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Tax-related provisions of the Law for Removing Obstacles to Competitive Production and Promoting the Country's Financial System

Iranian National Tax Administration

Letter of Circular

Reg. No.     : S/93/28

Reg. Date    : June 6, 2015

Subject:

Tax-related provisions of the Law for Removing Obstacles to Competitive Production and Promoting the Country’s Financial System

 

Tax-related provisions of the Law for Removing Obstacles to Competitive Production and Promoting the Country’s Financial System, approved on April 21, 2015 by the Islamic Consultative Assembly (the Majlis), as published on May 20, 2015 in issue No. 20448 of Official Gazette, is hereby notified to be implemented:

 

Article (15)

The Investment Guarantee Fund for SMEs, the Fund for Supporting Researches and Promoting Electronic Industries, marine industries, the Fund for Investment Insurance of Mining Activities, and the Fund for the Promotion of Investment Development in Agricultural Sector are added to Section (11) of Article (12) of VAT Act enacted on 06/05/2008 and its subsequent amendments and are also added to the Note under Article (145) of Direct Taxes Act, but are excluded from the provisions of Articles (39), (40), (41) and (76) of the State Audit Act enacted on 23/08/1987 and its subsequent amendments.

 

Article (16)

All banks and credit institutions are obliged, from the date of entry into force of this Law up to three subsequent years, to:

A) Submit [to the private sector] at least 33% of their properties including movable or immovable properties and goodwill owned by them or by their subsidiary companies, if they are identified as “surplus” by the Council for Money and Credit, and the Central Bank of the Islamic Republic of Iran (CBI). “Subsidiary companies” refers to those companies that more than 50% of their shares are owned directly or indirectly by banks and credit institutions or that the majority of members of their boards of directors are appointed by such banks or credit institutions.

B) Submit [to the private sector] the shares owned by them or by their subsidiary companies in enterprises engaged in non-banking activities, except for their subsidiary companies’ unfinished projects. The CBI shall be authorized for labeling activities of banks, credit institutions and their subsidiary companies, as “non-banking” activities.

Note (1):

One hundred percent of the difference between the prices resulting from selling the surplus properties and assets of state-owned banks and their book prices, as well as the sale costs, after deducting the depositors’ final interests, shall be paid to the State Treasury General in order to be allocated to capital increments. Amounts resulting from the implementation of this Note shall be exempt from taxation and from the payment of interest on the government’s shares.   

 

Article (17)

In case of non-observance of obligations stipulated in Article (16) of this Law, the offending bank or credit institution shall be subject to the following sanctions:

B) The profits derived by banks or credit institutions from non-banking activities, including running enterprises and holding shares shall be subject to a tax of 28%, which is to be subsequently increased for 3% annually so that it rises up to a tax rate of 55%.

 

C) The proceeds derived from surplus immovable properties of banks and credit institutions including lands, real estates, goodwill and the like shall be subject to a tax of 28% in the year 1395 (March 21, 2016 – March 20, 2017). The rate is to be subsequently increased for 3% annually, so that it rises up to a tax rate of 55%. ‘Proceeds derived from properties’ refer to the difference between the market prices of the properties in the beginning and at the end of the fiscal year in question. Banks or credit institutions holding surplus immovable assets are obliged, as of 1395 (March 21, 2016), to pay annually the taxes relevant to the proceeds of surplus assets under their ownership at the rates prescribed in this Article. The way assets mentioned in the present Article are to be appraised shall be prescribed by an administrative by-law, which is to be jointly prepared by the CBI and the Iranian National Tax Administration (INTA) and is to be subsequently approved by the Council of Ministers, within 3 months from the date of service of process of the present Law.

