Volume. 12230

Iran drawing up tax incentives to stimulate economic activities
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c_330_235_16777215_0___images_stories_edim_04_ma1(22).jpgTEHRAN – The Iranian government is preparing a comprehensive incentive plan on taxes to attract investment and spur economic activities, Finance and Economic Affairs Minister Ali Tayyebnia said on Sunday. 
Tayyebnia said the Iranian economy is heavily dependent on oil revenues and this accounts for about 70 percent of the national budget in the current Iranian calendar year, the IRNA news agency reported.
The Iranian calendar year began on March 21, 2004. 
The government is determined to reduce dependence on oil through improving tax system and economic activities, the official added.
Last year, Deputy Economy Minister Behrouz Alishiri said Iran offers 100 percent tax exemption for an unlimited period of time to foreign investment in the agriculture sector.
Tax exemption up to 80 percent are being offered to investments in the industry and mine sector, Alishiri said, adding that the figure will be 100 percent for a period of ten years in underdeveloped parts of the country. 
Tax exemptions in free trade zones will be extended for 20 years, he added.

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