Economy, Business And Markets

VAT Rate Unchanged

VAT Rate UnchangedVAT Rate Unchanged

Value Added Tax rate of 9% will remain unchanged for the budget bill of 2016-17 fiscal year, announced the deputy head of Iranian National Tax Administration this week.

Qasem Panahi added that as per the obligation stipulated in Clause 2 of Article 117 of the Fifth Five-Year Development Plan, the government should increase the VAT rate by 1% every year so that it reaches 8% by the end of the plan (2016).

However, the VAT rate increased by 2% in light of the parliament’s approval in the Iranian year that started on March 21, 2014, Mehr News Agency reported.