Economy, Domestic Economy

Budget Bill Undergoes Revision by MPs

Lawmakers have 10 days to put forward their own revisions on the budget bill.Lawmakers have 10 days to put forward their own revisions on the budget bill.

The joint commission of the parliament has wrapped up work on the budget bill for the next fiscal year (March 2018-19) and submitted its draft version to the Majlis Presiding Board on Saturday.

The lawmakers now have 10 days to put forward their own revisions, each of which will be discussed and decided in the open sessions of the parliament starting Jan. 28, IRNA reported.

The joint commission is a legislative body responsible for reviewing budget bills as well as five-year development plans proposed by the government.

Among key amendments proposed by the commission in next year's budget are keeping fuel price unchanged, setting average oil prices at $55 a barrel and dollar’s exchange rate at 35,000 rials, no salary increase for authorities, setting the ceiling for pay increases at 18%, banning any increase in tariffs, duties and costs of services provided by organizations of executive branch and tax exemption for wages below monthly 23 million rials ($522) for civil servants and 18 million rials ($409) for guilds.

The final decisions of the lawmakers need the approval of the Guardians Council before they become law.     

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