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Finance Ministry reports JD310 million increase in domestic revenues for 2023, totalling JD8.432 Billion

Finance Ministry says that domestic revenues for 2023 reached JD8.432 billion, marking an increase of JD310 million compared with the previous year’s JD8.122 billion (JT file photo)
By JT | 01:05 March 29, 2024 |
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AMMAN — Domestic revenues for 2023 reached JD8.432 billion, marking an increase of JD310 million compared with the previous year’s JD8.122 billion, the Finance Ministry announced on Thursday.

This rise in local revenues was driven by an augmentation in tax revenues by approximately JD136.4 million and an increase in non-tax revenues by nearly JD173.7 million, compared with the preceding year according to the Jordan News Agency, Petra, citing the ministry’s monthly bulletin.

The bulletin also reported that local revenues accounted for 87.6 per cent of current expenditures, highlighting the government’s commitment to enhancing financial self-sufficiency.

The report also highlighted that the increase in tax revenues is attributed to a growth in the general tax on income and profits by around JD215 million, bringing the total to JD1.763 billion in 2023, up from JD1.548 billion in 2022, a rise supported more by improved tax compliance among taxpayers than by tax rate increases.

Conversely, public expenditures increased by JD537.2 million in 2023, totalling JD11.004 billion, which represents a 5.1 per cent increase from 2022. This rise is primarily attributed to a rise in current expenditures by JD672 million, or 7.5 per cent.

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