- Saudi Arabia will implement a VAT refund system for tourists in 2025.
- The Zakat, Tax, and Customs Authority will manage the system to improve tax compliance and enhance the travel experience.
- This initiative aims to create a visitor-friendly environment and attract more tourists.
- The country targets 127 million visitors by the end of 2025 as part of its National Tourism Strategy.
- Projected tourism spending is expected to reach SR346.6 billion in 2025, boosting the domestic economy and non-oil revenues.
- In 2023, Saudi Arabia welcomed nearly 104 million tourists, exceeding its Vision 2030 target.
- By June 2024, the Ministry of Tourism reported 59.74 million local and international tourists.
- The goal for total tourists by the end of 2024 is 119.6 million.
- The tourism sector attracted SR8 billion in investments by August 2024, with expectations to reach SR15 billion by year-end.
- Total tourism spending reached SR156.6 billion by mid-2024, with a target of SR304 billion by the end of 2024.
Source: zawya.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
