Iran's tax income to overtake that of oil

Business Materials 24 June 2015 14:40 (UTC +04:00)

Tehran, Iran, June 24

By Mehdi Sepahvand - Trend:

The Iranian deputy minister of economy said it is predicted that Iran's tax revenue will surpass that of oil in the current Iranian fiscal year (which started March 21).

It is expected that the country's tax revenue will reach 750 trillion rials ($25.6 billion), Ali Askari said, Mehr news agency reported June 24.

According to the official, a sum of 130 trillion rials (close to $4.45 billion) from customs revenues will also be added to the amount.

The Iranian economy is on the path to be weaned from oil, he noted.

The sum overpasses the oil revenue of 530 trillion rials ($18 billion) when other revenues such as those earned by the transfer of governmental companies are added, he concluded.

He pointed out that until some years ago, Iran's oil revenues used to be two times that of tax.

Iran's petroleum export revenues in 2011 was $118 billion, but decreased to $56 billion in 2014. With regarding the drop on oil price in value by about 45 percent since mid-2014, Iran's petroleum revenues are expected to decrease significantly in current year.

Edited by CN

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