MPs to Look into 2018 Budget Bill Sunday

تم نشره في Sat 25 November / Nov 2017. 01:00 AM
  • The Parliament building in Abdali - (Archives)

AMMAN —AlGhad— The government has submitted its draft of the 2018 Budget Bill for the Parliament’s House of Representatives to look into it tomorrow, Sunday, and begin discussions for endorsement.

The 2018 Budget Bill features a significant degree of self-reliance, while shrinking the deficit-to-GDP rate and increasing capital expenditures in the governorates.

A sum of JOD220 million has been allocated in the Bill to the elected Governorates Councils to oversee its investment in capital projects throughout the Kingdom.

The budget deficit is estimated to decline by 1.8 per cent, approximately JOD543.3 million, according to the 2018 Budget Bill Draft.

Meanwhile, overall expenditures, as illustrated in the Budget Bill, stand at some JOD9.39 billion, of which JOD886 million is allocated to current liabilities and expenses and JOD1.153 billion is directed to capital expenditures.

In terms of revenues, the Budget Department estimates an overall JOD8.496 billion, of which JOD700 million are confirmed grants.

In terms of revenues, the Department estimates tax revenues at nearly JOD5.146 billion, 71.7 per cent of which is allocated to sales tax revenues, estimated at JOD3.689 billion, compared to JOD3.195 billion in 2017.

As for income tax revenues, estimated at JOD980.4 million, comprise nearly 19 per cent of the 2018 Budget Bill’s cited revenues, compared to 20.1 per cent in 2017.

Notably, the Bill illustrates a decline in expected returns from income taxation. In 2017, income taxation brought in some JOD1.046 billion.

In the meantime, the government has allocated nearly JOD171 million to the Social Security Network, distributable via direct cash subsidies.

These allocations are supposed to substitute for dropping commodity subsidies, among other categories under the welfare act.

In 2017, allocations to foodstuff subsidies reached JOD180 million, according to the actual budget. National Welfare allocations totalled at JOD91.5 billion, a few dozen millions less than the allocations in 2018.

Overall, the Director of the Budget Department, Dr Mahmoud Hazaimeh, stated to the Jordan news agency, Petra, that the coverage rate in the 2018 is estimated at 98.5 per cent, compared to 92.5 per cent in 2017.