Economy, Domestic Economy

Income Taxes to Decline

Income Taxes  to DeclineIncome Taxes  to Decline

The new direct taxation law will cut income taxes to make Iran’s business environment more competitive, the head of National Iranian Tax Administration said on Tuesday. The top end of personal income tax will be cut to 25% from the current 35% while the bottom end will remain at 15%, according to Seyyed Kamel Taqavi, IRNA reported. The NITA is offering a one percentage point tax break for every 10% increase in income from the previous year. The tax break is capped at five percentage points.