TEHRAN- Tax revenues are predicted to be 17 quadrillion rials (about $26.153 billion) in the budget bill for the next Iranian calendar year 1404 (starts on March 21, 2025), which is 39 percent more than the figure for the current year’s budget bill.

The Iranian parliament has approved the general outlines of the national budget bill for the next year on October 29.

During an open session of Majlis (Iranian parliament), the national budget bill for the next year was put to a vote and 146 MPs out of 249 MPs who were present voted in favor of it and the generalities of the bill were approved.

President Masoud Pezeshkian submitted the national budget bill for the next Iranian year to the Majlis on October 22.

The proposed budget for the next year amounts to about 64.76 quadrillion rials (about $98.5 billion at the free market rate of 650,000 rials).

The bill has estimated the public resources at 59.876 quadrillion rials (about $92.116 billion).

The oil, gas, and oil products income is predicted to be 21.07 quadrillion rials (about $32.415 billion), with 32 percent growth compared to the present year’s figure.

Crude oil production is estimated at 3.75 million barrels per day at an average sales price of €57.5.

This is the second budget bill after the implementation of the country’s seventh national development plan (2023-2027).

After the presentation of the first part of the budget bill, President Pezeshkian called inflation reduction a prioritized goal of the bill.

“This budget was the result of numerous meetings with the top experts and parliament. Accuracy in the implementation of the law of the seventh development plan has been a priority for budget formulation”, the president stated in the parliament.

MA