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Saudi Arabia’s cabinet during a major meeting on Tuesday State Revenues Law Important changes have been approved. This new law has been brought to further strengthen the financial system of the country. The main objective of the government is to improve the management of government revenue and increase transparency.

Special rules and benefits to law

Finance Minister of Saudi Arabia Mohammed Al-Jadaan Said that this change will bring more clarity in the process of raising government revenue. Under this new law, the government will have better ability to make future financial plans and estimate revenues. this step Vision 2030 Will help in achieving the goals.

The government has made many new provisions in this updated law:

• It will now be easier for government institutions to make accurate estimates of revenue.
• The process of recovery and payment of government dues will be further simplified.
• Emphasis has been laid on making the collection effective keeping in mind the circumstances of the tax payers.
• New rules have been implemented for settlement of government loans.
• The accuracy of long and medium term estimates of revenue will be increased, which will further improve the financial management of the country.

This law will be applicable to all those government institutions which are involved in the work of revenue collection and their management. This will strengthen the financial discipline of the country and ensure proper utilization of government resources.