Category Archives: News

Iran’s 3-month direct tax income rises 48%: official

TEHRAN – Iran’s direct tax income rose 48 percent in spring 2014 compared to spring 2013, according to Iranian National Tax Administration Deputy Director Hossein Vakili.

The country’s direct tax income amounted to 107 trillion rials (about $3.3 billion) in spring 2014, which corresponds to the first three months of the current Iranian calendar year (March 21-June 21), the IRNA news agency quoted Vakili as saying on Saturday.
Last December, Iranian National Tax Administration Director Ali Askari said the national budget bill for Iranian calendar year 1393 (March 2014-March 2015) has envisaged tax income of around 660 trillion rials (about $20.6 billion).
On June 16, Iranian Finance and Economic Affairs Minister Ali Tayyebnia said the government is preparing a comprehensive incentive plan on taxes to attract investment and spur economic activities.
Tayyebnia said the Iranian economy is heavily dependent on oil revenues, which account for about 70 percent of the national budget in the current Iranian calendar year.
However, the government is determined to reduce dependence on oil through improving the tax system and boosting economic activities, he added.
MA/HG

Iran’s 3-month direct tax income rises 48%: official

TEHRAN – Iran’s direct tax income rose 48 percent in spring 2014 compared to spring 2013, according to Iranian National Tax Administration Deputy Director Hossein Vakili.

The country’s direct tax income amounted to 107 trillion rials (about $3.3 billion) in spring 2014, which corresponds to the first three months of the current Iranian calendar year (March 21-June 21), the IRNA news agency quoted Vakili as saying on Saturday.
Last December, Iranian National Tax Administration Director Ali Askari said the national budget bill for Iranian calendar year 1393 (March 2014-March 2015) has envisaged tax income of around 660 trillion rials (about $20.6 billion).
On June 16, Iranian Finance and Economic Affairs Minister Ali Tayyebnia said the government is preparing a comprehensive incentive plan on taxes to attract investment and spur economic activities.
Tayyebnia said the Iranian economy is heavily dependent on oil revenues, which account for about 70 percent of the national budget in the current Iranian calendar year.
However, the government is determined to reduce dependence on oil through improving the tax system and boosting economic activities, he added.
MA/HG

Iran to establish large car plant in free trade zone

TEHRAN – Iran will establish a large car plant in the southeastern Chabahar Free Trade and Industrial Zone, the Secretary of Iran’s Free Zones Coordination Council stated.

“The country’s third hub of car production will be created in the near future in Chabahar,” the Fars News Agency quoted Akbar Torkan as saying on Saturday.
Iran Khodro and Saipa are currently the two major Iranian carmakers.
Iran manufactured about 94,840 vehicles in the second Iranian calendar month of Ordibehesht (April 21-May 21), a 101.3 jump compared to the same month last year.
Car manufacturing in Iran grew by 92.5 percent in the first two months of the current Iranian calendar year (March 21-May 21), compared to the same period in the previous year, according to the Mehr News Agency.
Iran manufactured 135,901 cars in the two-month period.
Iran’s car output dropped 20.2 percent in the past Iranian calendar year. The country manufactured 737,060 cars in the previous Iranian year.

Iran to establish large car plant in free trade zone

TEHRAN – Iran will establish a large car plant in the southeastern Chabahar Free Trade and Industrial Zone, the Secretary of Iran’s Free Zones Coordination Council stated.

“The country’s third hub of car production will be created in the near future in Chabahar,” the Fars News Agency quoted Akbar Torkan as saying on Saturday.
Iran Khodro and Saipa are currently the two major Iranian carmakers.
Iran manufactured about 94,840 vehicles in the second Iranian calendar month of Ordibehesht (April 21-May 21), a 101.3 jump compared to the same month last year.
Car manufacturing in Iran grew by 92.5 percent in the first two months of the current Iranian calendar year (March 21-May 21), compared to the same period in the previous year, according to the Mehr News Agency.
Iran manufactured 135,901 cars in the two-month period.
Iran’s car output dropped 20.2 percent in the past Iranian calendar year. The country manufactured 737,060 cars in the previous Iranian year.

