What distinguishes the 2020 General Budget is that it does not include any new taxes on citizens, Prime Minister Omar Razzaz said on Tuesday.
Chairing a meeting at the Ministry of Finance, Razzaz said that the budget represents an economic map with "clear goals" that aim at enhancing financial and monetary stability, stimulating economic growth and maintaining current tax levels, the Jordan News Agency, Petra, reported.
The premier also highlighted the importance of efficiently dealing with tax evasion, as part of a holistic approach, through all legal and administrative means, in a way that reflects the general fiscal condition of the Kingdom and protects citizens.
He said that some "tangible outcomes" for the first two executive packages, which the government launched in an effort to stimulate the economy, have begun to surface, leading to several sectors demanding their continuation as a result of improvement in the real estate, vehicles, and tourism sectors.
As for capital investment, Razzaz highlighted its importance as a main driver of the economy, saying that increasing capital expenditure will "positively reflect" on the government's partnership with the private sector.
In this regard, the prime minister said, the expenditure allocated for capital projects will exceed JD100 million in the budget, and will be reflected in municipalities and local development sectors.
Finance Minister Mohamad Al-Ississ, who attended the meeting, said that capital expenditure will be increased by 28 percent, the highest in years, describing the step as a “real investment in stimulating the economy and growth rates”.
Ississ noted that in the budget, JD118 million is allocated to partnership projects between the public and private sectors, adding that the government will also repay part of its debt from previous years.
The minister added that among the most prominent government priorities in the budget is economic and financial stability, as well as enhancing procedures to address tax and customs evasion so as to maintain the rights of people who abide by the Kingdom’s tax laws.
In this regard, he noted that the billing bylaw endorsed earlier in the year will contribute to organize the market and increase tax revenues.
Ississ added that 86 percent of (government) expenditures represent current spending, including the 65 percent directed to salaries and wages.
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