Economy, Domestic Economy

VAT Collection Up 35%

VAT Collection Up 35%VAT Collection Up 35%

Value-added tax collection during the nine months to November 20 increased 35% compared with last year’s corresponding period, according to the deputy head of Iran National Tax Administration, Mohammad Masihi. “VAT rebates to exporters increased 47% during the eight months to November 20,” he added. Value-added tax accounts for 48% of the government’s total tax revenues. Despite protests from traders, the 9% VAT rate approved by the parliament back in March 2014 remains in force in the budget law for the 2016-17 fiscal year, IRNA reported. Last month, Iranian Exporters Confederation announced that exporters are required to pay the value added tax from their sales on a monthly basis.

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