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Iran Offers Tax Exemption for Small Homes

Tax Exemption for Small HomesTax Exemption for Small Homes

The government plans to lift tax on the construction and renting of small homes as part of measures to spur the housing sector, the minister of roads and urban development said. “We have on our agenda a variety of measures, including levying taxes on vacant homes and other property, and offering tax exemptions on the construction and renting of small homes,” Abbas Akhoundi was also quoted as saying by IBENA on Monday.  Akhoundi was speaking to reporters on the sidelines of an international exhibition on construction industry in Tehran. “These measures, along with proposals put forth in the banking sector, are going through approval procedures in the government, Majlis and the Money and Credit Council, the details of which will be announced in due course,” he said.The government is struggling to rebalance supply and demand in the housing market by reversing a trend in the construction industry toward building larger homes, which are unaffordable for most people, especially the potential first-time home buyers.

 

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