Majlis Ends Tax Exemption on Bank Interest of Legal Entities

The Majlis on Wednesday lifted a ban on taxing interest on bank deposits of legal and institutional bodies. 
So far the Iranian National Tax Administration was not allowed to tax interest of bank deposits for both natural and legal clients as per the Direct Law Act. 
In line with government policy to raise tax revenues, the chambers decided to tax legal depositors in the next fiscal year that starts in March 20, the parliamentary news website, ICANA reported. 
Lawmakers exempted key institutions from the legislation, including the sovereign wealth fund, pension funds and insurance companies. 
The National Development Fund of Iran, Iran National Innovation Fund, Central Insurance of Iran and Physical Damage Fund are some exemptions.