Changes in Public Finances in the Kingdom of Saudi Arabia Five Years after the Implementation of the «2030 Vision»
Prof. Maysoun Bouzid
Professor of Public and Financial Law
The Institute of Public Administration, Riyadh, KSA
Abstract:
This research aims to study the changes in public finances in Saudi Arabia, five years after the implementation of the 2030 vision. Since 2017, governments have undertaken significant structural reforms in public finances to address the fiscal deficit resulting from fluctuations in oil revenues on the one hand, and the financial fallout from the covid-19 pandemic on the other hand. In order to achieve this objective, the public authorities have enshrined principles of public finances and have tried to implement its requirements (part1).
Similarly, several tax laws have been adopted or revised to consolidate the share of tax revenues in the state budget (part 2). The study found that these structural reforms on public finances have made it possible to modernize the tax system and ensure better control of public spending. As a result, the share of non-oil revenues in the state budget has increased steadily and gradually. Nevertheless, the structural reforms undertaken by the country deserve to be continued and consolidated in future years with a view to ensuring sustainable and equitable development.
Keywords: governance, taxation, privatization, non-oil revenue, sustainable development.