Sunday, October 1, 2023

Business owners in Tehran, Arak rally against tax rise plan

A group of home appliance shop owners hold a protest in downtown Tehran against a plan by the Iranian Ministry of Finance to levy tax on their banking transactions.

They are also angry at tax on their shops which they say show a multi-fold rise compared with last year.

Footage posted online shows some businessmen shouting chants after closing their shops in protest and demanding others follow suit.

Also in the central city of Arak, some 200 businessmen of the city’s bazaar gathered outside the tax department for a rally.

READ MORE: Iranian economists warn about consequences of government policies

The new tax plan was put in place to prevent tax evasion and reduce the printing of money without backing. If approved, the plan will require the levy of tax on transactions that are worth more than 5 billion tomans.

Some say the businesspeople of Tehran and other cities are angry because of a rise in the dollar exchange rates.

Experts say the rise in the rates are due to psychological effects.

The Iranian Central Bank says it has increased supply of the US dollar to the market to control the exchange rates.

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