Iran will introduce tax incentives to attract foreign investment

Almaty. June 20. Silkroadnews - Government of the Islamic Republic of Iran (IRI) is developing a comprehensive program to provide tax incentives to attract investment and facilitate more economic activities in the country, the Iranian news agency (IrTAG). According to the Minister of Economy and Finance of Iran, Ali Tayebnie economy of Iran is heavily dependent on oil revenues, and they constitute about 70% of the state budget for the current year. The Minister underlined the commitment of the Iranian government in reducing the dependence of the national economy from oil revenues by improving the tax system and improve the business environment. Earlier it was reported that Iran has provided a 100% tax break for an indefinite period for foreign investment in the agricultural sector of the country. Besides IRI provides tax incentives for investment in industry and mining country, which reached 80%. It is also planned to extend the tax cuts in free economic zones of Iran to 20 years.