Local revenue at JD6.5 bln in January-September of 2023

Local revenue surged by an impressive JD439 million in the initial nine months of the current year, reaching a total of JD6.518 billion compared to the corresponding period in 2022, covering 91.2 percent of current expenses. According to data released by the Ministry of Finance on Thursday, this increase resulted from a substantial rise in tax revenues of approximately JD233.6 million and a growth in non-tax revenues of about JD205.4 million. The boost in tax revenues is attributed to the increase in income and profits tax revenues to JD1.565 million, marking a JD231.6 million rise and achieving 101.3 percent of the projected figure in the General Budget Law. This improvement is a consequence of enhanced tax commitment and compliance among taxpayers in submitting tax returns, without any increase in tax rates. Regarding public spending, the total spending of the central government/budget for the first nine months of the current year stood at JD7.9 billion, compared to JD7.6 billion in the same period of t he previous year. This increase is due to a rise in current expenditures by JD533.6 million compared to the corresponding period of the previous year. Consequently, the financial deficit witnessed a decrease of JD10.2 million, reaching JD1.397 billion during the initial nine months of the current year, compared to JD1.407 billion in the same period of the previous year. Source: Jordan News Agency