Today, Saturday, economic expert Alaa Al-Fahd confirmed that non-oil revenues increased to 11% for the first time in the first half of 2024. This indicates that the application of automation, governance, and electronic collection is to blame for the increase.
“There is an increase in non-oil revenues during the first half of 2024, and for the first time it reached 11%, or about $6 billion, and is subject to increase due to the application of automation and governance, as well as electronic collection,” Al-Fahd stated. This has aided in the administration of procedures and the use of electronic gates, in addition to increasing collection and decreasing corruption.
Al-Fahd anticipated that “there will be an increase in non-oil revenues with the increase in electronic use in the issue of tax and customs collection.” The Parliamentary Finance Committee and the Ministry of Finance met a few days ago to discuss the decline in oil prices and how it will affect the budget. They also tried to activate and increase non-oil revenues to support and contribute to oil revenues so that the budget and salaries won’t be affected if oil prices drop in the future.
