Domestic Revenues Surge to JD7.1bln in January-October of 2023

Amman: Domestic revenues surged by JD470.3 million from the year's start until the end of October 2023, totaling approximately JD7.124 billion compared to the corresponding period last year, achieving 90 percent coverage of current expenses. This uptick resulted from a JD250.4 million increase in tax revenues and a JD220 million rise in non-tax revenues. 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 total spending of the central government's budget over the first 10 months of 2023 amounted to about JD8.835 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. Source: Jordan News Agency