Iran’s National Tax Administration has issued a directive based on which legal entities and individuals can receive higher amounts of bank credits without having to first clear their tax debts.
“According to an agreement with the Central Bank of the Islamic Republic of Iran, from now forward, legal entities and natural persons can receive loans of up to 3 billion rials ($92,000) and 1 billion rials ($30,500) respectively, without presenting a tax clearance certificate,” said Seyyed Kamel Taqavinejad, the head of INTA, as reported by Banker.ir.
Prior to this new directive, loan ceilings not requiring a tax debt clearance was set at 1.5 billion rials ($46,000) for a legal entity and 500 million rials ($15,250) for individuals.
According to INTA rules, all parties seeking big loans from the banking system should first clear their tax debts.
“For the sake of applicants’ satisfaction, the time for tax clearance certificate’s issuance has been reduced drastically,” he said. Taqavinejad noted that data transfer between banks and INTA regarding the issue is conducted via electronic systems and tax officials are ordered to comply with requests within 15 days.
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