Iran's NIMA rate to increase government income

Finance Materials 23 January 2020 11:00 (UTC +04:00)
Iran's NIMA rate to increase government income

TEHRAN, Iran, Jan.23


Iran's income would increase between $1.6 billion to $8.3 billion, if foreign currency rate will be based exclusively on integrated forex management system (NIMA), according to Iranian Parliament Research Center.

The latest report of the center indicates that if the tax on import is based on the integrated forex management system (NIMA) rate, the government revenues will increase, Trend reports citing IRNA.

The research suggests that various foreign currency rates and assignment of official foreign currency rate of 42,000 rials per dollar for import will negatively affect the resources and therefore, removing the official foreign currency rate is inevitable.

While importers use the assigned official foreign currency rate to import goods, the prices in the market have increased by 11 percent affecting the population's purchase power.

The estimates show that in case the import tariff rate is cut in half, the government income would increase by $3.8 billion, which allows to compensate the budget deficit, the Parliament research center said.