Iran’s tax revenue to top $9bn in year ending March 2020: Report
Iran’s total tax revenue in the current Persian calendar year, which is going to end on March 19, would reach $9 billion, according to a report, as the country seeks to rely more on taxation to compensate for incomes lost from the direct sale of crude.
A Saturday report in the semi-official Fars news agency showed that total receipts until February 29 has topped 1,340 trillion rials or $8.75 billion based on the current unofficial exchange rate for rial against the US dollar which is 153,000.
The report cited findings and estimates form official government sources, adding that the receipts accounted for around 95 percent of the targets defined by the government for the end of February.
The figure showed a 15-percent increase compared to receipts collected in first 10 months of the calendar year, said the report.
That means that total tax revenues in the current Iranian fiscal year could top or exceed the $9-billion mark on March 20.
The figures come as the government has been trying to improve its taxation schemes since its sale of oil came under American sanctions in November 2018.
However, the targets defined for the next fiscal year, based on a budget law recently approved by the Iranian parliament, shows the government is aiming to significantly increase its tax revenues.
Experts have described the $14-billion mark set for the next year’s budget as unattainable although others believe better taxation policies would help increase the receipts over the next months.
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