Domestic Revenues Increase to JD 8.4bln in 2023

Amman, Mar. 28 (Petra) – In 2023, domestic revenues reached JD 8.432 billion, showing an increase of JD 310 million compared to 2022’s JD 8.122 billion.

This rise in local revenues was driven by a boost in tax revenues by approximately JD 136.4 million and an increase in non-tax revenues by about JD 173.7 million compared to the previous year. Local revenues covered 87.6 percent of current expenditures, underscoring the government’s commitment to bolster financial self-reliance.

The surge in tax revenues, as detailed in the Ministry of Finance’s monthly bulletin, is attributed to a rise in the general tax on income and profits, amounting to approximately JD 215 million. This brought the total to JD 1.763 billion in 2023 compared to JD 1.548 billion in 2022, fueled by improved tax compliance among taxpayers, rather than tax rate hikes.

Conversely, public expenditures climbed by JD 537.2 million in 2023, reaching JD 11.004 billion, marking a 5.1 percent increase from 2022. The bulk of this rise stemmed from a surge in current expenditures by JD 672 million, or 7.5 percent.

//Petra// AJ
28/03/2024 15:27:05