Minister of Finance Mohammed Al-Jadaan commended the Cabinet's approval of the updated State Revenue System.

The minister extended thanks and appreciation to the Custodian of the Two Holy Mosques and his Crown Prince – may Allah preserve them – for the support and attention the public finance sector receives, affirming that the adoption of the system represents an important step towards developing the governance of government revenues and enhancing the efficiency of their management in a way that supports financial sustainability.

The minister pointed out that the system contributes to enabling government entities to improve revenue estimation mechanisms, raise the level of compliance in paying dues, as well as organizing collection procedures and handling government debts, achieving a balance between collection efficiency and taking into account the situations of taxpayers, according to a statement by the Ministry of Finance on its website.

The system 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, keeping pace with the economic and administrative transformations the Kingdom is witnessing, in line with the targets of Saudi Vision 2030.

The system contributes to regulating the management of government revenues by defining roles and responsibilities among relevant entities, developing mechanisms for estimating revenues in the medium and long term, supporting financial planning and increasing the reliability of estimates. It also includes procedures for handling the collection of government receivables, 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.