Expect Tax Increases in Iran; Financial Times Reports Rouhani Government Seeks to Compensate for Sharp Decline in Oil Revenue

Hassan Rouhani, President of Iran, said on Sunday, December 8, that the Islamic Republic is reducing its dependence on oil exports through tax increases.

According to the Financial Times, he claimed that given Iran’s current conditions and the possibility of a 70 percent reduction in Iran’s oil revenue, Iran’s next year’s budget has been designed to be less dependent on oil revenues and to be resistant to sanctions.

According to the British publication, the Hassan Rouhani government intends to increase tax revenues with a 13 percent increase to 1,950 billion rials.

President Trump, by outlining his objections to the nuclear agreement with Iran, withdrew the United States from the deal and reimposed sanctions against the Islamic Republic, including sanctions on oil purchases from Iran.

The U.S. government seeks to reach an agreement with Iran that includes regional issues, the missile program, and other disputes with the Islamic Republic.

Source: Voice of America