Iran sets maximum $6,850 annual income for tax exemption
Azerbaijan, Baku, Oct.30/ Trend G.Mehdi/
An amendment to the Iranian tax law has envisaged setting 84 million rials (about $6,850) as the maximum annual income for individuals that can be tax exempt, IRNA quoted State Tax Affairs Organisation's Deputy Director Hossein Vakili as saying. The share of taxes accounts for seven per cent of Iran's GDP.
The Iranian parliament (Majlis) approved the amendment bill on October 24, he said, adding that the law will be applied to both state run and private sectors.
Iran's direct and indirect tax incomes totalled 141 trillion rials (some $11.5 billion) during the first five months of the current Iranian calendar year which began on March 20, IRNA reported.
The figure grew by 12 per cent compared with the same period last year, according to the report.
On August 10, Tax Affairs Organisation's director Ali Askari said that the current year's budget law has envisaged earning 340 trillion rials (some $27.7 billion) as tax income.
Iran gained as much as 280 trillion rials (some $23 billion) in tax income in the past calendar year. Direct tax incomes accounted for 220 trillion rials of the total sum.