January 22, 2022

Persian News

All Persian News Related to Iran

Tax incomes highlighted in next year’s budget bill

Tax incomes highlighted in next year’s budget bill – Tehran Times

TEHRAN – President Ebrahim Raisi submitted the administration’s draft of the national budget bill for the next Iranian calendar year 1401, which starts on March 21, 2022, to the Majlis on Sunday.

The proposed budget amounted to about 36.31 quadrillion rials (about $132.518 billion at the exchange rate of 274,000 rials).

While rising tax revenues is being considered as one of the strategies of the government to compensate for the reduction in the oil income and combat the sanctions, the next year’s budget bill has envisaged 5.27 quadrillion rials (about $19.233 billion) tax income, which is 62 percent higher than the figure for the current year.

Meanwhile, new tax bases have been considered in the budget bill, among them it could be referred to taxes on houses and cars.

According to the 1401 budget bill, the first real estate deal for newly constructed buildings that are not more than three years old will be subject to a 2.5-percent tax.

The deal on newly built homes will also be subject to a 2.5-percent tax.

All real and legal owners of villas and expensive residential units whose property is worth 100 billion rials (about $365,000) and above are obliged to pay the relevant annual tax before the end of the next year’s eleventh month of Bahman (February 19, 2023).

The bill states that the villas and residential units under construction will not be taxed.

Meanwhile, the Ministry of Transport and Urban Development is obliged to provide the Iranian National Tax Administration (INTA) with the possibility of online access to the property ownership information required by the INTA.  And INTA is obliged to determine the eligible assets and their value by the end of the third month of Khordad (June 21, 2022) at the latest and to inform the persons in an appropriate manner.

Also, according to the budget bill for 1401, the total value of all types of passenger cars and two-cab vans with personal numbers, for individuals (themselves and children under 18 years of age and dependents) and legal entities, of more than 10 billion rials (about $36,500) is subject to tax.

The source of calculating car taxes is the daily price of all types of cars according to the date of manufacture or import, which is determined and announced by the INTA by the end of year 1400 (March 20, 2022).

And INTA is obliged to determine the eligible assets and their value by the end of the third month of Khordad (June 21, 2022) at the latest and to inform the persons in an appropriate manner.

The above-mentioned are two cases regarding the new tax bases in the next year’s budget law.

As repeatedly emphasized, Iranian government is seriously pursuing the strategy of reducing reliance on oil incomes, while relying more on other sources of revenues such as non-oil export and tax; and in this regard setting new tax bases and collecting taxes more systematically, while seriously preventing tax evasion are on agenda.



Original News : https://www.tehrantimes.com/news/468056/Tax-incomes-highlighted-in-next-year-s-budget-bill

%d bloggers like this: