Iran Implements New Tax-Based System for Pensioner Loan Approvals
In a significant move to modernize its financial infrastructure, Iran has announced a new framework for disbursing bank loans to pensioners and other applicants. The system will now utilize a centralized tax assessment platform to evaluate creditworthiness.
Streamlining Credit with Digital Tools
The core of this new initiative is the “Madyan” system, a comprehensive taxpayer portal. Mohammad Ghanepasand Foomani, Deputy for Tax Technologies at the Iranian National Tax Administration, clarified the procedure. He stated that when banks process loan applications, the electronic invoices and financial records issued by individuals through the Madyan system will serve as the primary criterion for assessment.
This development is part of a broader governmental effort to enhance the accuracy and efficiency of financial transactions, aligning with directives outlined in the country’s Direct Tax Law.
Enhancing Financial Transparency and Efficiency
Foomani further elaborated that banks will leverage the data available on this platform to determine the financial credit of applicants. This digitized process is designed to create a more transparent, reliable, and swift mechanism for loan approvals, reducing bureaucratic delays.
The web service facilitating this connection between banks and the tax system has been operational for over two months. This head start has allowed financial institutions to integrate and familiarize themselves with the technology, ensuring a smoother transition for citizens seeking financial facilities. The implementation underscores a continued focus on leveraging technology to improve public service delivery and economic governance.