TEHRAN, Iran, October 3. Omid Ghalibaf, a spokesman for the Iranian Ministry of Industry, Mine and Trade has announced that the government proposed the parliament to decrease the customs duty on the import of equipment, raw materials, and production machinery from 4 to 1 percent, Trend reports citing Mehr.
“Considering that 70 percent of the total country's imports are raw materials, equipment, and production machinery, the customs duty reduction can greatly reduce production costs,” Ghalibaf said.
The abolition of the subsidized rate of 42,000 Iranian rials per US dollar has led to an increase in the cost of raw material imports by 6 times, he added.
Ghalibaf added that with the approval of duty reduction on imports of equipment, raw materials, and machinery, the government will not deprive nearly $6.6 billion of its revenues.