Parliament Levies 1% Tax on Mineral Sales
Parliament Levies 1% Tax on Mineral Sales

Parliament Levies 1% Tax on Mineral Sales

Parliament Levies 1% Tax on Mineral Sales

Parliamentarians have mandated the government to tax 1% of miners’ total sales and deposit the earnings with the treasury as part of the next fiscal year’s (March 2018-19) budget. A vote of 115 for and 48 against ratified the measure into place on Monday, IRNA reported. The final implementation of the move, however, requires the consent of provincial mining councils. The new fee comes on top of the 1% environmental tax levied on mineral sales passed by lawmakers early last year, based on Clause 5 of Article 45 of the Sixth Five-Year Development Plan (2017-22). Miners heavily contested the decision back in May, arguing that the taxes will eventually lead to the shutdown of small-scale miners. They also stated that most of the designated councilors with voting rights are government officials, which prevents the private sector from having a say in contested matters.

Short URL : https://goo.gl/LBgRWi
  1. https://goo.gl/MGajvi
  • https://goo.gl/dTvzS9
  • https://goo.gl/whveiY
  • https://goo.gl/JySyf5
  • https://goo.gl/PAKEEj

You can also read ...

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

Add new comment

Read our comment policy before posting your viewpoints