BAKU, Azerbaijan, January 14. Iran has increased the amount of value-added tax (VAT) refunded to exporters by 69 percent during the first nine months of the current Iranian year (from March 20 through December 20, 2024), compared to the same period last year (from March 21 through December 21, 2023), said Abdolnaser Hemmati, Iran's Minister of Economic Affairs and Finance, Trend reports.
Speaking to reporters, Hemmati explained that approximately 208 trillion rials (around $360 million) in VAT were refunded to exporters during this period.
The minister also noted that during the same nine months, the Ministry of Economic Affairs and Finance paid a total of 1.47 quadrillion rials (approximately $2.54 billion) in VAT to executive authorities, organizations affiliated with Iran’s Ministry of Interior, and science and technology parks. This represents a 55 percent increase compared to the previous year.
The minister further mentioned that the Ministry of Interior received 300 trillion rials (about $519 million) in VAT refunds, which is a 107 percent increase compared to the same period last year.
Notably, VAT is initially calculated at a 10 percent rate in Iran, with adjustments made later.