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Ammon News - Tax revenue in the first two months of the current year inched up by JD54.8 million, standing at a total of JD970.2 million against JD915.4 million in the corresponding period of 2021, according to official figures.

In a statement on Thursday, the Ministry of Finance said that the rise in tax revenue was primarily driven by a JD65.9 million increase in taxes on income and revenue, signaling that Jordan is on the right path toward economic recovery from the COVID-19 pandemic. The ministry also highlighted the efforts exerted by its Income and Sales Tax Department to improve financial stability by cracking down on tax evasion and improving tax compliance.

Financial statements for the first two months of 2022 indicated that non-tax revenue decreased by about JD95.5 million, reaching JD242.1 million against the JD337.5 million recorded in the corresponding period of 2021.

The decline, the ministry noted, is driven by a JD116.5 million drop in the property income revenue after the item of surpluses and financial returns from independent government units inched down by JD116.2 million during the same period of last year.

Public expenditures increased by JD71.6 million in the first two months of this year, reaching a total of JD1.406 million, against the JD1.335 million recorded in the corresponding period of 2021.

On the debt side, the government debt balance declined, after excluding what the Social Security Investment Fund holds until the end of February 2022, comprising 88.6 percent of the estimated GDP for the month of February of this year against 89.5 percent in 2021.