1402 budget review / budget balance with exchange rate – Tejaratnews
According to Tejarat News, today, Monday March 14, the Center of Investment Institutions reviewed the resolution of the Consolidation Commission regarding the 1402 budget in a specialized meeting.
Mohammad Ghasemi, the former deputy official of the Majlis Research Center, said in this meeting: The public resources of the government in the 1402 budget bill include things such as tax and customs revenues, resources from oil and gas, resources from the sale and transfer of movable and immovable property, resources from Government companies will be sold and borrowed, on the basis of which the sum of public resources of the government is estimated at 1,984 billion tomans. Also, the government’s general expenditures will include spending credits, capital asset acquisition credits, and financial assets credits, totaling 1,984 billion tomans.
He continued: In the budget bill of 1402, tax and customs revenues amount to 826.29 thousand billion tomans and tax on legal entities, tax on non-governmental companies and tax on government companies, income tax and wealth tax are considered a total of 451.79 thousand billion tomans. Also, indirect taxes, which include import tax, goods and services tax, and value added tax, are expected to total 374.50 thousand billion tomans.
This official further explained: In case of non-realization of the resources from the sale of oil, we will be provided with the difference from the foreign exchange reserve account, and in case of the realization of income in excess of the prescribed limit from the place of oil export, at least 50% of it will be used to settle the government’s debt to the fund. National development and the rest will be allocated for the acquisition of capital assets. Also, the surplus of oil resources is estimated, from the place of delivery of crude oil and gas condensate, an amount of three billion euros is expected to strengthen the defense infrastructure and an amount of one billion and 500 million euros is expected for the projects of depriving and driving.
Oil revenues in the next year’s budget
He stated that the 1402 budget’s dependence on oil is generally stated at 30.5%, and added: Based on this, assumptions were made that the sale of oil and gas condensate is 1.4 million barrels per day, and the net export of gas is 6 billion dollars per year. 1402, the feed of petrochemicals is 145 thousand barrels per day, the price of each barrel of oil is 85 dollars, the exchange rate of this sector is 23 thousand tomans, the share of the development fund is 40 percent, the share of the oil/gas company is 14.5 percent, and the share of the government is predicted to be 45.5 percent. In general, the total foreign exchange earnings from the export of crude oil, gas condensate and net gas export is about 49.67 billion dollars, and the share of 45.5% of the government will be 22.6 billion dollars.
Ghasemi stated: In the proposed bill, borrowing from the resources of the National Development Fund is considered equal to zero. Of course, this year, despite the fact that no withdrawal or borrowing from the resources of the National Development Fund was foreseen, these resources have been used with special permission and during the year. Also, the amount of dependence of the budget on the sale of all kinds of financial and Islamic bonds is stated as 9%.
He stressed: In practice, we want to make it clear that the price of the currency becomes the budget balancing price.
He stated that in the proposed bill, the average salary growth of the employees is considered to be 20%, he added: the sum of the first and seventh chapters (wages of the current government employees) in the proposed bill has a share of 51% of the expenditure credits, and compared to the budget law of 1401, It has grown by 43%. Also, the share of government current expenses from public expenses is 73%, and the share of government employees’ salaries and pensions from expenses is 91%.
Acquisition of capital assets
He explained: Regarding the acquisition of capital assets, 327.92 thousand billion Tomans have been considered, which has grown by 26.1% compared to last year. Regarding the acquisition of financial assets, the share of acquisition of financial assets from public expenditure is 10% and the share of principal repayment of partnership bonds from public expenditure is 9%. Also, regarding the input customs duty rate for production inputs, I must say that the customs duty rate for basic goods and medicine has been reduced from four percent to one percent.
The former deputy official of the Majlis Research Center said: Incomes from the export of mineral materials and products and metal and non-metal mining industries including billet, bloom and slab, oil, gas and petrochemical products including bitumen and methanol, urea and polyethylene in raw form. And semi-raw products are subject to taxes and export duties in all parts of the country. Among the effects and consequences of this importance, we can mention things such as increasing government tax revenues, reducing raw material sales, providing raw materials for domestic production, and completing production value chains.
Tax policies
He explained: According to note 2 of the budget bill of 1402, encouraging investment in companies admitted to the stock exchange and over-the-counter and encouraging them not to divide a larger part of the acquired profit and use the resulting resources for capital increase, by subjecting it to a zero rate of income tax. Part of the undivided profit of the mentioned companies will be transferred to the capital account. Also, supporting the development of financial instruments as well as facilitating the trading of commodity-based instruments by subjecting the value-added tax to zero rate for all goods that are accepted in the form of commodity deposit certificates in the country’s commodity exchanges, as long as they are traded in any of the commodity exchanges. are also taken into consideration.
Ghasemi finally emphasized: The budget figures have changed in the parliament, but the fact is that the consolidated approval tables are not yet available, let alone the daily changes!
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