Iranian MP: No Place for Oil in Next Year’s Budget

A senior Iranian lawmaker has unveiled plans to free the country’s budget in the coming year from the share of petrodollars.

In comments on Saturday, spokesman for the Iranian Parliament’s presiding board, Asadollah Abbasi, said the legislature will be working on the next Iranian year’s budget without considering the share of oil revenues.

The Parliament has devised a plan to run the country irrespective of the oil exports, he added, saying the budget deficit is set to be reduced by squeezing tax from tax dodgers in the Iranian year 1399, which will begin in March 2020.

Abbasi also highlighted the Parliament’s plans for a reform of the oil and gas industry’s financial system, for a tax reform, and for stricter control over the oil incomes.

Iran’s efforts to cut reliance on the oil revenues began long before the US administration announced plans in 2018 to drive the Islamic Republic’s oil exports down to zero.

Tensions between Iran and the US have escalated since US President Donald Trump walked away from the 2015 nuclear deal between Iran and world powers in May 2018 and re-imposed sanctions on Tehran.

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