‘Budget bill to include development, employment, subsidy plans’

October 21, 2019

TEHRAN- Head of Iran’s Planning and Budget Organization (PBO) said that three biennial plans on development, subsidies and employment will be attached to the national budget bill for the next Iranian calendar year of 1399 (begins on March 20, 2020) to be submitted to the parliament.

Mohammad Baqer Nobakht also announced that a biennial budget bill has been decided to be prepared for the next year in a way that the incomes and expenditures will be envisaged for both years of 1399 and 1400, IRIB reported on Monday.

In this bill oil revenues will not be used for any expenditure, and as they are generated from selling the country’s capital assets they will be spent on augmenting capital assets through development projects, he noted.

Earlier this month, the official had said that the revenues gained from elimination of hidden energy subsidies as well as increased tax incomes will replace oil revenues in the next year’s budget bill.

“This does not mean a rise in tax income; but by setting new tax bases and eliminating unnecessary exemptions at a time of economic warfare, more tax revenues will be provided,” he explained.

Back in September, Nobakht had announced that the government was going to submit the budget bill for the next Iranian calendar year to the parliament on December 6 as scheduled.

According to the official, this year, PBO has decided to send the information about the state-owned companies’ budget to the Majlis (Iranian parliament) a month earlier so that the parliament would have enough time to review it.

The members of the budget preparation committee at PBO are seriously working on the bill and while the views may differ in some areas, the consensus among all members will be the base for the final decision making, Nobakht said.

MA/MA

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