 

Note (1):

The following cases are excluded from the sanctions prescribed under this Law:

A) When a bank or a credit institution, if any, has already taken measures required for submitting its assets pursuant to the provisions of the present Article and such measures have been confirmed by the CBI or by Securities and Exchange Organization (SEO), but, due to reasons out of control of the bank or credit institution in question, the submission operation has not been yet possible;

 

B) When, upon the confirmation of the CBI, it is proved that the movable or immovable properties or shares held with the bank or credit institution have forcibly been owned by it; then, holding such properties or shares shall not be subject to sanctions prescribed in this Article up to one year from the date of ownership. An administrative by-law to be approved by the Council of Ministers, upon the proposal of the Ministry of Economic Affairs and Finance (MEAF), within 3 months from the date of service of process of the present Law, shall be the basis to decide whether or not the ownership of such properties or shares can be regarded as forcible.

 

Article (21)

In order to guarantee a sustainable working capital for industrial, mining, and agricultural enterprises[1], transport institutions, production guilds, knowledge-based enterprises and export-oriented companies currently at work (herein abbreviated all as “Enterprise”),  the CBI is obliged to prepare and communicate to the county’s banking system, within 3 months from the date of the service of process of the present Law and within the framework of the Law for Interest-Free Banking enacted on 30/08/1983 and its subsequent amendments, an administrative by-law on how to open bank accounts specific to financing working capitals (herein abbreviated as “Specific Account”) with the following terms and conditions:

C) Credit threshold of an Enterprise-Specific Account for the first year following the opening of such an account shall be 60% of the average sale of that enterprise in its last three years of activity (upon the confirmation of the INTA) up to a maximum ceiling of IRR 500,000,000,000.

Credit threshold of the Enterprise-Specific Account for the next subsequent years shall be determined, based on the CBI by-law to be approved by the Money and Credit Council, in proportion to the Enterprise’s previous year sale, providing that the amounts thereof have already been paid into the Specific Account.

 

Article (27)

Companies listed in the stock exchange or over thecounter (OTC) markets under the provisions of the Securities Market Act of Islamic Republic of Iran shall be exempt from the stamp duties prescribed by Article (48) of Direct Taxes Act and the Note under it, if they increase their capitals through shareholders’ cash contributions or their matured claims.

 

Article (28)

A) In order to control and decrease the country’s capital market system risks, including both internal and external ones, , under such circumstances as the emergence of financial or economic crises, and to implement the general governance-oriented policies under the above-mentioned circumstances, and in order to maintain and promote fair competitive conditions in the capital market arena, the Fund for the Stabilization of Capital Market shall be established as a financial institution with an independent legal character under the supervision of the Securities and Exchange Organization (SEO) to act through an executive board in accordance with its own articles of association within the framework of enactments of its board of trustees comprising of the Minister of MEAF, the Governor of the CBI, the President of the State Organization of Management and Planning, the Head of the Executive Board of National Development Fund, and the President of the Securities and Exchange Organization.

 

Note (5):

As of the beginning of the year 1395 (March 21, 2016), the activities of the aforementioned Fund in the area of capital market shall be exempt from any taxes or duties.

 

C) The difference between nominal values and underwritten transactional prices of the above-mentioned negotiable papers, if they are less than the underwritten nominal prices, shall be accepted deductible expenses for tax purposes

 

Article (29)

As of the beginning of the year 1395 (March 21, 2016), all exemptions granted by articles (7), (11) and (12) of the Law for Development of New Financial Instruments and Institutions for the Facilitation of the Application of General Policies of Principle 44 of the Constitution enacted on 16/12/2009 shall also apply to Sokuk bonds and all negotiable instruments which are published within the framework of relevant laws based on regulations of the Central Bank of the Islamic Republic of Iran.

 

Article (30)

The following text is added as Article (138 bis) to Direct Taxes Act enacted on 22/02/1988 and its subsequent amendments:

Article (138 bis) of Direct Taxes Act:

Those persons that contribute in cash to the financing of projects and the provision of the working capital of production enterprises in the form of partnership contracts shall be granted an income tax exemption equal to the minimum interest expected from partnership contracts as approved by the Money and Credit Council.  Moreover, the interests paid shall be deemed tax deductible for the payer of the interest.

