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Iran Announces New Tax Exemptions

Iran Planning to Set Up New Financial Center on Qeshm Island- IBP
Iran Planning to Set Up New Financial Center on Qeshm Island- IBP

TEHRAN – The government of Iran hopes to attract tourists and new businesses into the country with a round of tax exemptions.Selected businesses and industries in Iran will enjoy tax breaks at the start of the new Iranian calendar, on March 20th, according to reports released by the Islamic Republic of Iran Broadcasting.From the start of the new year any new hotels or tourist centres constructed in the country will be eligible to receive an exemption from income taxes for a period of 5 years.Further, any hotels or tourist facilities constructed and operated in lesser developed regions of the country will be eligible for tax exemptions for a period of 10 years.In addition to the tax breaks for tourist businesses and accommodation, any business in the service sector, producing sector, or mining sector would also be eligible for a zero rated income tax, if the business currently has approximately 50 employees, and holds firm plans to employ 50 percent more people within a year.It is expected that the cumulative effect of the two new tax breaks will be a facilitation of greater business activity, the formation of new businesses, and also a greater rate of employment in the country.

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