KSA, 4 December, 2024 : Saudi Arabia will launch a value-added tax (VAT) refund system for tourists in 2025, the Saudi Budget statement revealed. The Zakat, Tax, and Customs Authority will oversee the initiative aimed at boosting tourism and enhancing visitor experiences.
This aligns with the Kingdom's National Tourism Strategy to attract 127 million visitors by 2025. Tourism spending is expected to hit SR346.6 billion in the same year, contributing to economic diversification and increased non-oil revenues.
In 2023, Saudi Arabia welcomed 104 million tourists, exceeding its Vision 2030 targets. This included 27 million international visitors, reinforcing the Kingdom’s appeal as a global destination. By mid-2024, 59.74 million tourists had already visited, with the year-end target set at 119.6 million.
The sector saw significant investment in 2024, securing SR8 billion by August, with projections of SR15 billion by December. Tourism spending reached SR156.6 billion mid-year and is expected to total SR304 billion by the end of 2024.
Source : www.saudigazette.com.sa
