Iran to replace oil with tax in state budget - official

Azerbaijan, Baku, Oct.31 Trend G.Mehdi/

Iran will replace oil incomes with tax revenues in the next calendar year's national budget act, ILNA quoted Tehran Chamber of Commerce Chairman Yahya Al-e Es'haq as saying.

The next year's budget act has paid special attention to tax incomes, he said, adding that tax incomes will be the main sources of securing the state budget.

Economic and Finance Minister Shamseddin Hosseini said last week that if the administration faces any problem in selling crude oil, it will make for costs through the use of tax revenues.

Iranian Parliament is preparing a bill aimed to decrease taxes and social welfare charges of the producers by 10 percent and 15 percent respectively.
Currently, the share of taxes in Iran's GDP is about 7 percent.

On August 10, the State Tax Affairs Organization's director Ali Askari said that the current year's budget law has envisaged earning some $27.7 billion as a tax income.

Decreasing taxes may help industry sector to revive a little, but regarding western sanctions targeting Iran's oil revenues, Iran has no choice, but to increase tax incomes by 2.5 times.

Last year, Iran's GDP was about $411.4 billion, while oil revenues from exporting crude oil and petroleum production were about $115 billion.

However, Iran's oil export has fallen to 1.2 million barrels per day on average during current year.

Even, according to the latest report of the International Energy Agency, which was published on October 12, Iran's crude oil exports and output stood at respectively 860,000 barrels and 2.63 million barrels per day in September, compared to 2.4 million barrels of oil exports and 3.68 million barrels per day last year. These figures were confirmed by Iranian Parliament Vice Speaker Mohammad Reza Bahonar last month.

Oil and oil production revenues make up about a half of Iranian yearly budget, which is about $449 billion based on official USD rate in Iran, and Iran has to increase taxes revenues to compensate oil export drop.

