Forex rate not to be changed significantly in next year’s budget

Iranian Finance and Economic Affairs Minister Farhad Dejpasand said that the forex rate in the budget for the next Iranian calendar year (begins on March 20, 2020) is not to be changed significantly from the rate envisaged in the current year’s budget, Tasnim news agency reported.

Making the announcement among the reporters on Tuesday, the minister said that as the dollar exchange rate of 42,000 rials has been decided to be considered for imports of the basic goods and medicine, the next year’s budget will not witness so much change in the forex rate.

The official further announced that the next year’s budget is anticipated to put the tax income at 1.6 quadrillion rials (about $38.09 billion), adding that last year some 1.09 quadrillion rials (about $25.95 billion) of taxes has been collected in the country.

The revenues gained from elimination of hidden energy subsidies as well as increased tax incomes will replace oil revenues in the next year’s budget bill, according to the head of Iran’s Planning and Budget Organization (PBO).

“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,” Mohammad Baqer Nobakht has said.

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.

source: Tehran Times

Economic Affairs Minister Farhad Dejpasand budget