Foreign Branches and Representative Offices Obliged to Render Audited Financial Statements

Back 15 January 2017- In compliance with Article 272 of the Direct Taxation Act, all the branches and representative offices of foreign companies which have been registered in Iran in accordance with the Law for Allowing the Registration of a Branch or Representative of Foreign Companies of 1997, are obliged to render audited financial statements along with submission of tax declarations every year.
In a public notice carried in the Official Gazette today, the Tax Affairs Organization declared that “in compliance with Article 272 of the amendments dated 31/4/1394 ( 22 July 2015) made by the parliament to the Direct Taxation Act, all production, trade and service companies listed here below are obliged to render, along with submission of their yearly tax declaration, the financial statements audited by the Audit Organization or the audit firms of the Iranian Association of Certified Public Accounts (IACPA). Breaching this order carries with it a penalty equal to 20% of the amount of the applicable tax”.
In addition to the foreign branches and representative offices referred to in the aforesaid list, the companies on the stock exchange, public joint stock companies and their affiliated companies, companies with gross revenue exceeding 50 billion rials per year and some other entities, are bound to render audited financial statements.

Iran Concedes to the Deliberations of the 25th Congress of the Universal Postal Union

Back March 2017-  According to the legislation published in today’s edition of the Official Gazette, the Iranian parliament in its session of 10/11/1395 (29 January 2017) passed the Law of Approval of Resolution and Decisions of the 25th Congress of the Universal Postal Union (adopted in Doha 2012). The law stipulates in its preface that any further approvals should also be made by parliament in line with Principle 77 of the Iranian Constitution and with respect to resolving the disputes between the member countries through the arbitration procedure foreseen in Article 153 of the General Regulations of the Universal Postal Union (UPU), Principle 139 of the Constitutional Law should be also honored, according to which reference to any such arbitration requires the pre-consent of parliament.

Established in 1874, the UPU, with its headquarters in the Swiss capital Berne, is the second oldest international organization. The UPU with its 192 member states is the primary forum for cooperation among  postal sector constituents worldwide. It  helps to ensure a truly universal network of up-to-date products and services.

The organization plays an advisory, mediation and liaison role and provides technical assistance where needed. It sets the rules for international mail exchanges and makes recommendations to stimulate growth in mail, parcel and financial services volumes and improving quality of service for customers.

Iran entered the UPU on 1 September 1877.