2023 revenue soars, with 90% expense coverage

The exterior of the Income and Sales Tax Department in Amman. (Photo: Twitter)
(File photo: Jordan News)
AMMAN – On Thursday, it was announced that domestic revenues surged by JD 470.3 million from the start of 2023 until the end of October, totaling roughly JD 7.124 billion compared to the corresponding period last year, achieving 90 percent coverage of current expenses.اضافة اعلان

This increase resulted from a JD 250.4 million increase in tax revenues and a JD 220 million rise in non-tax revenues, the Jordan News Agency, Petra reported.

The surge in tax revenues, as outlined in the monthly financial bulletin, is attributed to a JD234.4 million increase in income and profits tax revenues, reaching JD1.623 billion, surpassing 105.1 percent of the estimate in the General Budget Law for the year 2023. This improvement stems from enhanced tax commitment and compliance among taxpayers, without necessitating an increase in tax rates.

Concerning public spending, the central government's budget over the first 10 months of 2023 amounted to about JD 8.835 billion, compared to JD8.562 billion during the same period last year. This increase in current expenditures reached JD526.2 million compared to the corresponding period last year.

In light of these developments, the fiscal deficit witnessed a decrease of approximately JD144.4 million, reaching JD1.635 billion during the first 10 months of 2023, compared to about JD1.780 billion during the same period last year.

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