IRICA to offer over $1.4b of duty exemption for production line machinery

April 20, 2020 - 15:33

TEHRAN - Head of Islamic Republic of Iran Customs Administration (IRICA) Mehdi Mir-Ashrafi announced that the IRICA has allocated 60 trillion rials (about $1.41 billion) of facilities in the form of customs duty exemptions for the renovation of the country’s production lines in the current Iranian calendar year (began on March 20), Fars news agency reported.

According to Mir-Ashrafi, One of the IRICA’s measures which has been very effective in the promotion of domestic production is the granting of customs duty exemptions, and last year more than 45 trillion rials (about $1.07 billion) of customs exemption was provided to producers to import production line machinery.

The program is going to be followed in the current year and manufacturers can import their necessary machinery and production lines benefiting from these facilities, he said.

Mentioning the IRICA’s duty revenues in the past Iranian calendar year, the official noted that IRICA had forecasted 160 trillion rials (about $3.8 billion) of revenues for the previous year which was completely realized.

Since the U.S. re-imposition of sanctions against Iran’s economy, the Islamic Republic of Iran Customs Administration has been taking various measures to facilitate customs process both for exports and imports of the commodities to reduce the effect of sanctions.

In late December 2019, IRICA Deputy Head Mehrdad Jamal Orounaqi announced a new bylaw for facilitating imports in line with combatting the sanctions.

EF/MA

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