Economy, Domestic Economy

VAT Rises to 9%

VAT Rises  to 9%VAT Rises  to 9%

Deputy director of the Iranian National Tax Administration (INTA), Alireza Taari, has confirmed that the rate of value-added tax (VAT) through the current Iranian calendar year (started March 21) has increased to 9 percent, IRNA reported. The increase from 8 percent last year is in accordance with Clause 2 of Article 117 of the Fifth Five-Year Economic Development Plan (2011-2016), which stipulates that the government increase VAT by one percentage point annually as of the first year of the program’s implementation. Earlier, head of Iran’s National Tax Administration (INTA), Ali Asgari said 96% of the tax revenues anticipated for the past Iranian year had been collected, and that 750 trillion rials ($27.07 billion at official exchange rates) in tax revenues is anticipated for the current Iranian year.