Alaa Al-Fahd, an economic specialist, stated that non-oil income rose to 11% for the first half of 2024, first time. This suggests that the rise results from the application of automation, governance, and electronic collecting.
“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 of the application of automation and governance, as well as electronic collecting,” Al-Fahd said. Apart from boosting collecting and lowering corruption, this has helped with the management of operations and the use of electronic gates.
Al-Fahd expected that when electronic use in the tax and customs collecting rises, non-oil income would rise as well. Two days ago, the Ministry of Finance and the Parliamentary Finance Committee convened to go over the drop in oil prices and how it might influence the budget. To help and contribute to oil earnings so that the budget and salaries won’t be impacted should future oil prices decline, they also aimed to activate and boost non-oil revenues.
