Tax to be levied on Bank Deposit Profit

IBENA – Deputy of Iran's Tax Affairs Organization said the profit of bank deposits is income and each income is levied tax.

Regarding levying tax on bank deposits profit, Ahmad Zamani said our tax structure is replete with many exemptions and the structure makes the country and the tax system get into trouble. He added the fact is that the adverse effect of a great number of tax exemptions outweighs its positive influence severely.

Deputy of Iran's Tax Affairs Organization stated that by changing the name of interest rate into bank profit we have sanctified it, adding in total deposit profit is income and every income is levied tax.

Zamani made the remarks that making purposeful and reforming tax exemptions system are Tax Affairs Organization's objectives definitely and it is necessary that in the line with reforming tax exemptions system, bank deposits profit should be levied tax, but by making distinguished between poor and rich people.

Date : Sunday 7 January 2018 / Subject : Economic News / Source : IBENA