Gov’t revenues top $27b in 10 months

Financial Tribune- The government earned 1,032 trillion rials ($27.5 billion) during the first 10 months of the current Iranian year (March 20, 2016-Jan. 19, 2017), according to the Central Bank of Iran’s latest report.

This comes as the Budget Law of the current fiscal year had projected 1,319 trillion rials ($35.19 billion) in revenues for the period, IRNA reported.

Oil revenues stood at close to 492.1 trillion rials ($13.12 billion) for the period while the projection was 624.6 trillion rials ($16.66 billion).

The government also received 3.5 trillion rials ($9.33 million) from the sales of its movable and immovable assets; the budget law estimate was 13 trillion rials ($34.67 million).

Revenues earned from bond sales stood at 341.4 trillion ($9.1 billion) whereas the government expected to earn 485.9 trillion rials ($12.9 billion) from this source.

Meanwhile, 746.9 trillion rials ($19.92 billion) were collected in tax revenues during the 10-month period.

The handover of capital assets brought about 495 trillion rials ($13.2 billion) for the government whereas the projected figure was 662.7 trillion rials ($17.67 billion).

The Iranian Parliament finalized on Sunday the budget for the new Iranian year that starts on March 21.

The budget includes 3.98 quadrillion rials ($90.5 billion) earmarked as “general revenues” in addition to a whopping 8 quadrillion rials ($211 billion) to fund state companies, institutions and banks.

The parliament-approved budget needs the final endorsement of the Guardians Council—the body in charge of ascertaining the constitutional and Islamic compliance of all laws—before it becomes a law.

President Hassan Rouhani submitted the budget bill to parliament early December.