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Kingdom of Saudi Arabia (KSA) now moving to achieve its Vison 2030. In 2021, the...

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Accounting

    1. Kingdom of Saudi Arabia (KSA) now moving to achieve its Vison 2030. In 2021, the government has announced the budget spending which indicate a slightly lower deficit compare to 2020 budget.

    1. A) Explain the role and responsibilities of Ministry of Finance (MOF), General Auditing Bureau (GAB), and Saudi Arabian Monetary Agency (SAMA) and their involvement in the budgetary process.
    2. B) Make an analysis to compare budget estimation for source of revenue and anticipated appropriation (expenditure) 2021 and 2020. In your analysis, you need to specify the possible reasons for significant differences between this 2 years budgetary amount.
    3. C) The government has recently increased value added tax (VAT) from 5% to 15% in 1 July 2021. Explain three possible reasons why the government has increase the VAT rates.
    4. D) Explain the impact of the new VAT rate towards (1) consumer spending and (2) business enterprises.

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