TEHRAN: Iran’s administration has lowered the government’s planned revenues through car imports in the budget bill for the next fiscal year (to start March 20, 2018).
The budget bill envisages that the Iranian government’s income via car imports will be 22,200 billion rials (1 US dollar = 35,000 rials) during the next fiscal year via an import tariff of 45 percent averagely.
The value is 31.6 percent less compared to the predicted car import duty revenues in current year budget.
It seems that the administration has made the decision after the forecasted revenues for the current year didn’t materialize.
According to the latest data of the Central Bank of Iran, the government revenues of car import taxes during the first half of the current fiscal year (March 20-Sept. 22) stood at 1,300 billion rials, which is significantly below the forecasted figure for the period (16,400 billion rials).
Meanwhile the country’s car imports during the same period witnessed a rise by 21 percent. Iran imported 44,695 cars, worth $1.194 billion, during the first half of the current fiscal year.
The Iranian budget for the current fiscal year(started March 20), foresees 32,200 billion rials of revenues through car import duty, which seems to be so hard to be materialized given the low performance during the first half of the year.
So the administration has decided to revise the expectations for the next year’s car imports revenues.
Last week, Iranian President Hassan Rouhani submitted the budget bill for the next Iranian fiscal year to the parliament. Next year’s national budget bill is based on an oil price of $55 per barrel and a projected average exchange rate of 35,000 rials to the US dollar for the fiscal year.
The overall budget ceiling is estimated at about 11,940 trillion rials, with government spending accounted for 4,290 trillion rials.
