Eight Sources to Generate Revenues [Archives:2002/06/Business & Economy]
February 4 2002
Yemen depends on 8 sources for its 5 year-plan, which indicates the weakness of such sources , especially as one of these sources (oil) is the prime provider of funds to the public budget.
Oil & Gas
Within the current year (2002), the Yemeni government expects the price of crude oil to be at US$ 18 per barrel. It also expects to export 63,190,800,000 barrels in a yearly basis at the total cost of US$ 1,1337,434,000. The produced crude oil to be locally used is estimated at 33,526,816,000 barrels a day. While the quantity of gas is expected to amount to 564,000 metric ton and 975,000 metric ton at the rate of US$ 129 per a ton and at the exchange rate of YR 129 per one US Dollar. The total cost is YR 12,25,000,000.
Customs
Customs is the second source of revenues of the Yemeni government as the estimations of the current year totals YR 32,594,000,000 against the last year estimations which amounted to YR 29,605,000,000 with an increase rate of YR 2,989,000,000 (1.10%).
Taxes
Yemeni people are very concerned about the increase in taxes on individual income totaling YR 5,38,000,000 and the increase of taxes on the corporations income by YR 4,350,000,000. The government has also imposed within this year other taxes on consumption such as oil derivatives rating at YR 200,000,000 and taxes on consumption of mineral waters and beverages totaling YR 137,000,000. The total revenues of the Tax Authority are expected to rise to YR 72,172,000,000 against 61,779,000,000 last year registering and an increase by 16.8%.
Zakah Revenues: Government depends on Zakah as a source for developing its general revenues. This year Zakah revenues are estimated at YR 3,289,000,000 against YR 2,991,000,000 last year (10% increase).
Benefit Surplus: The government has estimated its revenues from the surplus of benefits at YR 27,298,000,000 at an increase of YR 351 million to the estimations of the last year which mounted to YR 26,947,000,000. The increase of benefits are distributed as follows: (the General Corporation of Printing Textbooks which provides YR 371,000,000 million, the Cement Corporation (YR 107 million), (General Telecommunication Corporation YR 782 million), (Yemenia – Yemen Airways YR 117 million), (General Road & Bridges Corporation YR 191 million), (Yemen Gas Corporation: YR 191 million).
Some other corporations also contribute to the increase of YR 16,8,000,000 against YR 13,677,000,000 in the previous year.
Grants
Yemeni government expects foreign grants and donations of YR 8, 268,000,000 against 7,265,000,000 in the last year ( an increase of 13.8%).
Foreign Loans
Yemen has not so far been able to do away with getting new loans which are used for covering the deficit in funding some projects. Loans for the current year have been estimated at YR 15,772,000,000
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