Public revenues up but sales tax, customs returns drop in first quarter — minister

AMMAN — The variance in actual versus projected public revenues can be attributed to the decline in sales tax and customs revenues, said President of the Lower House’s Finance Committee MP Khalid Bakkar on Sunday.

During a meeting with Finance Minister Ezzeddine Kanakrieh, Bakkar highlighted the importance of enhancing financial performance and pumping more liquidity into the market to rejuvenate the economy, the Jordan News Agency, Petra, reported.

The panel had previously requested that the government provide a quarterly report for review of financial performance, so that the MPs would follow up on expenditures and the country’s finances overall.

Bakkar said that the figures in the report are not dangerous, but they are not reassuring and require all state institutions to join efforts to address challenges.

At the meeting, Kanakrieh briefed the MPs on the Treasury’s performance for the first three months of the year.

He said that revenues increased by JD109 million in the January-March period, but sales tax returns had dropped by 10 per cent.

The minister added that public debt has increased by JD600 million, while financial profits from tobacco decreased by JD70 million.

Annual tax revenues from fuel derivatives stand at around JD1 billion, close to returns from tobacco product taxation, said Kanakrieh.

On the trade frontier, he added, exports are increasing and imports are decreasing, which will positively reflect on the national economy, the minister said.