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Mohammed bin Salman: We will never impose income taxes in Saudi Arabia

Saudi Crown Prince Mohammed bin Salman confirmed that the Kingdom’s Vision 2030 will achieve many of its goals before 2030, reviewing in an interview broadcast by Al-Arabiya and the most important Arab television networks, the vision’s achievements in diversifying the Kingdom’s sources of income other than oil wealth.

He denied the existence of any tendency to impose income taxes in the Kingdom.

Prince Mohammed bin Salman revealed that stakes of Aramco will be sold to foreign investors within the next year or two, explaining that Aramco has an opportunity to be one of the largest industrial companies in the world.

Prince Mohammed bin Salman said that oil served Saudi Arabia and the Kingdom is an existing country before oil, and then Vision 2030 came in order to achieve the greatest ambition for a stronger economy and a better life for Saudis, by strengthening the economy with funds and investments that will form a future support for the economy, in addition to stimulating the private sector to be a main supporter with goals.

He stressed that “it is in my interest for the Saudi nation to grow and for the citizen to be satisfied.

Oil remains an essential part of Saudi Arabia’s income.”He revealed that the Public Investment Fund (the sovereign fund) aims to grow into a huge fund, and therefore its profits will not be transferred at the present time to the state budget.

It will aim to increase the growth of the fund’s size by more than 200% in the next five years.

In the future the expenditures from this fund will not exceed the percentage 2.5%, and it will be a new barrel of oil for the Kingdom, along with other barrels of diversification in the economy, from various funds and other investments for the Kingdom, including oil.

The Saudi Crown Prince explained details related to the vision launched by the Kingdom in 2016, including developing housing policies, developing legislation, and ensuring an increase in the private sector’s contribution to the Kingdom’s economy.

It is reviewing influential economic figures, most notably the rise in the Saudi Stock Market Index (Tadawul), from 6 levels. And 7 thousand points to more than 10 thousand points at the present time.

In addition to raising the percentage of Saudis owning homes to 60%, compared to 47% before the vision.
In the interview conducted by the journalist Abdullah Al-Mudayfer, the Crown Prince affirmed that unemployment before the vision was 14%, and he aims to reduce it to 11% this year.

Prince Muhammad bin Salman bin Abdulaziz, Crown Prince of Saudi Arabia, Deputy Prime Minister and Chairman of the Council of Economic and Development Affairs, confirmed at a recent meeting of the Council of Economic Affairs that it was able to achieve exceptional achievements and addressed structural challenges within only five years.

The Saudi Crown Prince expressed his appreciation for the efforts of all government agencies that have overcome many challenges during the past period, praising the invaluable experience gained.

This experience strengthened confidence in achieving the goals of the vision, stressing that there is still much to be done on various levels, To continue work to achieve the goals of the Kingdom’s Vision 2030 as hoped and desired.

The Council of Economic and Development Affairs reviewed the achievements of the Kingdom’s Vision 2030 five years after its launch, which focused in its past years on establishing the enabling infrastructure, building institutional and legislative structures, setting public policies, and enabling initiatives, while its focus in its next phase will be on following up Implementation, acceleration of achievement and greater participation of citizens and the private sector.

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