Financial Tribune - To help bolster government efforts to modernize the ageing tax regime, banks have been ordered to send data on the financial transactions of tax payers to the Iranian National Tax Administration, head of INTA’s Tax Inspection Department said.

The move is in line with legislative frameworks both in the annual budget law (March 2019-20) and tax regulations, according to Hadi Khani.

Referring to the budget law, Khani said the provisions therein allows INTA to have access to financial statements on a monthly basis instead of annual reports.

“INTA was earlier authorized to access annual banking statements as per the Value Added Tax Act and Direct Taxes Act,” Tasnim News agency quoted him as saying.

The INTA chief, Omid Ali Parsa, had said recently that plans have been finalized to modernize the tax regime by using verifiable information about the financial turnover of taxpayers.