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GOVT OFFICIAL MEETS HEADS OF SAUDI TAX AUTHORITY

 

A Saudi Arabian delegation of high-ranking tax officials has concluded a visit to Hungary where they studied local solutions aimed at whitening the economy, a state secretary of the finance ministry said. Despite constant tax cuts, Hungarian state revenues are on the rise thanks to an increasingly white economy, Norbert Izer noted. Loss of VAT revenue fell to 13% in 2016 from 26% in 2012, and may fall below 10% next year, he said. Hungary’s “secret weapons” against the black market, the online cash registry system, the electronic control system for road haulage companies and online invoicing, have also raised the interest of Colombian and Greek authorities, next to Saudi Arabia, Izer said. Suhail Abanmi, the head of the Saudi tax authority, noted that the country only introduced the value-added tax in 2018. The authority’s goal, next to having economic players conform with the regulations and pay VAT, is to offer digital solutions that make that compliance easier for taxpayers, he said.