Iran budget bill exempts maximum $490 monthly income from taxation

Iran’s budget bill for the next calendar year, which starts on March 21, has set maximum 6 million rials (about $490) monthly income exempt from tax.
In other words, 72 million rials (about $5,872) is the maximum annual income which will be tax exempted, ISNA reported.

The figure was 66 million rials in the previous calendar year.

On February 27, the Iranian administration submitted the budget bill for the next Iranian calendar year.

According to the bill, salaries of civil servants will be increased by 20 percent and cash subsidies will be increased in the next year.

Special plans have also been prepared to decrease the inflation rate rapidly.

In August 2012, Tax Affairs Organization’s Director Ali Askari said that the current year’s budget law has envisaged earning 340 trillion rials (some $27.7 billion) as tax income.

Iran gained as much as 280 trillion rials (some $23 billion) in tax incomes in the past calendar year.