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Majlis to Tackle Budget Bill

Service : Economy
TEHRAN, Feb 25 (ICANA) – The specialized committees of Iranian Parliament (Majlis) will begin discussing the government's new fiscal year's budget proposal on Saturday.
Friday, February 25, 2011 3:04:20 PM
Majlis to Tackle Budget Bill

The budget bill for the next Iranian calendar year, which begins on March 21, is about 5,390-trillion-rial (USD 539 billion). The total budget figure is divided in two parts. The budget for state-affiliated companies is USD 362 billion and the draft budget is around USD 177 billion. The new budget shows a 45-percent increase compared with the budget of the current Iranian calendar year that was about USD 368 billion. On February 20, the government of President Mahmoud Ahmadinejad submitted the budget bill to Majlis for the upcoming fiscal year. The specialized committees will review lawmaker's suggestions and give a report to Majlis Budget Integration Committee within 10 days. Majlis Budget Integration Committee, which includes two members of the specialized committees, should discuss the budget bill within 15 days and provide its final report for delivering at the open session of Majlis. It takes a few days for lawmakers to discuss the final bill for approving it. The approved budget will be then sent to the country's Guardian Council, whose approval is needed for the bill to become law. One of the reasons behind this year's budget hike is the implementation of the targeted subsidy plan, which was launched in December 2010. The plan aims to gradually remove all subsidies over a five-year period and instead give families cash handouts as compensation. It eliminates subsidies on gasoline, natural gas, electricity and food and is considered to be one of the most important economic undertakings in Iran's modern history.

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