Financial Tribune - Banks, companies and other organizations affiliated to the government must pay 57.8 trillion rials ($444 million) in tax in the coming fiscal year that starts in March 2020.

As per projections in the annual budget for the next fiscal year, the tax figure is up 4.7% compared with 54.2 trillion rials projected for the current fiscal year, according to IRNA.

Accordingly, majority of taxes is to be paid by state-owned companies with 49.4 trillion rials, 5.6% higher than the tax they pay this year.

Likewise, state-owned lenders (including eight government banks) will pay 7.4 trillion and profitable institutions affiliated with the government are set to pay 8.4 trillion rials in tax next year.