10309
Market Transparency Key to Increasing Tax Revenues
Economy, Domestic Economy

Market Transparency Key to Increasing Tax Revenues

Head of the National Tax Administration, Ali Asgari says the government should increase the efficiency of tax collection services and add more transparency to the capital and commodity markets in order to increase its tax revenues.
“For the government to increase its tax revenues, the data systems in the country should become more transparent and accessible,” ISNA quoted him as saying.
In light of the recent drastic plunge in international oil prices, the Iranian government is trying to generate new sources of revenues mainly through taxes to replace its traditional oil revenues.
“The government raised as much as $17.5 billion (in official exchange rate) in taxes during the first ten months of the current year (ending March),” the official said.
The government revenues from direct taxes reached $10.6 billion in the first ten months of the current year. The amount accounts for 97% of the projected revenues, indicating a 47% increase compared with the similar period last year, he added.
The official also said that the government revenues from taxes on services and goods during the first ten months of the current year reached $6.9 billion, indicating an increase of 81% compared with the similar period last year and accounting for 94% of the projected revenues for this period.
He further predicted that 96 percent of projected tax revenues for this fiscal year will materialize before the end of the current fiscal year.
Calling for reforms in the government’s tax exemption and rebate policies, Asgari said: “The government has given up revenues worth over $4.5 billion in tax exemptions over the past one year.”
Asked if the value-added taxes (VAT) will lead to more inflation, he said: “The VAT has very little impact on low-income groups in the society as it is applied mainly to luxury products, while essential commodities such as meat and agricultural products are exempt.”
He also spoke of a relaxation of taxation rules granted to the manufacturing sector which enables manufacturers who do not make sufficient profits to pay their income tax in installments.”
Raising tax revenues is seen as a remedy to the country’s economy that has been crippled by unprecedented stagflation (high inflation and recession at the same time). Under such circumstances, economists argue that the government needs to identify tax evaders and make them pay their share to shore up the economy.
The government has recently introduced new amendment to the tax law according to which tax evaders will be subject to stricter punitive measures. Based on the new regulations, tax evaders would face additional penalties such as confiscation of their assets, blacklisting, and long-term financial restrictions.

Short URL : http://goo.gl/7OfzIj

You can also read ...

Valiollah Seif
Governor of the Central Bank of Iran said on Wednesday anti-...
Nat’l Virtual Currency in the Offing
Months after the idea was first publicized, it seems that Iran...
5th Indian Wheat Cargo Arrives for Afghanistan in Chabahar
India’s fifth consignment of wheat to be sent to Afghanistan...
Presale Crosses  96,000 Gold Coins
The presale of Bahar Azadi gold coins priced at 14 million...
Spanish Foreign Minister Alfonso Dastis met with President Hassan Rouhani on Feb, 21.
Foreign ministers of the Netherlands and Spain are in Tehran...
Lexus’ New Crossover to Break Cover  in March
Lexus will pull the covers off of the production version of...
The government has required car importers to pay the higher tariffs announced in January.
The government has finally allowed the clearance of imported...
Bank Loans Top $100b in 10 Months
Banks and credit institutions doled out more than 4.62...

Trending

Googleplus