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Commission Sets Ceiling for Income Tax Exemption

Commission Sets Ceiling for Income Tax ExemptionCommission Sets Ceiling for Income Tax Exemption

Majlis Joint Commission, the parliamentary body responsible for reviewing the budget bill, on Wednesday approved that those with a monthly income of less than 27.5 million rials ($230) will be exempt from paying income tax in the next fiscal year (March 2019-20), IRNA quoted the commission's rapporteur, Mohammad Mehdi Mofatteh, as saying. “Next year’s income tax system for those earning more than this figure will be a progressive one, meaning people with higher incomes will pay higher tax rates," he said, adding that Majlis Joint Commission also approved a 20% rise in the salaries of all government employees.

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