Domestic Economy
0

Tax Revenues More Than Double to $1.7 Billion in 1st Fiscal Quarter

Overall earnings from direct tax stood at 418 trillion rials ($1 billion) to register a year-on-year rise of 144.5%
Tax Revenues More Than Double to $1.7 Billion in 1st Fiscal QuarterTax Revenues More Than Double to $1.7 Billion in 1st Fiscal Quarter

The government earned 510 trillion rials ($1.73 billion) in tax revenues during the first quarter of the current fiscal year (March 20-June 20), which indicates a 111% increase compared with the corresponding period of last year. 
The government’s tax revenues consist of its returns from direct and indirect taxation. Direct taxes include three groups of “tax on legal entities”, “income tax” and “wealth tax”, and indirect taxes consist of “tax on imports” and “tax on goods and services”.
Overall earnings from direct tax stood at 418 trillion rials ($1 billion): Tax on legal entities earned 123 trillion rials ($418 million) to register a 120.6% year-on-year growth, the Persian-language daily Donya-e-Eqtesad reported, citing new data released by the Statistical Center of Iran. 
Revenues gained from income tax saw a year-on-year rise of 103% in Q1 to reach 125 trillion rials ($425 million). 
Wealth tax recorded the highest growth among all types of taxes compared with last year’s similar period: A total of 70 trillion rials ($238 million) were generated from wealth tax, showing a 446% increase over the first quarter of last fiscal year. 

Premium

Subscribe to the Financial Tribune to continue reading this article or Log in to your account if you are already a subscriber.

Find out more about our subsciption plans here.

Add new comment

Financialtribune.com