Tehran,Iran,Feb.23
Trend:
The proposed exports incentives in the next Iranian year (March 21, 2019) budget plan have declined by $18 million due to pressures related to foreign currency returns from the exports revenues.
"The next year budget plan includes exports incentives totaling $10 million, while last year (March21,2018) budget plan included $28 million worth exports incentives,” said Mohammad Lahoti, member of foreign currency committee in Iran Chamber of Commerce, Trend reports citing Mehr News Agency.
"The return of hard currency from export revenues has been approved in the budget law and if exporters do not return the revenues to the economic cycle, they can not use the incentives,” he added.
He noted that obligation of exporters to return revenues has been criticized by some economists, but in the end, the government has requested the parliament to add an article to budget plan specifying that refusing to return revenues to economic cycle will be considered as treason.
"The CBI stresses that the regulation for hard currency return has been implemented since May and it insists the next year budget would consider the subject.”
Referring to the Integrated System for Hard Currency Transactions(NIMA) and its effect on imports, Lahoti said it seems either the importers would wait for the fall of dollar rate or the government would lift the limits on registering imports order.
"It appears the NIMA mechanism has faced dead-end and the government should reform it and avoid further exports drop."