The Iranian National Tax Administration has announced rules to tax gold coins bought coin from Central Bank of Iran in the last fiscal year that needed in March.
Saeed Hawa’ej, head of the provincial INTA office in Qazvin Province said those who bought up to 105 gold coins will have to pay “fixed tax.” Different rules will apply to those who purchased more than this number, INTA’s public relations website reported.
Purchase of five gold coins last year is exempt. A year before, the tax exemption was for ten coins. Those who purchased between 5-15 coins will have to pay 9.6 million rials per coin. Owners of 15-25 coins will have to pay 12.8 million rials for each coin and the tax for 25-125 coins is 16 million rials a piece.
Those who did not buy more than 105 coins are not required to file tax returns. Tax will be collected via an electronic platform the details of which are available on the official INTA website.
TimeLine for the payment is June 21 and those unable to pay in one go can pay in four monthly installments.
Owners of more than 105 gold coins should file tax returns and submit at the latest by June 21. Tax will be levied on those who purchased the coins from the CBI and later sold it.
As per rules, there is no tax obligation for those who haven’t sold the coins or used them for settling their marriage portion liabilities.
Taxing gold coins has triggered criticism against the CBI as it had reassured buyers during the presale of gold coins that the coins would be tax free.
INTA earlier shed light on the ambiguities, claiming that what the CBI said then was value added tax and what is now being demanded is income tax, or the so-called capital gains tax.
