Economy Country November 14, 2024

Saudi Finance Ministry Collaborates with OECD

The Saudi Ministry of Finance has organized an event in collaboration with the OECD to address economic challenges and opportunities facing the nation. Experts gathered to share insights and strategies for sustainable growth.


Saudi Finance Ministry Collaborates with OECD

In conjunction with the Organization for Economic Cooperation and Development (OECD), the Ministry of Finance held a virtual conference on the future of tax administration, during which the focus was on the importance of modernizing tax systems and implementing digital technologies.

The conference, which took place yesterday, became a platform for discussing current issues in the development of the tax sphere, the influence of digitalization on tax policy, and the role of tax authorities in ensuring the financial sustainability of the state.

In his speech, the Minister of Finance emphasized that current challenges require changes in the tax system, adaptation to new realities, and the use of digital tools to optimize the processes of tax administration.

"We must be ready for change and strive to implement advanced technologies to ensure transparency, effectiveness, and fairness in taxation," he noted.

Digital technologies, such as artificial intelligence, machine learning, and data analytics, can significantly simplify the processes of tax collection, as well as assist in the fight against tax evasion and other tax crimes.

The conference also served as a venue for discussing issues of international taxation, cooperation between countries in combating tax evasion, and the development of international standards in this area.