Iran proposes higher import duty rate for cars

Business Materials 4 December 2016 15:30 (UTC +04:00)

Baku, Azerbaijan, Dec. 4

By Khalid Kazimov – Trend:

The Iranian government through its draft budget bill has proposed to increase the import duty rates for cars by five percent in the coming fiscal year (starting March 21).

The draft bill has predicted that the government’s income from the higher import duty rates for cars will reach $78.7 million (2.6 trillion rials), Tasnim news agency reported.

The draft budget has put the price of US dollar at 33,000 rials.

Iranian President Hassan Rouhani presented the government’s proposed budget bill for the next year this morning.

Iran imported 37,510 sedan cars during the first seven months of the current fiscal year (March 20-Oct. 21, 2016).

Iran’s sedan car imports registered a rise by 58.7 percent in the period compared to the same period of the preceding year, according to the Iranian Customs Administration.

Iran imported $982.84 million worth of cars during the 7-month period, 71 percent more year-on-year.

Car imports shared 4 percent of the Islamic Republic’s total imports in terms of value during the first seven months of the current fiscal year.