Financial Tribune - Tehran Mayor Pirouz Hanachi submitted the budget for the next fiscal year (March 2020-21) to the capital city�s Islamic City Council on Sunday.

�The ceiling set for next year�s budget is 302 trillion rials ($2.25 billion), which is 24.9% more compared to the current year�s budget,� he was quoted as saying by ISNA.

According to the mayor, the municipality's overall resources and revenues are projected to stand at 150 trillion rials ($1.11 billion), indicating a 40% increase compared with the current year�s budget.

A total of 48.25 trillion rials ($360.07 million) have been projected to be gained from value added tax next year. The figure marks a 38% growth compared with the current fiscal budget, thanks to recent passage of two bills namely �Municipalities� Sustainable Revenues� and �Value Added Tax� in the Iranian Parliament.