and responsibilities among relevant entities, developing revenue estimation mechanisms in the medium and long term, supporting financial planning and enhancing the reliability of estimates. It also includes procedures for handling the collection of government dues and organizing payment and installment mechanisms according to specific controls, thereby enhancing financial discipline and supporting the efficiency of managing the state’s financial resources. // End // 20:00 T M 0171