An increase in corporate income and profit taxes due to better performance boosted Jordan’s state revenues in the first eight months of 2023, allowing it to reduce the budget deficit, according to the Jordanian Finance Ministry.

In a report published by Alghad and other local dailies, the Ministry said revenues during January-August surged by around 387.6 million Jordanian dinars ($546 million) to JOD5.807 billion ($8.18 billion) compared with the same period of 2022.

The improvement followed an increase in corporate and income taxes by around JOD215.9 million ($304.5 million) as well as a rise in non-tax revenues, the report said.

It showed spending also grew to around JOD7.032 billion ($9.915 billion) from nearly JOD6.836 billion ($9.638 billion) in the same period.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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