TEHRAN, Iran, Oct. 11
The Cabinet of Iran has approved taxes on luxury houses, Trend reports citing Mehr News Agency.
First Vice-President of Iran Mohammad Mokhber submitted the executive order to the Ministries of Economy, Roads and Urban Development, Industry, Mine and Trade and Justice.
According to the budget law, houses worth more than $2.38 million will be subject to tax this year.
The tax rates for luxury homes are as follows:
Tax on house worth from $2.38 million to $3.57 million is 0.1 percent.
Tax on house worth from $3.57 million to $5.95 million is 0.2 percent.
Tax on house worth from $5.95 million to $9.52 million is 0.3 percent.
Tax on house worth from $9.52 million to $14.28 million is 0.4 percent.
Tax on house worth from $14.28 million and above is 0.5 percent.