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Energy Commission of Iranian Chamber of Commerce discusses oil revenue forecast

Oil&Gas Materials 4 December 2020 14:16 (UTC +04:00)
Energy Commission of Iranian Chamber of Commerce discusses oil revenue forecast

TEHRAN, Iran, Dec. 4

Trend:

The government has predicted that sanctions will be reduced in the next Iranian year (start on March 21, 2021) and oil revenues will increase while the budgeting should be done by considering the worst-case scenario, the head of the Energy Commission of the Iranian Chamber of Commerce stated.

Evaluating the government`s next Iranian year's budget bill, Hamidreza Salehi said that “In the next year's budget bill, the government has allocated more revenues than the current year,” Trend reports citing ILNA.

“It has also been announced that if these revenues are not realized, the difference will be withdrawn from the foreign exchange reserve account for the budget deficit, and in return, if the income is higher, it will be deposited in the development fund and the foreign exchange reserve,” the head of the Energy Commission of the Iranian Chamber of Commerce said.

He went on to note that the oil sales were sharply decreased in the current Iranian year (started on March 20), which could lead to an oil-free economy.

“We must practice and continue on this path until the day the sanctions are lifted,” he said adding that we can have an oil-free economy.

He pointed out that through this way the private sector can play a greater role in the economy.

Salehi noted that government revenues should be collected based on taxes rather than the oil revenues. "Receiving duties from imports, and non-oil exports can be among the government's revenue sources."

The Iran government has forecasted the oil revenues at $47.5 billion, for the next Iranian year's budget bill (start on March 21, 2021), which has increased the budget dependence on oil revenues to 23.7% compared to the current Iranian year's budget law (end on March 21, 2021).

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