Hemmati Warns Banks to Hand Surplus Assets to the Asset Management Company or Face the Article 17 Tax

<p>Central Bank Governor Abdolnaser Hemmati, in a statement Mehr published on behalf of the central bank on Tuesday 20 October 2026 (28 Mehr 1405), cited Article 8 of the Seventh Development Plan law to say banks may hold only the property, real estate and company shares necessary for banking. All their other shares and property count as surplus assets and must be sold urgently.</p><p>He said the Asset Management Company, set up to speed the sale of the banking network's non-bank companies and real estate, has begun operating. Banks that do not sell surplus assets to other parties must transfer them to this company: listed shares at the board price, and unlisted shares and property at no more than 85% of book value. Otherwise they face the Article 17 tax under the law on removing barriers to competitive production, applied from the Iranian calendar year 1395 or from the date of acquisition.</p><p>Hemmati added that the information system, the rules, and the uploading and verification of banks' property and share data are complete, and that once the legal deadlines pass the list of covered assets will be sent to the National Tax Administration. For banks that fail to act, the central bank will also use supervisory and disciplinary measures beyond the tax.</p>