Gov’t levies tax on buyers of gold coins

Financial Tribune – The Iranian National Tax Administration announced tax brackets on buyers of gold coins in the last fiscal year (March 2019-20).

As per an INTA bylaw outlining details of the gold tax, all those who bought up to 185 gold coins are eligible for “fixed taxes”. Different rules govern buyers of higher number of coins, ISNA reported.

Accordingly, buyers who bought up to 10 gold coins last year are exempted.

Those who purchased between 10-30 coins will have to pay 2 million rials (about $9) per coin. Owners of 30-50 coins will have to pay 5.2 million rials for each coin and those with 50-185 coins are obliged to pay 6.5 million rials per coin.

Buyers whose total purchase did not exceed 185 coins, are not required to file tax returns. Tax payers will pay their dues via an electronic platform the details of which are available on the official INTA website. The tax should be paid by the end of current calendar month on August 21.

Those unable to pay the whole levy together can pay in 4-month installments.

Owners of more than 185 gold coins are required to file tax returns and submit it by August 21. The tax will be levied on those who purchased the coins from the Central Bank of Iran.

One Emami gold coin on Thursday was sold for 107.2 million rials, according to the Tehran Gold and Jewelry Union. The price has grown dramatically over the last year. It was approximately worth 40 million rials in August 2019.