28 Mar 2024
Sunday 27 September 2015 - 22:35
Story Code : 182103

Iran earns more from tax than oil for first time in almost 50 years

Iran earns more from tax than oil for first time in almost 50 years
President Hassan Rouhanis economic strategy of significantly reducing Tehrans dependency on oil starts to bear fruit

The Iranian government is earning more from tax than oil for the first time in almost half a century as the country shifts its traditional reliance on crude to taxation revenues in the face of plummeting oil prices.

President Hassan Rouhanis economic strategy is to significantly reduce the governments dependency on oil and instead collect tax more systematically, according to Ali Kardor, the deputy managing director of the national Iranian oil company (NIOC).

For the first time in 50 years, the governments share of the oil revenue is less than what it is earning from tax, including VAT, he told the Guardian on the sidelines of the second Europe-Iran forum in Geneva. Only around 10% of Irans GDP is currently dependent on oil. Almost 20% of oil income goes into a sovereign wealth fund, which is reserved for development purposes.

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https://theiranproject.com/vdce7w8zxjh8vzi.1kbj.html
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