ammonnews.net

Ammon News - Domestic revenues are expected to see a growth of 10.4 per cent compared to the re-estimation for 2022, Finance Minister Mohammad Al-Ississ said on Wednesday.

Speaking during a joint press briefing on the draft general budget law for 2023, with Minister of Government Communications, Faisal Shboul, Al-Ississ said this estimate was based on expectations of a nominal domestic product growth of about 6.6 per cent in 2023, and a growth in tax revenues of about JD696 million, or 11.7 per cent, to reflect the growth in the Gross Domestic Product (GDP) on the one hand, and to reflect the impact of measures to combat tax evasion, improve tax administration, apply international practices in tax auditing and inspection, expand the tax base, and enhance the voluntary commitment of taxpayers on the other hand.

He reaffirmed the government's commitment not to impose any new taxes or increase current taxes for the fourth year in a row, expecting non-tax revenues to grow by 6.6 per cent, compared to the 2022 reassessment, and the increase in external grants to reach JD802 million for 2023, or 0.8 per cent for 2022.

He added that the inflation rate in Jordan will reach 3.8 per cent in 2023. He pointed out that this rate is "one of the best rates in the world" and that many countries have inflation rates that are much higher.

"The GDP growth rate will score 2.7 per cent to reach JD36.9 billion, and the balance of payments deficit as a percentage of the GDP will decrease from 7.9 to 6.1 per cent," Al-Ississ added.

He stressed that due to efforts to combat tax evasion and tax and customs avoidance, the public debt will decrease to reach JD32 billion, and the debt-to-GDP ratio will decrease to 86.6 per cent.

He added that public revenues will reach JD9.6 billion, an increase of 7.4 per cent compared to 2022, as local revenues will increase by 10.4 per cent to reach JD8.8 billion, and tax revenues will increase by 11.7 per cent, reaching JD6.6 billion, without any raise in the tax burden on the citizen.