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Export duty cut to zero.

In an effort to promote exports, the Islamic Republic will eliminate most export taxes for the coming Persian calendar year. Iran exports this year are at barely halfthe target volume.

The new policy will eliminate taxes on the export of goods and services starting on Now Ruz, the head of Iran's National Tax Administration (INTA), Kamal Taqavi-nejad, announced. The exemption only applies for now for the single calendar year.

Taqavi-nejad said the incentive is aimed to expand Iran's non-oil exports.

But it won't apply to all exports. He said exporters of raw materials would receive less of a tax discount, which he said would be about 20 percent.

The value of Iran's non-oil exports hit $35.6 billion in the first 10 months of the current Iranian calendar year (March 21, 2015-January 20, 2016). Iran had set a target of $77.5 billion in non-oil exports for the year, according to Mojtaba Khosrotaj, the Iranian deputy trade minister, so the country is far, far behind reaching that goal.

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Title Annotation:Economy: Money and its impact
Publication:Iran Times International (Washington, DC)
Geographic Code:7IRAN
Date:Feb 12, 2016
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