Iran gains $102 million by imposing VAT on selling gold coins

Business Materials 26 December 2012 11:04 (UTC +04:00)

Azerbaijan, Baku, Dec. 26/ Trend G.Mehdi/

Iran gained 1.26 trillion rials (about $102 million) from the imposition of value added tax (VAT) on selling gold coins to people during the first half of the current Iranian calendar year, which began on March 20, the Mehr News Agency quoted State Tax Affairs Organization's director Ali Askari as saying.

"Gold coins, which are sold by the Central Bank, are included in the value added taxation law," he added.

On Monday, Askari said that the VAT in Iran will be increased by one percent to reach six percent in the next Iranian calendar year.

According to the fifth five-year national development plan (2010-2015), VAT should be increased by one percent each year.

On November 28, Askari said that Iran gained roughly 194 trillion rials (about $16 billion) in direct tax incomes during the first eight months of the current Iranian year.

On December 12, Fars quoted State Tax Affairs Organization's deputy director Hossein Vakili as saying that Iran foresees 370 trillion rials (about $31 billion) in tax revenues and 110 trillion rials (about $9 billion) in charges income for the next Iranian year.

The next year's national budget bill has envisaged 370 trillion rials in tax revenues, compared to 340 trillion rials in the current year's budget bill, he said, adding that charges income has been envisaged to remain unchanged at 110 trillion rials.

On October 31, ILNA quoted Tehran Chamber of Commerce Chairman Yahya Al-e Es'haq as saying that Iran will replace oil incomes with tax revenues in the next calendar year's national budget act.

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.