Government revenues rise to JD6.5 billion in first 9 months of 2023

The exterior of the Income and Sales Tax Department in Amman. (Photo: Twitter)
(File photo: Jordan News)
AMMAN – Local revenues have rose to JD6.5 billion by the end of September, reflecting an increase of JD439 million compared to the same period last year. اضافة اعلان

According to Khaberni, these revenues cover 91.2 percent of current expenditures, according to a statement from the Ministry of Finance on Thursday.

This increase is attributed to a rise in tax revenues by approximately JD233.6 million and an increase in non-tax revenues by around JD205.4 million. The surge in tax revenues is due to higher income and profit tax revenues, reaching JD1.5655 billion and achieving 101.3 percent of the estimated amount in the 2023 General Budget Law. This result stems from improved taxpayer compliance and commitment to submitting tax declarations without raising tax rates.

In terms of public spending, the total expenditure for the central government/budget during the first nine months of 2023 amounted to approximately JD7.9537 billion, compared to JD7.6115 billion during the same period last year. This increase is primarily driven by a rise in current expenditures by JD533.6 million compared to the same period the previous year.

Due to these developments, the financial deficit decreased by approximately JD10.2 million, reaching JD1.3968 billion during the first nine months of 2023, compared to JD1.407 billion during the same period the previous year.

On another note, the percentage of the government debt balance decreased by the end of September 2023, excluding statistically what the Social Security Investment Fund (SSIF) carries. The debt balance accounted for 88.7 percent of the estimated Gross Domestic Product for September 2023, compared to 88.8 percent of the Gross Domestic Product for 2022, including the indebtedness of both the National Electricity Company and the Water Authority.

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