Iran Gov't Declares 11-Month Auto Earnings

EghtesadOnline: The Central Bank Iran has released data on the government’s income from taxes in the automotive sector for the 11-month period ending February 20.

News ID: ۷۴۰۹۱۵

13 April 2017

The data is part of a comprehensive report on the government’s budget, Mizan Online news agency reported.

In the 11-month period, the government earned 27 trillion rials ($720 million) from taxes on auto imports. This accounted for 2.4% of the government’s total tax revenue.

Earlier it was reported that the treasury would generate 31.7 trillion rials ($845 million) only from  auto import tax during the period. The real earning thus indicates a 15% gap in predicted revenue, Financial Tribune reported.

Transfer of Ownership

Meanwhile, in the 11 months the government made 5.5 trillion rials ($146.5 million) from services related to the transfer of vehicle ownership.

This accounted for 0.6% of the government’s total income generated from taxes.

In the budget for last year, the government had predicted that it would raise 6.8 trillion rials ($181 million) from this source.

Registration Plates

Tax from issuing number plates reached 9.2 trillion rials ($245 million) or 1.1% of the entire tax revenue.

The administration had said it expected to make 7.1 trillion rials ($189 million) through taxes on issuing number plates in the given period.

Thus, it should take some relief from the increase in revenue from selling registration plates as the income earned from this source is 29% higher year-to-date.