100% export tax exemption planned for next Iranian year

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Iran will offer a 100 percent tax exemption to the exports of goods and services in the next Iranian calendar year, which will begin on March 20, 2016, said Head of Iran’s National Tax Administration (INTA) Seyed Kamel Taghavi-Nejad.

Taghavi-Nejad said the incentive is aimed to expand Iran’s non-oil exports through direct tax reform, Tehran Times reported.
In this regard, he said, exporters of raw materials would receive less tax discount, ranging at 20 percent.
Taghavi-Nejad further noted that eliminating the tax on export revenues would spur financial transparency and boost competition among the producers.
Increase of exports, he added, would help create jobs and investment opportunities in the country.
According to the budget bill of the next calendar year, tax incomes are projected to rise by 14 percent to one quadrillion rials (about $27 billion) from this year’s 880 trillion rials (about $24 billion), Iran’s Management and Planning Organization Director Mohammad Baqer Nobakht said on January 19.
Nobakht said, “To reduce our reliance on oil revenues, we need to increase government’s tax incomes.”
The value of Iran’s non-oil exports hit $35.613 billion in the first ten months of the current Iranian calendar year (March 21, 2015-January 20, 2016).
Iran has set a target of $77.5 billion in non-oil exports for the current Iranian calendar year, according to Mojtaba Khosrotaj, the Iranian deputy industry, mining, and trade minister.

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