Economy, Domestic Economy

Businesses Make Up 6% of Tax Revenues

Businesses Make Up 6% of Tax RevenuesBusinesses Make Up 6% of Tax Revenues

The government makes a paltry 6% of its tax revenues from private businesses, says chief of the Iranian National Tax Administration, Seyyed Kamel Taqavinejad.  The official added that INTA is planning to offer extensive tax incentives, including a recently announced cut to income taxes, to ease pressure off some taxpayers. The organization is killing two birds with one stone by offering tax breaks. On the one hand, it is helping revive business activity, while the tax breaks will also encourage underground businesses to join the ranks of taxpayers.  According to Taqavinejad, INTA is pursuing a campaign against tax evasion and fraud, with the help of the judiciary and the Intelligence Ministry.  “The government will raise 750 trillion rials ($20.3 billion at Market exchange rate) in tax revenues during the 2016-17 fiscal year starting March 20. The figure will constitute 35% of the government’s income and 5% of gross domestic product,” he added.