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Tax Rebates for 84 Companies

Tax Rebates for 84 Companies  Tax Rebates for 84 Companies

Under the recent agreement between the Securities and Exchange Organization and the Iranian National Tax Administration, the SEO submitted to INTA the names of 84 listed companies at the Tehran Stock Exchange to get tax rebates, IRNA reported on Monday.

In a newly directive issued by INTA chief, Ali Asgari, it is stated that article 143 of Direct Taxes Act requires the approval of the SEO for endorsing tax rebates for companies.  

Addressing the affiliated agencies to the national tax authority, the directive lists the name of 84 enlisted companies at the TSE for the period ending in March 22, 2013, instructing INTA’s affiliated agencies to conform to the newly approved regulations.

According to the article 143 of the Direct Taxes Act, approved in 1988, 10% of the income taxes derived from the selling of commodities accepted and sold in the commodity exchange, and 10 percent of the tax on profits of companies listed in the domestic or foreign stock exchanges, and 5 percent of the tax on profits of companies listed for OTC (over-the-counter) transactions of domestic or foreign stock exchanges, shall be rebated after the approval of the SEO as of the year of enlistment until the year they are delisted from the stock exchange. The abovementioned exemptions shall be doubled for companies listed in the domestic or foreign stock exchanges or OTC markets of the same, provided that at the end of the fiscal period, and based upon the approval of the SEO, they have at least 20 percent of free floating shares.

Brokers of stock exchanges and OTC market are required to collect the aforesaid taxes during each transfer and settle it to the account assigned by the Iranian National Tax Administration and within ten days from the transfer date, shall send the relevant receipt along with a list containing the number and amount of shares sold and the preemptive rights transferred to the local tax authority.

Financialtribune.com