Iran's Vice President for Parliamentary Affairs Mohammad-Reza Mir-Tajeddini said the recent round of Western sanctions against Iran will have no impact on the country's fiscal budget for the upcoming Iranian year, local satellite Press TV reported on Sunday.

"Enemy sanctions against Iran will have no effect on the country's budget" for the upcoming Iranian year which begins on March 20, 2012, Mir-Tajeddini was quoted as saying on Saturday.

New year's fiscal budget has been drawn up in a way to meet the country's requirements under all circumstances, he said, adding that Iran is prepared to counter any impact by the U.S.-led sanctions, no matter how severe they may be.

He downplayed the upshots of the embargoes and argued that the West's economic pressures have driven Iran towards self- sufficiency and stimulated the ingenuity of Iranian experts, said the report.

On Feb. 1, Iranian President Mahmoud Ahmadinejad presented the parliament a budget of over 5,000 trillion rials (about 443 billion U.S. dollars according to the government's calculation), about 0.4 percent higher than the budget of the previous year.

Ahmadinejad said in the parliament that the government spending in the draft budget was cut by 5.6 percent, spending on development projects was increased by 39.4 percent and national military budget was boosted by 127 percent for the new Iranian year.

The Iranian president said that, in the new budget draft, the government's revenue from tax sources would increase by 20 percent in comparison to the pervious year.

The new budget of Iran, which relies heavily on oil revenues, was drafted based on the oil price of 85 U.S. dollars per barrel.

Iran's oil exports is facing sanctions by the United States and the European Union in the coming year.