4 Key Sectors Exempt From VAT

As per a notice from the Iranian National Tax Administration, as of Monday life insurance, complementary medical insurance, social security coverage and agro products insurance will be exempt from value added tax. 
According to the Value Added Tax Law approved by the parliament and set to take effect Jan. 3, the above-mentioned sectors are exempt from VAT, the notice said as reported by Risknews. 
The aim of the exemption is to decrease premium costs and increase the profitability of insurance services.