Domestic Economy

Majlis Sends Amended Budget Bill to Guardians Council

Majlis Sends Amended Budget Bill to Guardians Council
Majlis Sends Amended Budget Bill to Guardians Council

Majlis, the Iranian Parliament, has concluded its amendments to the fiscal 2023-24 budget bill and sent it to the Guardians Council for final approval, Majlis Speaker Mohammad Baqer Qalibaf said on Sunday.
The Guardians Council is a watchdog that ensures laws are in line with the Iranian Constitution and the Islamic law.
The government submitted the bill to the parliament on Jan. 11, about one month late as it is due on the 15th day of the ninth Iranian month, which fell on Dec. 6, 2022, this year.
“Not only did we refrain from raising the ceiling on total revenues of the government and governmental companies this year, the sum was reduced by 2.6% [compared to the figure proposed by the government], which is a remarkable achievement,” Qalibaf was quoted as saying by the news portal of Majlis.
“Regarding the ceiling on general budget, there was only a 4% increase,” he added. 
Mohammad Rashidi, a member of the Majlis Presiding Board, told ICANA that the Guardians Council has taken issues with the bill passed by Majlis, adding that the issues will be examined in the Majlis Joint Commission on Monday.
The main figure in the original bill proposed by the government in January include 19,840 trillion rials ($44 billion) allocated as operating budget (including revenues derived mainly from taxation and exports at the disposal of the government) plus 1,800 trillion rials ($4 billion) as revenues exclusive to ministries and governmental institutions, which bring the total sum of the general budget to 21,640 trillion rials ($48 billion). 
The budget of state companies, banks and for-profit organizations has been put at over 30,976 trillion rials ($68.8 billion).
Overall, the ceiling set for the government’s total budget was 52,616 trillion rials ($116.9 billion).
All numbers indicate a significant increase compared to those of the fiscal 2022-23 budget which, considering the high inflation rate in Iran, is not unusual.
According to Fars News Agency, the budget bill put the daily sale of 1.4 million barrels of oil at $85 per barrel. As a result, it is looking to earn 6,030 trillion rials ($13.4 billion) from the sales of crude oil and its derivatives in the year ahead. The projected oil revenues constitute around 30% of the operating budget resources.
The civil development budget has reportedly increased by 26% compared with the current fiscal year’s.
The government is also expecting to earn 8,380 trillion rials ($18.6 billion) in taxes as part of the budget bill, which shows a 59% rise compared to the current year’s budget. 

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