 

Note (1):

Beneficiaries of the exemption granted by this Article are not allowed to withdraw their cash contributions from the production enterprises for [at least] two years. If they do otherwise and decrease their cash contributions, then an amount equal to the value-of-the-day of the exemption granted shall be added to the tax due of the year of cash contribution withdrawal.

 

Note (2):

The relevant tax affairs office shall be entitled to determine whether or not the cash contributions have been used for financing the project or for the provision of the working capital.

 

Article (31):

The following text replaces Article (132) of Direct Taxes Act and the Notes under it and omits Article (138) of the above-mentioned act, as well as the Notes under that Article:

Article (132) of Direct Taxes Act:

The income from producing and mining activities, which is derived and declared by non-government legal persons, for whom exploitation licenses are issued, or with whom extraction and sale contracts are concluded by relevant ministries as of the date of entry into force of the present Law, as well as the income derived from services delivered by hospitals, hotels and touristy residential centers, namely, non-government legal persons, for whom exploitation licenses or permits are issued by relevant legal authorities as of the afore-mentioned date, shall be subject to a zero tax rate for a period of 5 years beginning from the date of exploitation or extraction or activity start up. As regards the less-developed regions, the provision shall apply to a period of 10 years.

 

A) Zero-rate taxation refers to a method whereby the taxpayers in question are obliged to file returns and submit their statutory books or their accounting documents, if any, to the INTA in accordance with the arrangements and deadlines required by this Law with regards to their incomes. INTA shall be obliged to investigate such tax returns and assess the taxable income of such taxpayers based on the supporting documents and the tax returns information and to apply a zero tax rate to the resulting taxable income.  

 

B) As for producing or service-oriented enterprises and other centers mentioned in the present Article, if they have more than 50 employees, the term of application of the aforementioned exemption shall increase, providing that they raise the number of employees at least for 50% annually. Consequently, there will be an increase of one further year of tax exemption for each annual increase of at least 50% of their employees. The number of employees working in such enterprises as well as their increment percentage of employees shall be determined upon the confirmation of the Ministry of Cooperatives, Labour and Social Welfare based on documents relevant to the lists of employees’ social security insurance. In case the minimum increment percentage of employees lowers down in the subsequent year for which the tax incentive prescribed in this Paragraph has been granted, then, the tax amount exempted for that particular year shall be claimed and collected. Cases of retirement, redemption or resign are not regarded as decrease.

 

C) The term of application of the zero rate taxation for  enterprises mentioned in the present Article shall increase for 2 further years, if they are located in special economic zones, and for 3 further years, if they are located in industrial towns or special economic zones of less-developed regions.

 

D) The requirement for granting any tax exemptions to real or legal persons engaged in free zones or other regions of the Country is that they observe their obligation for filing their tax returns within the due deadline. The legal persons’ tax returns include the balance sheet, as well as profit and loss account in accordance with samples prepared by INTA.

 

E) In order to promote and increase the levels of economic investments on activities mentioned in the present Article, in addition to zero-rate taxation, investments in less-developed regions and other regions shall also be supported in other ways as follows:

1) For less-developed regions:

In the computation of taxes relevant to the subsequent years following the zero-rate taxation period pursuant to provisions prescribed in the present Article, as long as the aggregate taxable income is twice the registered and paid-in capital, the zero rate shall still apply but beyond that level, the due taxes shall be calculated at the rates prescribed in Article (105) of Direct Taxes Act and the Notes under it.

 

2) For other regions:

In the computation of taxes relevant to the years following the zero-rate taxation period pursuant to provisions prescribed in the preamble of the present Article, 50% of the taxes shall still be calculated at the zero rate and the remaining 50% shall be calculated at the rates prescribed in Article (105) of Direct Taxes Act and the Notes under it. This provision will persist unless the aggregate taxable income of the enterprise in question equals its registered and paid-in capital, but beyond that level, 100% of the due tax shall be calculated at the rates prescribed in Article (105) of Direct Taxes Act and the Notes under it.