Azerbaijan completes repair and construction work on roads of Samukh district
Azerbaijan completes repair and construction work on roads of Samukh district
Iranian Energy Exchange announces products to be on sale on January 25
Iranian Energy Exchange announces products to be on sale on January 25
Bahar Azadi gold coin price rebounds in Iran
Bahar Azadi gold coin price rebounds in Iran
Loading Bars
Latest
Azerbaijan completes repair and construction work on roads of Samukh district
Bahar Azadi gold coin price rebounds in Iran
Iranian Energy Exchange announces products to be on sale on January 25
Weekly review of events in agricultural sector of Azerbaijan
Khazar Consortium opens tender for purchase of cartridges, toners
Georgian exports of knitwear to Turkey decreases
Turkmenistan’s State Concern to sign contract with Chinese company for drilling pipes purchase
Israeli embassy welcomes scheduled resumption of flights to Georgia
Bazargan border reopened after unprecedented snow
Cobalt becomes most produced car in Uzbekistan last year
Turkey registers more than 5 200 new coronavirus cases
Mexican authorities recover 19 bodies, some shot and burned, in remote area
Israel bans international flights to curb coronavirus spread
Bulk of construction work completed in Uzbekistan falls on private sector
Turkey to receive 6.5 million doses of China's vaccine next week
Dutch police arrest alleged Asian drug syndicate kingpin
Georgia reports 546 coronavirus cases, 1 456 recoveries, 17 deaths
Germany ready to assist Kyrgyzstan in implementing green economy policies
President Rouhani: Iran's economic ties entering new phase
UK detects 77 cases of South African COVID variant, nine of Brazilian
Azerbaijan shows footage from Ashaghi Aybasanli village of Fuzuli district (PHOTO/VIDEO)
Implementation of drilling operations continue in Iran's oil fields
China sees fall in new COVID-19 cases amid strict local lockdowns
Iran's NIDC declares number of drilled oil & gas wells
Iran unveils details of exports via Bilasuvar border checkpoint
Uzbekistan to launch charter flights from Russia to Tashkent
Chinese smartphone maker discloses amount invested in opening factories in Turkey
Buy/sell operations at Iran Mercantile Exchange revealed
Georgia's import of tubes, pipes, hollow profiles from Turkey increases
Body of Azerbaijani citizen killed on Turkish ship to be sent to his homeland soon - Azerbaijani Foreign Ministry
Israel to start COVID-19 vaccination for high school students
Iran reveals COVID-19 data for January 24
Azerbaijan confirms 568 more COVID-19 recoveries
Portugal votes for new president at height of pandemic
Expert talks promoting import of electric and hybrid vehicles to Azerbaijan
Turkmennebit opens tender for purchase of various equipment
Azerbaijan shows footage from Jomerd village of Kalbajar district (PHOTO/VIDEO)
Sales of goods at Iran Mercantile Exchange spike
Iran reveals amount of loans issued to manufacturing companies
Georgia increases export of marine mammals, fish fats, oils and their fractions to Turkey
S&P talks about Azerbaijan's GDP growth in 2022-2024
Turkey set to receive second vaccine shipment from China soon
Russia records over 21,100 daily coronavirus cases
Weekly review of Azerbaijani precious metals market
Kazakhstan's exports volume to Georgia increases multifold
Azerbaijan's strategic foreign exchange reserves increase year on year
Iran announces volume of sprat caught in Caspian Sea
Azerbaijan shares footage from Ashaghi Veysalli village of Fuzuli district (PHOTO/VIDEO)
Consumption of steel products in Iran increases
3 injured as blast hits vehicle in Kabul
Weekly review of Azerbaijani currency market
Georgia reveals data on exports of semi-finished products of iron or non-alloy steel to Turkey
Iranian companies join UN CTCN
Kazakhstan’s daily COVID-19 case count stands at 1,584
Weekly review of main events in Azerbaijan's transport sector
UK to quarantine visitors from nations with high COVID-19 risk
China rescues first person from Shandong gold mine: state media
Over 2 mln coronavirus cases registered in Colombia
Israel reports 4,550 new COVID-19 cases, 593,578 in total
Iran's Marun Oil & Gas Production Company manufactures certain equipment
Iran to begin COVID-19 vaccinations in coming weeks: President Rouhani
France registers 23,924 new COVID-19 cases, 230 deaths in one day
Turkmenenergo to sign new contracts with foreign companies
7.0-magnitude quake hits South Shetland Islands: CENC
Turkey reports 5,856 new COVID-19 cases, 2,424,328 in total
After first phone call, UK PM Johnson looks forward to working with Biden
UK records another 33,552 coronavirus cases, 1,348 deaths
WHO reports over 600,000 new daily cases of COVID-19
Azerbaijani, Turkish FMs discuss pirate attack on ship
Top Spanish general resigns over allegations of vaccination queue-jumping
Pirates hijack Turkish ship off coast of Guinea, one person killed
BMB Trade Group and Uzbek Saffron Research Center discuss saffron cultivation and processing
Trend TV shares video report from plundered during Armenian occupation Azerbaijani Zangilan
Belarus, Kazakhstan seek closer cooperation in exchange trade
Management of Azerbaijan's State Oil Company being improved - Decree
New staff of Azerbaijani SOCAR's Supervisory Board approved
Georgia's external merchandise trade down 14.8% in 2020
Turkey halts flights from Brazil due to new COVID-19 variant
Gas pressure in Iran's South Pars gas field projected to decrease
Iran's gas processing potential to increase
Portugal holds presidential election as COVID-19 cases spiral
Italy reports 488 coronavirus deaths and 13,331 new cases
Italy to rethink vaccine roll out if supply problems persist
US broadcaster, journalist Larry King dies aged 87
Russia signs deal with Turkey on vaccine production
Azerbaijani MoD issues footage from Kalbajar district's Gamishli village (PHOTO/VIDEO)
Manat exchange rate against dollar to remain unchanged - Standard & Poor's
Bahar Azadi gold coin price again falling in Iran
Azerbaijan considering issues of regional schools damaged during Karabakh War
Iranian Energy Exchange announces products to be on sale on January 24
State subsidy to increase from 10 to 15 GEL per 50 kg of wheat flour in Georgia
Goods transit via Iran's Bileh Savar on rise
Tax authorities of Kyrgyzstan, Russia discuss launch of joint project
Japan's COVID-19 death toll exceeds 5,000 as total cases surpass 360,000
Indian gov't confirms outbreak of bird flu
Azerbaijani president expresses condolences to Ukranian counterpart
Bulgaria to ease some COVID-19 rules, restaurants closed for now
COVID-19 vaccine delays may slow wider Irish roll-out, says PM
Azerbaijan confirms 705 more COVID-19 recoveries
WHO office in Azerbaijan discusses project on preventing deaths from COVID-19 pandemic
All news