Iran plans to offer 50% tax exemption to foreign investors

Iran plans to offer 50% tax exemption to foreign investors

Baku, Azerbaijan, Oct. 22

By Fatih Karimov - Trend: Iran plans to offer 50 percent tax exemption to foreign investors.

Iran's industry, mines, and trade minister Mohammad Reza Nematzadeh said in order to promote exports, a 50 percent tax exemption should be offered to foreign investors who launch joint ventures in the country and export at least 20 percent of products, Iran's Mehr news agency reported Oct. 20.

"If we want to attain the goal of 8 percent economic growth over the next five years, we should pay special attention to the promotion of exports," he added.

According to statistics, Iran's exports accounted for 0.34 percent of global exports in 2014, Nematzadeh said.

Iran ranked 51 among 229 countries in terms of exports, he said, adding that the country ranked 60 among 152 countries in exports of services, including the oil sector.

President Hassan Rouhani says the promotion of the private sector and non-oil exports is the top priority of the government.

Creating stability in economic markets, removing obstacles in non-oil production and exports, curbing inflation rate, flourishing the national economy, and emerging from recession are atop agenda, he added.

Iran has set a target of $77.5 billion in non-oil exports for the current Iranian calendar year, which began on March 21, according to Mojtaba Khosrotaj, the Iranian deputy industry, mining and trade minister.

The country's total non-oil exports hit $49.744 billion in the previous Iranian calendar year, showing 18.87 percent rise from $41.848 billion in its preceding year, according to the Iran Customs Administration.

Edited by CN

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