What is the quorum for transactions and how much is its amount for different transactions?
When the tax affairs organization determines the quorum of transactions, it is for the purpose that if a transaction is made during a season (3 months) that is less than this limit, there is no need to provide the complete information and the economic code of the transaction party to the finance department. to announce, but if it is more than the quorum, the complete information must be expressed separately from the transaction side.
The Board of Ministers at the meeting on 2/3/2016, at the proposal of the Ministry of Economic Affairs and Finance and based on Note (1) of Article (3) of the Law on Holding Tenders – approved in 2003 – and Article (42) of the Law on Adding Certain Articles to the Law on the Regulation of Part of the Financial Regulations The government (2) – approved in 2013 – approved:
A- The number of transactions subject to Article (3) of the Tendering Law is determined as follows:
1. Small transactions: transactions up to two hundred and twenty million (220,000,000) Rials.
2⃣ Medium transactions: Transactions in which the amount of the transaction is more than the limit of small transactions and does not exceed the amount of two billion two hundred million (2,200,000,000) Rials.
3. Large transactions: transactions whose initial estimated amount is more than two billion two hundred million (2,200,000,000) Rials.
B- The amount of goods referred to in paragraph (a) is extended to the cases where the transaction is done in the form of an auction.
For example, 20,000,000 rials is considered as the quorum for one year’s transactions. Now, if the sum of the transactions in this company in one season had an amount less than the quorum amount is 250,000,000 Rials, 10% of this amount will be 25,000,000 Rials.
Also, if a transaction was made for us in one season (for example, buying a cooler for the workshop) and this transaction was less than the quorum of 20,000,000 Rials, there is no need to report the information of the transaction party in the quarterly transaction report to the Finance Department. But if it is more than this limit, what is the purpose of the economic code and the name and address of the transaction party along with the quorum of transactions
Mehdi Koh Soltani (financial services, accounting, financial and tax consultant):
The group of accountants and auditors of Tabriz
https://t.me/joinchat/BnzBsTuioTshiXBwf9bBPQ