Iran Tax Administration’s Warning to Banks Withholding Customer Data

EghtesadOnline: The Iranian National Tax Administration’s special prosecutor has threatened banks and credit institutions with legal action, if they fail to share the data of their customers with INTA.

News ID: ۷۴۵۶۶۳

21 July 2018

Abbas Behzad added that according to Article 169 of Direct Taxes Law, all banks and credit institutions with information required by taxpayers’ data center must share them with INTA, Mehr News Agency reported.

Behzad noted that except for a few lenders, most banks and credit institutions have had suitable cooperation with INTA.

These lenders, he added, have received their last written warning and will be prosecuted if they continue to withhold information, Financial Tribune reported.

The government’s call for access to taxpayers’ bank data has come after it announced plans to promote transparency and increase tax revenues.

Some banks believe the process is a violation of bank secrecy principles and have expressed concerns that this might scare away depositors to seek other ways and means for hiding their wealth.