Exemption of Income and Property Tax in Free Zones Explained

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Nourlaw-21 May 2018-Tehran- An Iranian tax authority has clarified the conditions for fully benefiting from tax relief in the free trade-industrial zones. According to the Farsi language Audit News Website (www.accpress.com/news), Mohammad Barzegari, the general manager of the Technical and Auditing Office of the Tax Affairs Organization, in response to an inquiry has stated in his letter of reply dated 20.02.1397 (10 May 2018) that , “According to Article 13 of the Law on the Administration of Free Trade Industrial Zones, any kind of activities of juridical and natural persons for the period of 15 years are exempted from payment of income and property tax as from the date of operation cited in the activity license.”

It should be noted that a parliamentary resolution in 2009 had previously extended the period from 15 to 20 years.

22 May 2018

CBI Official rates TEHRAN 22 May 2018 (Source: CBI Website)

Currency Rate
USD 42,060
JPY100 37,939
EUR 49,568
GBP 56,456
CHF 42,216

Open market rates for major foreign currencies
Tehran, 22 May 2018 (Source: Mehr News Agency)

Currency Rate
US Dollar NA
(EU) Euro NA
British Pound NA

Open market rates of CBI, 22 May 2018 (Sanarate.ir)

Currency Rate
US Dollar NA
(EU) Euro NA
CNY NA

* CBI = Central Bank of the Islamic Republic of Iran

21 May 2018

CBI Official rates TEHRAN 21 May 2018 (Source: CBI Website)

Currency Rate
USD 42,050
JPY100 37,807
EUR 49,415
GBP 56,465
CHF 42,080

Open market rates for major foreign currencies
Tehran, 21 May 2018 (Source: Mehr News Agency)

Currency Rate
US Dollar 42000
(EU) Euro NA
British Pound NA

Open market rates of CBI, 21 May 2018 (Sanarate.ir)

Currency Rate
US Dollar NA
(EU) Euro NA
CNY NA

* CBI = Central Bank of the Islamic Republic of Iran

Tehran Courts Assigned Two Special Branches for Insolvency and Bankruptcy Cases

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Nourlaw-16 May 2018-Tehran– In light of the increasing list of persons who are indebted to the banks due to the high loans they have received, the number of bankruptcy and insolvency has arisen accordingly. However as reported by Mizan News Agency, some of these applications are fraudulent schemes to avoid repayment of the principal and related penalties.

Mr. Abbas Ali Poriani, the director-general of the general and revolutionary courts of Tehran announced two special branches of Shahid Beheshti Courthouse in Tehran are now dedicated solely to cases of bankruptcy and insolvency. He noted that each month, some 90 applications of bankruptcy and liquidation of companies are filed with the courts of Tehran. He said that investigations show that some of the persons who have applied for the issuance of an insolvency verdict, were not in fact insolvent and had abused the legal relief afforded by an insolvency application.

He stated that to oversee and halt any possible abuse and for protecting the public treasury and national assets, two special branches will now deal exclusively with insolvency and bankruptcy applications in Tehran, so the judges at these courts are in a position to investigate and reject applications in cases wherein the company is not really bankrupt.

Mr. Poriani said, “Investigations show that most of the people who applied for bankruptcy have received huge amounts of credit from the banking system. In one instance a person who had received 3,000 to 4,000 billion Rials from the bank, has now applied for bankruptcy, pretending to be insolvent, while his personal fortune may have risen up to 30,000 billion Rials”!

He urged banks and the Central Bank of Iran to get involved in these matters for preventing violation of people’s rights. He added that if the banks have documents concerning persons who have applied for bankruptcy and insolvency, they can work together with the courthouses so that fair verdicts can be issued in such matters.

20 May 2018

CBI Official rates TEHRAN 20 May 2018 (Source: CBI Website)

Currency Rate
USD 42,000
JPY100 37,910
EUR 49,441
GBP 56,559
CHF 42,097

Open market rates for major foreign currencies
Tehran, 20 May 2018 (Source: Mehr News Agency)

Currency Rate
US Dollar 42000
(EU) Euro NA
British Pound NA

Open market rates of CBI, 20 May 2018 (Sanarate.ir)

Currency Rate
US Dollar NA
(EU) Euro NA
CNY NA

* CBI = Central Bank of the Islamic Republic of Iran

19 May 2018

CBI Official rates TEHRAN 19 May 2018 (Source: CBI Website)

Currency Rate
USD 42,000
JPY100 37,910
EUR 49,441
GBP 56,559
CHF 42,097

Open market rates for major foreign currencies
Tehran, 19 May 2018 (Source: Mehr News Agency)

Currency Rate
US Dollar 42000
(EU) Euro NA
British Pound NA

Open market rates of CBI, 19 May 2018 (Sanarate.ir)

Currency Rate
US Dollar NA
(EU) Euro NA
CNY NA

* CBI = Central Bank of the Islamic Republic of Iran

17 May 2018

CBI Official rates TEHRAN 17 May 2018 (Source: CBI Website)

Currency Rate
USD 42,000
JPY100 38,122
EUR 49,676
GBP 56,951
CHF 42,027

Open market rates for major foreign currencies
Tehran, 17 May 2018 (Source: Mehr News Agency)

Currency Rate
US Dollar 42000
(EU) Euro NA
British Pound NA

Open market rates of CBI, 17 May 2018 (Sanarate.ir)

Currency Rate
US Dollar NA
(EU) Euro NA
CNY NA

* CBI = Central Bank of the Islamic Republic of Iran

16 May 2018

CBI Official rates TEHRAN 16 May 2018 (Source: CBI Website)

Currency Rate
USD 42,000
JPY100 38,087
EUR 49,697
GBP 56,706
CHF 41,995

Open market rates for major foreign currencies
Tehran, 16 May 2018 (Source: Mehr News Agency)

Currency Rate
US Dollar 42000
(EU) Euro NA
British Pound NA

Open market rates of CBI, 16 May 2018 (Sanarate.ir)

Currency Rate
US Dollar NA
(EU) Euro NA
CNY NA

* CBI = Central Bank of the Islamic Republic of Iran

15 May 2018

CBI Official rates TEHRAN 15 May 2018 (Source: CBI Website)

Currency Rate
USD 42,000
JPY100 38,281
EUR 50,119
GBP 56,957
CHF 41,975

Open market rates for major foreign currencies
Tehran, 15 May 2018 (Source: Mehr News Agency)

Currency Rate
US Dollar 42000
(EU) Euro NA
British Pound NA

Open market rates of CBI, 15 May 2018 (Sanarate.ir)

Currency Rate
US Dollar NA
(EU) Euro NA
CNY NA

* CBI = Central Bank of the Islamic Republic of Iran

14 May 2018

CBI Official rates TEHRAN 14 May 2018 (Source: CBI Website)

Currency Rate
USD 42,000
JPY100 38,416
EUR 50,254
GBP 56,994
CHF 42,039

Open market rates for major foreign currencies
Tehran, 14 May 2018 (Source: Mehr News Agency)

Currency Rate
US Dollar 42000
(EU) Euro NA
British Pound NA

Open market rates of CBI, 14 May 2018 (Sanarate.ir)

Currency Rate
US Dollar NA
(EU) Euro NA
CNY NA

* CBI = Central Bank of the Islamic Republic of Iran