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    No new taxes, rate increases in upcoming year — Finance Ministry -

    November 21, 2022
    government

    AMMAN — The government will not introduce any new taxes or increase current rates for the upcoming year, according to the Ministry of Finance’s 2023 General Budget Circular reported by Al Mamlaka.

    The ministry’s report also called for increased capital spending in order to stimulate economic growth and raise employment rates.

    Achieving the goals set out by the 2023 Economic Modernisation Vision and Public Sector Modernisation roadmap for the Kingdom remains a key commitment, the circular revealed.

    The circular forecasts economic growth of 2.7 per cent next year, 3 per cent in 2024 and 3.3 per cent for 2025, while inflation is expected to stand at 3 per cent for next year.

    Directing ministries and government departments to accomplish their tasks, the budget circular also encourages improving healthcare services, bolstering social security and raising the living standards of underprivileged groups.

    The 2022-2023 budget is also expected to focus on tackling the effects of climate change and accelerating green economic growth.

    The circular comes in preparation for the draft general budget law for the fiscal year 2023 to be deliberated and approved in subsequent sessions.

    Coinciding with Jordan’s economic recovery following the coronavirus pandemic, the circular comes in light of structural economic reforms, the most prominent of which are related to enhancing the taxation system, bolstering the competitiveness of the business sector, creating job opportunities, increasing women's participation in the labour market and improving services.

    The report also emphasises the need for ensuring fiscal sustainability, macroeconomic and monetary stability, decreasing public debt, and upholding the values of transparency and accountability.

    The department added that budgets for the year 2023 have now been allocated for each ministry and government department, as well as for each of the Kingdom’s governorates.

    jordantimes

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