AMMAN – The Cabinet approved the draft of the
General Budget Law for the fiscal year 2024 in its session on Wednesday,
chaired by Prime Minister Bisher Al-Khasawneh, as a prelude to referring it to
the Parliament within the time frame set by the constitution.
اضافة اعلان
According to Al-Mamlaka TV, the budget law for
2024 includes general revenues of approximately JD10.3 billion, an 8.9 percent
increase from 2023. The government expects external grants to reach JD724
million.
The rise in revenue is expected due to a rise
in
tax revenues by about 10.2 percent to reach JD7.2 billion without the
imposition of any new taxes or increasing current taxes.
The Finance Minister, Mohammad Al-Assaf, noted
that the budget reflects the government's commitment to expanding the tax base, c
ombating tax evasion and avoidance, and improving tax administration,
resulting in an increase in income tax revenues by about 20 percent.
Current expenditures are estimated at about
JD10.6 billion and increase of 11.8 percent from their level in 2023 to reach
JD1.729 billion, the 'highest in history.'
Assaf said increases in expenditure would
include increased allocations to social protection, and extra allocations under
Royal Directive to strengthen the readiness of the Jordanian Armed Forces and
security agencies.
The budget expects a decline in the total
public debts to 88.3 percent of GDP and allocations for repayments would
increase.
Assaf said that the national economy would
experience real growth in 2024 of around 2.6 percent and nominal growth of 5.1
percent, according to Al-Mamlaka Tv.
He emphasized that this budget is the fourth
for the government that does not include consecutive tax or fee increases, and
it represents the highest capital expenditure in the history of the Kingdom.
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