Economy, Domestic Economy

Export Revenues to Be Tax Exempt

Export Revenues to Be Tax ExemptExport Revenues to Be Tax Exempt

Corporate revenues made from exports will not be taxed as of the new Iranian year (to start March 20, 2016), said the head of Iranian National Tax Administration. Seyyed Kamel Taraji added that the move is aimed at boosting competitiveness and making exports more attractive. “To deter the export of raw materials, revenues from their export will be taxed at 20%, unlike processed goods,” he added. The government is overhauling the tax system as it plans to increase tax receipts and change Iran’s business landscape simultaneously. Plummeting oil revenues due to global oversupply and weak demand have forced the government’s hand. It is now seeking to find alternative sources of revenue to fill the budget gap.