Minister of Finance: Updated State Revenue System Enhances Governance and Supports Sustainability

The Cabinet approved the updated State Revenue System during its session held today in Jeddah.

Minister of Finance Mr. Mohammed bin Abdullah Al-Jadaan expressed his thanks and appreciation to the Custodian of the Two Holy Mosques and his Crown Prince – may God preserve them – for the support and attention the public finance sector receives, stressing that the adoption of the system represents an important step towards developing the governance of government revenues and enhancing the efficiency of their management to support financial sustainability.

His Excellency indicated that the system contributes to enabling government entities to improve revenue estimation mechanisms, raise the level of compliance in paying dues, in addition to organizing collection procedures and handling government debts, achieving a balance between collection efficiency and consideration of taxpayers’ circumstances.

The update of the system 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 goals of Saudi Vision 2030.

The system 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 raising 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.