The tax incentives mentioned in Sections (1) and (2) of the present Paragraph shall also apply to the income derived from transportation activities by non-government legal persons. If such non-government legal persons have been established prior to the present amendment, they shall be entitled to the tax incentive mentioned in this Article, provided that they take measures for reinvestment.

Any investments authorized by receiving legal licenses from relevant legal authorities for the establishment, development, reconstruction and renovation of the enterprises in question to create fixed assets, except for lands, shall be subject to the provisions prescribed in this Paragraph.

 

F) The exception stipulated for lands at the end of Paragraph (E) is not applicable in cases of investment by non-government legal persons on enterprises of transportation, hospitals, hotels and touristy residential centers, but merely to the extent prescribed in legal licenses issued by relevant authorities.

 

G) In cases of decrease in the registered or paid-in capitals of the above-mentioned persons who have already taken benefits from the tax incentive granted by the present Article for increasing their capital, the tax due and the fines thereof shall be claimed and collected.

 

H) If the investments made pursuant to the provisions of the present Article have been in partnership with foreign investors under the license of the Organization for Investment, Economic and Technical Assistance of Iran, then for any 5% of foreign investment partnership, there will be a 10% increase in the tax incentive prescribed by this Article, which shall not exceed  50% of the registered and paid-in capital.

 

I) Foreign companies that produce well-known brand products in Iran by exploiting capabilities of domestic producing enterprises, shall be subject to the provisions of the present Article as of the date of conclusion of their cooperation contract with the Iranian producing enterprise all throughout the zero-rate taxation period granted to that producing enterprise, provided that they manage to export at least 20% of their products. Moreover, after the expiry of the zero-rate taxation period, such foreign companies shall still be subject to the 50% relief in the tax rate with regard to the profits derived from the sale of their products during the period stipulated in this Article.

 

J) The zero-rate taxation and incentives provisioned in this Article shall not apply to the income of producing and mining entities established within a 120-kilometer radius from the center of Tehran Province or within 50-kilometer radius from the center of Isfahan and within a 30-kilometers radius from the administrative centers of provinces and cities with a population exceeding 300,000, according to the latest census.

However, producing enterprises involved in the area of information technology, upon the confirmation of relevant ministries and the Vice-Presidency for Science and Technology shall be entitled to the privileges provided by this Article. Moreover, producing and mining enterprises established in all special economic zones and industrial townships, except for special economic zones and industrial townships established within the 120-kilometer radius from the center of Tehran Province shall be zero-rated and shall be entitled to the tax incentives provided by this Article. 

As regards the special economic zones and industrial townships or producing enterprises located within the territory of two or more provinces or cities, the criterion for making decision on the territory to which such zones or townships belong shall be a by-law to be approved by the Council of Ministers, within three months after the approval of the present Law, upon the joint proposal of the Ministry of Industries, Mining and Trade, the MEAF, the State Organization of Management and Planning and the Department of Environment of the Islamic Republic of Iran.

 

K) The list of less-developed regions, including the names of provinces, townships, counties and rural districts, shall be prepared, within the first three months of the 5-year term of each of development plans by the  State Organization of Management and Planning in collaboration with the MEAF and will be approved by the Council of Ministers to be applicable until a new list is approved. The date of activity start up, as verified by relevant competent authorities, will be the basis for granting tax incentives of less-developed regions.

 

L) All enterprises for internal and international tourism that have, prior to the entry into force of the present Article, received their exploitation licenses from relevant legal authorities shall be exempt from the payment of 50% of the tax on their declared income up to 6 years after the date of entry into force of this Article. This provision, however, does not apply to incomes derived from sending tourists abroad.

