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The economy of Saudi Arabia is the second-largest in the Middle East and the nineteenth-largest in the world. [6] The Saudi economy is highly reliant on its petroleum sector. Oil accounts on average in recent years for approximately 40% of Saudi GDP and 75% of fiscal revenue, with substantial fluctuations depending on oil prices each year.
Pakistani labour at Al Masjid Nabawi (the Prophet's Mosque) in Medina. Foreign workers in Saudi Arabia (Arabic: العَمالَة الأَجْنَبِيَّة فِي السَعُودِيَّة, romanized: al-ʿamālah al-ʾāǧnabīyah fī as-Saʿūdīyah), estimated to number about 9 million as of April 2013, began migrating to the country soon after oil was discovered in the late 1930s.
The Citizen's Account Program in Saudi Arabia is a cash transfer program that started in December 2017. The program is adopted and implemented by The Ministry of Labor and Social Development. [1] Through the programme, citizens in Saudi Arabia get monthly payments from the state. Saudi Arabia is doing many reforms to reduce the country's ...
This tax considerably increased government revenues. The government continued this trend well into the ‘80s. By 1982, ARAMCO’s concession area was reduced to 220,000 square kilometers, down from the original 930,000 square kilometers. By 1988, ARAMCO was officially bought out by Saudi Arabia and became known as Saudi Aramco. Tapline
Map of the world showing national-level sales tax / VAT rates as of October 2019. Additional local taxes may apply. [citation needed]A comparison of tax rates by countries is difficult and somewhat subjective, as tax laws in most countries are extremely complex and the tax burden falls differently on different groups in each country and sub-national unit.
Jizya ( Arabic: جِزْيَة, romanized : jizya) is a tax historically levied on dhimmis, that is, protected non-Muslim subjects of a state governed by Islamic law. [1] The Quran and hadiths mention jizya without specifying its rate or amount, [2] and the application of jizya varied in the course of Islamic history.
The Organization of the Petroleum Exporting Countries ( OPEC, / ˈoʊpɛk / OH-pek) is an organization enabling the co-operation of leading oil-producing countries in order to collectively influence the global oil market and maximize profit. It was founded on 14 September 1960 in Baghdad by the first five members ( Iran, Iraq, Kuwait, Saudi ...
The Ministry of Finance was tasked with regulating, managing and securing the collection of state funds, and oversight of expenditures, and became the general authority for financial matters in the Kingdom of Hejaz and Nejd and its territories. Royal Decree No. 1697 was issued on 27 June 1953 establishing the Ministry of Economy to replace the ...