Nourlaw.com-Tehran-17 January 2017- All the companies formed in Iran in partnership between Iranians and foreigners, wherein the foreign investment is not less than 50%, shall be considered a sole beneficiary for a maximum of three years with respect to undertaking responsibility and receiving facilities from Iranian banks, provided the share of the foreign partner remains at least 50%. during the stated period of time. The ruling was published in the circular letter No. 95/343157 dated 28/10/1395 (17 January 2017) of the Central Bank of the Islamic Republic of Iran (CBI).
According to the letter, notified to all Iranian governmental and private banks and non-banking institutes, the decision was made to promote foreign investment for coping with the current economic stagnation.
Nourlaw.com-Tehran- 18 January 2017- The Central Bank of the Islamic Republic of Iran (CBI) in its resolution No.95/344396 dated 29/10/1395 has set out rules for non-banking credit institutes to perform foreign exchange operations.
According to Article 4 of the resolution, the credit institutes are allowed to render forex services in three stages. Some of the services are: purchase, sale and transfer of forex; Opening saving accounts; issuance of documentary credit and bills of exchange for export and import; granting a substantial list of all types of guarantees; Investment in all types of negotiable papers; representing foreign credit institutes; concluding finance and refinance contracts; taking part in inter-bank forex markets; issue of negotiable instruments such as Participation Papers and Sukuk bonds.
Participation Paper is a tradable Islamic bond in Iran and according to Financial Times Lexicon, Sukuk bonds are structured in such a way as to generate returns to investors without infringing Islamic law (that prohibits riba or interest). Sukuk represents undivided shares in the ownership of tangible assets relating to particular projects or special investment activity.
Nourlaw.com-Tehran-31 October 2016- The Center of Imports and Free Zones and Special Economic Zones Affairs of Iran Customs declared today in its circular letter No. 145072/95/101512/73/269 dated 10/08/1395 (31 October 2016) that, as already announced, the import of goods is still subjected to a 4% tax account.
Exemptions for certain importers and goods were detailed in another circular letter of Iran Customs, issued under No. 101512/95/94123/183094/144/191 on 02/06/1395 (23 August 2016). They are: Production and manufacturing entities; holders of Golden Commercial Cards (needed for importation); reputable importers listed by the Tax Affairs Organization, ministries and governmental establishments and organizations and municipalities; goods imported by mail and travelers considered as non-commercial and all the goods listed under Article 119 of the Customs Affairs Law. The article is related to exemption of customs duties for imported goods of diplomatic missions, personal items, transit, military items etc.