Iran’s Ministry of Economic Affairs and Finance Appointed as the Executive Body for Dealing with AIIB

Back Tehran- 24 December 2016- As reported by the Official Gazette published today, Iran has appointed the Ministry of Economic Affairs and Finance as the body responsible for conducting relations with the Asian Infrastructure Investment Bank (AIIB).

According to its Decree No. H117498/53644 dated 23/09/1395 (13 December 2016), the Council of Ministers named the Ministry of Economic Affairs and Finance as the executive organ for dealing with the AIIB.

On 24 August 2016, Iran’s parliament approved a Single Article Law allowing Iran to join the AIIB

The said bank is an international financial institution that was proposed by China in 2013, with the goal of supporting the building and development of infrastructures throughout the Asia-Pacific region. AIIB has 57 member states and USD 100b in capital. The legislative measure allows the government of Iran to subscribe 15,808 shares with a value of USD 1.59b and participate in future capital increases of the bank.

Tehran Municipality Exerts Levies on Immigrants

Back Tehran- 10 December 2016- The Islamic Council of the City of Tehran has set new levy rates on immigrants living in the city of Tehran, as published in today’s Official Gazette. The council’s decisions are implemented by the Tehran Municipality.

According to resolution No. 160/2215/12868 dated 30/5/1395 (20 August 2016) the amount of the previous rates have been decreased and now the Teheran municipality is allowed to collect the following sums at the time of issuance or extension of the residence cards and work permits for immigrants:

1-   1,500,000 rials per year for one or two member families;
2-   2,000,000 rials per year for three and four member families;
3-   2,500,000 rials per year for the five member family or more.