Domestic revenue saw a rise to JD4.421 billion in the first half of 2023, which is an increase of JD404 million from the previous year’s same period. The Ministry of Finance released a statement on Thursday stating that this increase is due to the rise in tax revenues by approximately JD224 million and non-tax revenues by around JD180 million. Tax revenues jumped due to income and profit tax revenue going up by JD246.4 million thanks to improved tax commitment and compliance from taxpayers in submitting their tax returns. This increase was achieved without raising the tax rates. Additionally, non-tax revenues saw rise of JD67.2 million, primarily due to an increase in various revenue items. Going over public spending, the central government spent JD5.146 billion in the January-June period of 2023, up from JD4.946 billion for the same period last year. After an exception of what the Social Security Investment Fund (SSIF) holds, the government debt balance decreased to 89.8 percent of the Gross Domestic Product (GDP) estimated for June 2023, compared to 91 percent of the GDP achieved in the past year. This calculation includes debts of the National Electric Power Company and Water Authority.
Source: Jordan News Agency