$35.7 Billion Approved as 2021-22 Budget Revenues

EghtesadOnline: On Sunday, Iranian lawmakers approved the revenues section in the next fiscal year’s budget bill with 198 votes in favor, two votes against while four MPs abstained from voting.

News ID: ۷۸۶۱۲۶

01 March 2021

In the upcoming fiscal year (to start March 21, 2021), the operating budget, including revenues derived mainly from taxation and exports at the disposal of the government, has been projected to stand at 9,107 trillion rials ($35.57 billion), IRNA reported.

Add to this, revenues earmarked for ministries and government institutions worth 950.73 trillion rials ($3.71 billion) take the total sum of the general budget to 10,058 trillion rials ($39.28 billion).

Lawmakers approved the outlines of the fiscal 2021-22 budget revised by the government on Feb. 16.

The approval came after the parliamentarians had initially rejected the outlines of the bill on Feb. 1 and returned it to the government for revision.

The operating budget had been initially projected to stand at 8,410 trillion rials ($32.85 billion) in the original bill, registering a 47% increase compared with the current year’s budget (2020-21). The government increased it to 8,546 trillion rials ($33.38 billion) in the amendment, Tasnim News Agency reported.

Revenues earmarked for ministries and governmental institutions were projected to stand at 894 trillion rials ($3.49 billion) from 884 trillion rials ($3.45 billion) in the first draft, which took the total sum of the general budget to 9,440 trillion rials ($36.89 billion) from 9,298 trillion rials ($36.32 billion).

The ceiling set for the government’s total budget increased from 24,357 trillion rials ($95.14 billion) to 24,499 trillion rials ($95.69 billion).

The budget of state companies, banks and for-profit organizations had been put at 15,619 trillion rials ($61.01 billion) in the original proposal. The government kept the figure unchanged in the budget amendment.

Total tax earnings had been set at 2,515 trillion rials ($9.82 billion) in the first draft.

According to Mohammad Khodabakhshi, the deputy head of Majlis Plan and Budget Commission, the government added 250 trillion rials ($976 million) to tax revenues in the amendment.

“The government has projected that its oil and oil products revenues will reach 1,990 trillion rials [$7.77 billion] in the budget amendment, which figure is the same projected in the original draft,” he was quoted as saying by Fars News Agency.

On the side of expenditure, operating expenses increased from 6,370 trillion rials ($24.88 billion) in the budget bill to 6,524 trillion rials ($25.48 billion) in the budget amendment.

The parliamentarians have yet to work out the expenditure section of the budget.