Import Duty to be increased for Supporting Exports and Improving Trade Balance

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Nourlaw- 19 March 2018- Tehran- Note 6 of the National Budget 1397 (21 March 2018- 20 March 2019) stipulates that in order to support the export-oriented products, import management, development and promotion of the export share and improvement of the country’s balance of trade, the government is required to add a maximum of one percentage point to the effective tariff rate for all imported goods, in cases wherein similar domestic types are available, except for basic goods and must also pay the surplus income of 13 thousand billion rials from import duties to the government treasury and allocate the equivalent of 10 thousand billion rials to the Ministry of Industry, Mines and Trade to be spent on reinforcement and development of target markets, the completion of the international distribution chain for export goods, providing export awards and incentives, granting technical and credit assistance for the modernization and reconstruction of export-oriented industries, promotion of the competitiveness of export products and services, grant subsidies respecting facilities to export-oriented manufacturing units, transportation subsidies, assistance for export of technical and engineering services, and capital increase of the Export Guarantee Fund of Iran. (Source: Official Gazette 19 March 2018)