Iran: Bank Deposits, Shareholders’ Income Not Taxable

Taxing shareholders’ income from capital gains and levying tax on bank deposit income is not on the agenda of tax authorities, head of the Iranian National Tax Administration said. 
Reports about tax on bank deposits and income of shareholders have been making the rounds for sometime spurred by speculations that the government wants to expand the tax bases to generate new sources of income to substitute the huge decline in the sanction-hit oil revenues. 
Speculations gave rise to new concerns that the tax would push capital market investors out of the market and, in turn, shift huge amounts of liquidity into parallel markets, causing turbulence in the gold, foreign currency, auto and housing market – as seen in the past. 
Stressing that capital gain tax on shares is no longer on the agenda, Omid Ali Parsa said INTA is also not “looking to tax bank deposits because it will do more harm than good.”