Minister of Finance Expresses Appreciation to Leadership for Cabinet Approval of Updated State Revenues Law

Riyadh: Minister of Finance Mohammed Aljadaan expressed his appreciation to Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, for the Cabinet's approval of the updated State Revenues Law. According to Saudi Press Agency, the minister highlighted the support and attention given to the public finance sector, noting that the approval of the updated law represents a significant step toward strengthening the governance of government revenues and enhancing their management efficiency, in a manner that supports financial sustainability. The minister highlighted that the law enables government entities to improve revenue forecasting mechanisms and raise compliance levels in the settlement of dues, in addition to regulating collection procedures and addressing government debts, while ensuring a balanced approach between efficient collection and consideration of payers' circumstances. The updat e comes as part of ongoing efforts to further develop the Kingdom's financial system, reinforce governance and transparency, and keep pace with the economic and administrative transformation, in line with the objectives of Saudi Vision 2030. The law introduces a more structured framework for managing government revenues by clearly defining roles and responsibilities across relevant entities, and by enhancing revenue estimation mechanisms over the medium and long term, supporting financial planning and improving the reliability of fiscal projections. It also includes measures to address the collection of government dues and regulate payment and installment arrangements under defined controls, further strengthening financial discipline and supporting the efficient management of the state's financial resources.