 

M) One hundred percent of the income declared by tourism and pilgrimage travel agents that have received their licenses from relevant authorities shall be zero rated, provided that such income has been derived from foreign tourists or from sending pilgrims to Saudi Arabia, Iraq or Syria.

 

N) Zero-rate treatment as provisioned by the present Law shall only apply to the income declared by taxpayers and does not apply to hidden incomes. This exclusion shall be applicable in regard with all cases of zero-rate taxation provisioned in the present Law or in any other relevant laws.

 

O) Study and research costs of private and cooperative sector legal persons engaged in producing and industrial enterprises, holding exploitation licenses form relevant ministries shall be exempt from the payment of a maximum of 10% of such persons’ declared tax in the year of accrual, provided that such study and research activities have been carried out through contracts concluded with universities or other research and higher education centers holding non-provisional licenses from the Ministries of “Science, Research and Technology” or “Health, Treatment and Medical Education”, within the framework of the State Comprehensive Scientific Map. The latter mentioned contracts shall be eligible for the concerned purpose, only if the annual progress reports of the contracts have already been approved by research councils of the universities or research centers involved.  Moreover, for the entitlement to the exemption, the income declared by such enterprises for producing and industrial activities shall not be less than IRR 5,000,000,000. The amounts equivalent to such taxes shall not be accepted as tax deductible.

The executive by-law of this Paragraph will be approved by the Ministers of “MEAF”, “Industries, Mining and Trade”, “Science, Research and Technology” and “Health, Treatment and Medical Education” upon the INTA proposal.

 

Note (1):

All tax exemptions and zero-rate privileges provisioned by existing laws, other than laws and regulations mentioned in the present Article shall [also] be applicable as of the beginning of the year 1395 (i.e. as of March 21, 2016).

 

Note (2):

The administrative by-law of the present Article and the paragraphs under it, will be prepared by the Ministries of “MEAF” and “Industries, Mining and Trade” in collaboration with the INTA, within 6 months of the date of entry into force of this Law, to be approved by the Council of Ministers.

 

 

 

Article (33):

The following Note is added, as Note (5), to Article (143) of Direct Taxes Act. 

Note (5) of Article (143) of Direct Taxes Act:

The transfer of negotiable papers belonging to market makers holding licenses from the SEO in the stock exchange or OTC markets shall be exempt from the 0.5% final tax stipulated in the present Article.

 

Article (34):

The INTA is required, within one month, to refund, from its current tax revenues, the VAT collected from exporters who have exported their goods via formal departure gates upon receiving bills of export issued by the Customs Administration of the IRI and receiving other supporting documents and certificates.

 

Article (35):

The following additions and amendments are made in the Mining Act, enacted on 13/06/1998 and its subsequent amendments:

A) Four notes as follows are added, as Notes (8), (9), (10) and (11), to Article (14):

Note (8) under Article (14) of the Mining Act:

Raw mineral materials, if they are exported abroad, shall not be subject to the tax exemption of exports.

 

Note (11) under Article (14) of the Mining Act:

The list of raw mineral materials mentioned in Note (8) of the present Article will be approved and announced by the Council of Economy upon the proposal of the Supreme Council of Mines.

 

 

 

Article (36):

Profits and losses resulting from the conversion of foreign exchange assets and debits of the National Development Fund shall be exempt from taxation.

 

Article (42):

In Articles (3) and (9) of the Act for Supporting Knowledge-based Companies and Enterprises and Commercialization of Innovations and Inventions, enacted on 27/10/2010, the phrase “and Townships of Technology” is added, respectively, to the end of Paragraph (C) and to the following part of the phrase “Science and Technology Parks”.

 

Article (56):

Enterprises that produce polluting goods and services, if located in free trade-industrial zones or special economic zones shall be subject to pollution charges stipulated in the VAT Act and its subsequent amendments in the same way the polluting enterprises located in the main territory are treated. 

