CBI Denies Bank Account Disclosure to Tax Administration
Economy, Business And Markets

CBI Denies Bank Account Disclosure to Tax Administration

A day after President Hassan Rouhani issued the amendment to direct tax law to the Economy Ministry, the central bank’s public relations released a statement rejecting the claim that personal banking information will be monitored.
“The goal of implementing the direct taxation law is not eying people’s account information, rather the government and the regulator want to create more transparency in the country’s economic activities,” the statement said.
With the implementation of the new tax law, the Iranian National Tax Administration will create a database that will include information on identity, transactions and finances of taxpayers.
It will comprise information on identity—residence, commercial permits, transaction data—purchase of goods and services, import and export data, commercial and service contracts, foreign exchange and precious metals trading, insurance premiums and claims details, and bills of lading, financial records—annual turnover of securities, bank account turnover and yearend balance, and  turnover savings account information.
 INTA will also collect each person’s list of assets, including real-estate and their trading record.
The new tax law requires all governmental, municipal, non-governmental, public, revolutionary and financial institutions, the State Organization for Deeds and Properties along with private institutions “that have the database’s needed data or in any way assist individuals in obtaining income or assets,” to provide the tax administration with information.
Half of the Iranian economy is avoiding the taxman, including many state-affiliated organizations, which either do not provide their books or falsify financial records. Proponents of the Rouhani’s order argue that the administration is trying to target these companies and individuals, making it hard for them to evade taxes.

Short URL : https://goo.gl/i9pJBj
  1. https://goo.gl/gJGqUL
  • https://goo.gl/BwfqUS
  • https://goo.gl/wUhfvQ
  • https://goo.gl/1nXVue
  • https://goo.gl/9AlVCz

You can also read ...

Iran-Afghanistan Trade Corridors to Bear Fruit for Both India, China
A strategic deployment of trade corridors is taking shape...
EIB Casts Doubt on European Plan to Salvage Nuclear Deal
The European Investment Bank’s global operations would be put...
India Says Iran Economic Ties Not Affected by US Sanctions
Less than three weeks before the first wave of US sanctions...
MTN Halts Iran Fiber Optic Investment
South Africa’s MTN has halted collaborations with Iranian...
Think Tank Recommends Ways of Overcoming JCPOA Challenges Facing EU
European efforts to keep Iran in the nuclear deal (formally...
Majlis Think Tank Calls for  Regulating Cryptocurrency
The research arm of Iran's Parliament has conducted a study on...
Stocks Bow to Systematic Risks
Systematic risks have caught up with the Iranian stock markets...
Warning to Banks Withholding Customer Data
The Iranian National Tax Administration’s special prosecutor...