مطالب

In the Value Added Tax (VAT) system some goods and services, such as banking services, are exempted from taxes. Based on theoretical foundations, exempt treatment leads to several distortions and inefficiencies in the economy. In order to understand the importance of exemption on macroeconomic fluctuations as well as the fundamental role of financial intermediaries in economy shocks, this study using a Dynamic Stochastic General Equilibrium (DSGE) model provides an empirical analysis for policy simulations with consideration of VAT on financial services under different scenarios. Accordingly, the values of model parameters was estimated via calibration method and also the model accuracy were evaluated by Brooks & Gelman test and impulse-response functions. Simulation results of the policy exercise suggest that shifting from exemption to full taxation, reduces the cost of bank, and increases the bank free resources leading to higher investment and output through more bank loans.

Joint-stock cooperative company is not recognized in Commercial Code of Iran and the amendment bill of the Commercial Code adopted in 1968. This business entity has a unique description because of both being cooperative and having joint stock. It is a joint-stock company that is chartered based on Commercial Code of Iran, amendment bill of the Commercial Code adopted in 1968, and Principle 44 of the Constitution. Joint-stock cooperative Qarzol-Hasaneh Bank is not involved with commercial activity; the maximum share of each real shareholder is equal to half of company’s capital at the time of establishment and during company’s function. Ministry of Cooperatives and the Central Bank monitor activities of joint-stock cooperative companies. Joint-stock cooperative bank like joint-stock cooperative company should be subjected to amended bill of the Commercial Code adopted in 1968, enforcement Act of general policies of Principle 44 of the Constitution. Formation of joint-stock cooperative bank is not possible in practice unless violating the cooperatives regulations and doing activities that are out of jurisdiction of cooperative companies. It should be noted that cooperative banks are considered as nongovernmental banks, therefore they must obey regulations expressed in rules and regulations of non-governmental banks.