Economy, Domestic Economy

Iran Parliament to Discuss Next Year’s Budget

Parliament to Discuss Next Year’s Budget
Parliament to Discuss Next Year’s Budget

The Iranian Parliament begins to discuss the Majlis Joint Commission’s version of the fiscal 2018-19 budget on Sunday.

The lawmakers will first approve the general outline of the budget and then proceed to a detailed sectoral voting over the course of a fortnight.

President Hassan Rouhani submitted the new budget bill to the parliament on Dec. 10, 2017. Members of the special commissions of the parliament put forward their proposals and amendments to the bill to the joint commission before it spent 25 days to weigh the details of the bill and present its draft version to the Majlis Presiding Board on Jan. 20.

Among key amendments proposed by the commission in next year’s budget are keeping the fuel price unchanged, setting average oil prices at $55 a barrel and the US 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 Guardians Council before they become law.  

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

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