Economy, Domestic Economy

Export Tax Exemption

Export Tax ExemptionExport Tax Exemption

Lawmakers have decided on tax exemption for non-oil exports as well as agricultural exports. Based on the new act, to be enforced by March 2016, the government imposes no tax on non-oil and agricultural exports. Exporters will also have to pay only 20% tax for the raw materials. Iran’s non-oil exports are expected to grow from $33 billion last year (1392) to $37.7 billion this year. According to official statistics provided by Iran Customs Administration (IRICA), the country’s non-oil exports have increased nearly 20.5% in second quarter of 2014, reaching $11.859 billion, compared with $9.838 billion in the same period last year.