 

Article (57):

Note (3) under Article (3) of the Law Amending Articles (1), (6) and (7) of the Law for the Application of General Policies of the Principle 44 of the Constitution  is amended as follows and three further notes, as Notes (5), (6) and (7), are added to that Article:

Note (3) under Article (3) of the Law Amending Articles (1), (6) and (7) of the Law for the Application of General Policies of the Principle 44 of the Constitution:

All authorities in charge of issuing business licenses are obliged to designate, within one month from the date of service of process of the present Law, the types, the terms and conditions and the procedures for issuing, extending and cancelling such licenses along with relevant supporting regulations, and to send them electronically to the Board of Deregulation and Facilitation of Issuance of Business Licenses located at the MEAF upon the approval of the highest ranking official of the administrative organization involved or his plenipotentiary representative. The sessions of the aforementioned Board will be held at least once a month and is to be headed by the MEAF Minister in the presence of the Public Prosecutor General, Head of the State Inspectorate Organization, the President of the Iranian Supreme Audit Court (or their plenipotentiary representatives, respectively), two representatives of the Islamic Consultative Assembly (the Majlis), Head of Iran Chamber of Commerce, Industries, Mines and Agriculture, Head of Iran Central Chamber of Cooperatives, Head of Iran Chamber of Guilds, and, if needed, representatives of relevant administrative organizations as defined in Article (5) of the State Services Management Act and in Article (5) of the Public Audit Act as well as representatives of organizations holding titles and rows in the relevant annual public budget laws. Within three months from the date of service of process of the present Law, the Board shall facilitate and speed up the terms and conditions, as well as the procedures for the issuance of business licenses as stipulated in relevant regulations, letters of circular, by-laws and the like, and to decrease the costs thereof in such a way that the issuance of business licenses in Iran will be possible at minimal costs and the procedures required will be possible in a preferably instant, non-in-person manner so that the businesses in question can start up their activities as soon as possible. The approvals of the aforementioned Board in regard with letters of circular, address instructions and by-laws shall be obligatory, upon the verification of the MEAF Minister, for all authorities in charge of issuing business licenses and for any other organizations or institutions playing a role in the issuance of such licenses. However, the entry into force of the approvals of the Council of Ministers in this respect shall be based on the verification of the Council of Ministers.

 

Note (6):

As regards the economic activities that require obtaining licenses from several authorities, the major authority involved in the intended activity is responsible for the integrated management, coordination and administration of the affairs related to obtaining, completing and issuing licenses, and is assumed to create a real or virtual single window in collaboration with other relevant authorities, through which it will be possible to observe the deadlines specified by the Board of Deregulation and Facilitation of Issuance of Business Licenses, while the principle of simultaneity in the issuance of licenses will also be observed.

In creating the single window, the minor authorities involved in the issuance of licenses are required to cooperate and take necessary measures in delivering their services through fully-authorized representatives acting on their behalf at single windows or on the web. Relevant address instructions including the procedures, provisions, and the way to treat the violators (based on relevant rules and regulations) have already been approved by the Council of Ministers, and the list of major authorities or organizations involved in issuing licenses of different activities will be prepared and announced in appropriateness with the circumstances involved by the Board of Deregulation and Facilitation of Issuance of Business Licenses pursuant to Article (3) of the Law Amending Articles (1), (6) and (7) of the Law for the Application of General Policies of the Principle 44 of the Constitution. As of the date of approval of the present Law, Article (70) of the Law for the Fifth 5-Year Development Plan of the Islamic Republic of Iran is cancelled.  

 

Signed:

For Ali Askari, President of the Iranian National Tax Administration

 

Date of entry into force:

  • Article (31): From the beginning of the year 1395 (March 21, 2016)
  • Other provisions: 15 days after being published in the Official Gazette


 

 

 

[1] Enterprise refers to any type of business carried out by any person, including real and legal persons and those persons who are not a legal or real person. 

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