EghtesadOnline: The Majlis has voted in favor of including life insurance policies in the list of goods and services exempt from value-added tax.
EghtesadOnline: Life insurance henceforth will not be tax exempt, the head of Iran National Tax Administration told reporters following a meeting with Iranian Insurers Syndicate.
EghtesadOnline: Insurance companies generated 66 trillion rials ($584 million) from life insurance policies in the last fiscal year (ended March 2019), indicating 42.3% increase compared to the year before.
EghtesadOnline: The share of life insurance in the overall portfolio of the Iranian insurance industry is meager which has reduced the overall penetration rate of insurance cover in the country of 80 million people.
EghtesadOnline: Iranian insurance firms generated 21.7 trillion rials ($525.9 million at market exchange rate) from selling life policies during the eight months to November 20, marking a 37.19% growth compared with the same period of last year.