Budget allocated for development projects to rise 53% next year
Head of Iran’s Planning and Budget Organization (PBO) said 430 trillion rials (about $10.2 billion) is going to be allocated for development projects in the next year’s budget plan, up 53 percent from the figure for the current year.
We intend to invest as much as we can in development sector in the next [Iranian calendar] year (starts on March 19, 2020), so we have increased the budget for this sector by 53 percent to achieve significant growth,” Mohammad Baqer Nobakht said on the sidelines of the 12th meeting of the budget headquarters on Monday.
Last week, Nobakht had announced that the government is going to allocate all revenues from oil sales to the development projects following structural reforms in the next Iranian calendar year’s budget bill.
According to the official, the revenues gained from elimination of hidden energy subsidies as well as increased tax incomes will replace oil revenues.
“This does not mean a rise in tax income; but by setting new tax bases and eliminating unnecessary exemptions at a time of economic warfare, more tax revenues will be provided,” he explained.
Back in September, Nobakht had announced that the government was going to submit the budget bill for the next Iranian calendar year to the parliament on December 6 as scheduled.
According to the official, this year, PBO has decided to send the information about the state-owned companies’ budget to the Majlis (Iranian parliament) a month earlier so that the parliament would have enough time to review it.
The members of the budget preparation committee at PBO are seriously working on the bill and while the views may differ in some areas, the consensus among all members will be the base for the final decision making, Nobakht said.
source: Tehran Times
Related News
Top News
Rio Tinto’s $2.5 billion lithium plan is a win for Milei
Australia’s CEFC invests $75m in homegrown critical minerals
China tightens rules to curb methane emissions from coal mines
BHP seeks Brazil growth to emerge from shadow of mining disaster
Rasul Khalife Soltani, Secretary of the Iranian Steel Producers Association on the sidelines of the 1403 Steel Symposium:
Mobarakeh steel is producing green steel through scrap recycling
Norilsk Nickel plans to sell all it produces in 2025
Glencore in talks to sell Philippine copper smelting unit
Iron ore posts weekly gain as investors assess fresh Beijing stimulus
BHP seeks Brazil growth to emerge from shadow of mining disaster
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Aluminum price falls to one-month low in wider commodity slump
India’s record gold import said to be due to calculation error
Glencore in talks to sell Philippine copper smelting unit
Rio Tinto, BHP, and BlueScope to build ‘green iron’ plant
Arcadium Lithium investors sue miner over Rio Tinto takeover
Skeena advances Eskay Creek permitting, unlocks Orion funding
US foreign investment panel split on Nippon-US Steel deal
Norge Mining acquires Europe’s largest natural graphite producer
Australia’s CEFC invests $75m in homegrown critical minerals
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Aluminum price falls to one-month low in wider commodity slump
India’s record gold import said to be due to calculation error
Glencore in talks to sell Philippine copper smelting unit
Rio Tinto, BHP, and BlueScope to build ‘green iron’ plant
Arcadium Lithium investors sue miner over Rio Tinto takeover
Skeena advances Eskay Creek permitting, unlocks Orion funding
US foreign investment panel split on Nippon-US Steel deal
Norge Mining acquires Europe’s largest natural graphite producer
