Economy, Business And Markets

Tax Breaks for Support Funds

Tax Breaks for Support FundsTax Breaks for Support Funds

The Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) said the cabinet has approved of providing tax breaks for value-added tax (VAT) to the insurance fund of mining investments, IRNA reported. Based on the cabinet decision made on March 15, support funds such as the guarantee fund for small investments, the fund to protect the research and development of electronic industries, and the fund to protect the development of agricultural investments are exempt from the VAT, the IMIDRO report said. The insurance fund of mining investments (Iranmico) was established in 1998 aimed at increasing investment security in mining projects. The Iranmico is an insurance company which covers investment risks in exploration, extraction, and processing sectors of the mining industry.