The budget, approved Thursday by the PNA cabinet, required Abbas' approval by the end of the month, Ma'an News Agency reported.
Hassan al-Ouri, a legal adviser, said Abbas would consider feedback on the budget given by the Palestinian Legislative Council and amend the budget if necessary.
The Palestinian government expects to collect about $2.5 billion through taxes and tolls this year and another $1.4 billion through international assistance, Ma'an said.
The cabinet said it increased taxes this year because expected revenues fell short in 2012.
"It is important to highlight that the above-mentioned budget details are in line with the government fiscal policy, which aims to increase self-capabilities, hence decreasing dependence on outside assistance and the need for it, which in turn consolidates the national capability to protect our sovereign decision-making in the face of all forms of political pressure," the cabinet said in a statement.
Notable deaths of 2014 [PHOTOS]