Economy, Domestic Economy

No Tax on POS Transactions

No Tax on POS TransactionsNo Tax on POS Transactions

Talk about the imposition of a 9% value added tax on transactions through point of sale devices are baseless, Iranian National Tax Administration’s public relations chief, Gholamreza Qeblei,. “Goods and services, which are subject to VAT, have been specified by law and payment services offered by means of POS machines are not among them,” IRNA quoted Qeblei as saying. POS terminals are the most favored payment method in Iran. Last year, they accounted for 85% of total electronic transactions, while internet payment services and mobile payments accounted for a paltry 2.27% and 12.71% respectively.