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Iran’s next year national budget defined by percentage rather than oil price

Iran’s next year national budget defined by percentage rather than oil price

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Date: 10 December 2015 10:52

Tehran, Iran, Dec. 9

By Mehdi Sepahvand – Trend:

The Iranian government has proposed the country’s next-year national budget plan by percentage rather than by predicted oil revenue, an MP said.

This comes for the fact that oil prices are vacillating and a fixed price could not be given to oil for the next year, Iraj Nadimi, first vice chairman of the Iranian Parliament’s Economic Commission told Trend Dec. 9.

“By doing so, it will be stated what percentage of the budget will come from oil revenues and what percentage from taxes,” he said, adding that the allocation of budget to various sectors is also based on percentage.

“This is a better approach than granting a fixed price for oil and basing the budget on that. So we are not concerned about the relation of the budget with oil, however concern with the influence of oil revenues in our economy remains in place,” the MP said.

The share of oil in Iran’s GDP will increase to 15 percent by next fiscal year (to start March 2016), Masoud Nili, an economic affairs advisor to the president said recently.

During the past 24 years, about 53 percent of the government incomes came from oil.

Iran’s oil output was about 3.7 million barrels per day in 2011, but it has decreased due to western sanctions imposed on the country in mid-2012.

Iran faced 190 trillion rials (about $5.5 billion) budget deficit in spring this year.

During the three-month period, 41 percent of targeted governmental revenues were not materialized.

Governmental revenues amounted to 192.8 trillion rials (about $5.5 billion), a 20.6 percent rise year on year.

Tax income hit 142.2 trillion rials (about $4.05 billion), which had a share of 73.7 percent in governmental revenues.

Meanwhile, the share of oil income in general budget was 26.1 percent, showing 13.8 percent fall compared to the same period last year.

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