Economy, Domestic Economy

VAT Set at 9%

VAT Set at 9%VAT Set at 9%

The Iranian National Tax Administration (INTA) on Wednesday announced the rate of value-added tax (VAT) in the upcoming Iranian year (starting March 21) at 9 percent, including 6 percent towards taxes and 3 percent towards municipal charges, IRNA reported. The announcement is in accordance with Clause 2 of Article 117 of the Fifth five-year Economic Development Plan (2011-2016), which stipulates that the government is required to increase VAT by one percentage point annually as of the first year of the program’s implementation, deputy director of INTA, Alireza Taari explained. Earlier, head of Iran’s National Tax Administration (INTA), Ali Asgari said 96% of the tax revenues anticipated for the current Iranian year have been collected so far, and 750 trillion rials ($27.07 billion at official exchange rates) in tax revenues is anticipated for the upcoming Iranian year.