Iran’s 2013 oil exports likely to exceed IEA estimates

The Central Bank of Iran released a report on June 25, covering economic performance from March 22, 2013 to December 22, 2013.
The report says that the country’s petroleum export – including crude oil, gas condensate, oil productions, natural gas liquids (NGL), natural gas, liquid petroleum gas (LPG) as well as various oils and lubricants – reached $ 46.532 billion during the mentioned period.
On the other hand, the statistics of a three-month period ending on March 22, 2013 indicates petroleum export value was above $16 billion.
So, Iran during a 12-month period started on December 22, 2012 (approximately corresponds to the year 2013) exported about $62.5 billion worth of mentioned commodities.
It is not clear that CBI calculated the petroleum revenues based on selling, loading or payment date.
The Iran Custom Administration’s monthly statistics also indicates that Iran had sold $8.63 billion worth gas condensate export during a 12-month period started on December 22, 2012.
Custom’s statistics indicate that Iran had sold a little more than $2.5 billion worth NGL and LPG as well as less than $400 various oils and lubricants*.
Iran also exports liquid fuels, especially fuel oil. Iran’s fuel exports in 2011 was 72 million liters per day (10.1 million tons per year), but the country reportedly has increased fuel oil exports since mid-2012 when the West imposed sanctions on Iran’s oil exports.
Iran’s fuel oil exports during 2013 seem to be from 250,000 to 300,000 barrels per day and worth about $10 billion.
According to the National Iranian Oil Refining and Distribution Company (NIORDC), Tehran also had a little oil-gas, Naphtha and kerosene exports until 2010, but statistics show narrowing the net exports of these oil productions to an ignorable level.
On the other hand, BP annual report and Iran’s official statistics shows the country’s total natural gas exports during this period were 9.4 billion cubic meters.
If Iran sold its gas above $450 per thousand cubic meters, then the country’s natural gas exports was likely about $4.2 billion to $4.5 billion during 2013.
On the other hand, the head of Supreme Audit Court of Iran Amir Hossein Rahimi said in early May that during last Iranian fiscal year, about $42 billion worth of oil and gas condensate revenues were collected, indicating a $14 billion decrease compared to the previous year.
Regarding the fact that about all of Iran’s oil export targets are Asian markets (excepting Turkey) and from selling oil to collecting the revenues lasts about three months, then Rahimi’s mentioned figure covers Iran’s oil exports during 2013 approximately.
Therefore, Iran’s total crude oil and gas condensate exports during 2013 should be between $42 to $44 billion, equal to about 1.15 million to 1.2 million barrels per day based on oil prices during 2013, a figure that International Energy Agency estimated to be 1.07 million barrels per day during last year (equal to about $40 billion).
According to the U.S. Energy Administration Iran’s petroleum during 2012 was 1.5 million barrels per day, estimated to be $69 billion. The figure for 2011 was $95 billion, when Iran was selling 2.5 million barrels of crude oil and condensate.
(Source: azernews.az)

Iran’s 2013 oil exports likely to exceed IEA estimates

The Central Bank of Iran released a report on June 25, covering economic performance from March 22, 2013 to December 22, 2013.
The report says that the country’s petroleum export – including crude oil, gas condensate, oil productions, natural gas liquids (NGL), natural gas, liquid petroleum gas (LPG) as well as various oils and lubricants – reached $ 46.532 billion during the mentioned period.
On the other hand, the statistics of a three-month period ending on March 22, 2013 indicates petroleum export value was above $16 billion.
So, Iran during a 12-month period started on December 22, 2012 (approximately corresponds to the year 2013) exported about $62.5 billion worth of mentioned commodities.
It is not clear that CBI calculated the petroleum revenues based on selling, loading or payment date.
The Iran Custom Administration’s monthly statistics also indicates that Iran had sold $8.63 billion worth gas condensate export during a 12-month period started on December 22, 2012.
Custom’s statistics indicate that Iran had sold a little more than $2.5 billion worth NGL and LPG as well as less than $400 various oils and lubricants*.
Iran also exports liquid fuels, especially fuel oil. Iran’s fuel exports in 2011 was 72 million liters per day (10.1 million tons per year), but the country reportedly has increased fuel oil exports since mid-2012 when the West imposed sanctions on Iran’s oil exports.
Iran’s fuel oil exports during 2013 seem to be from 250,000 to 300,000 barrels per day and worth about $10 billion.
According to the National Iranian Oil Refining and Distribution Company (NIORDC), Tehran also had a little oil-gas, Naphtha and kerosene exports until 2010, but statistics show narrowing the net exports of these oil productions to an ignorable level.
On the other hand, BP annual report and Iran’s official statistics shows the country’s total natural gas exports during this period were 9.4 billion cubic meters.
If Iran sold its gas above $450 per thousand cubic meters, then the country’s natural gas exports was likely about $4.2 billion to $4.5 billion during 2013.
On the other hand, the head of Supreme Audit Court of Iran Amir Hossein Rahimi said in early May that during last Iranian fiscal year, about $42 billion worth of oil and gas condensate revenues were collected, indicating a $14 billion decrease compared to the previous year.
Regarding the fact that about all of Iran’s oil export targets are Asian markets (excepting Turkey) and from selling oil to collecting the revenues lasts about three months, then Rahimi’s mentioned figure covers Iran’s oil exports during 2013 approximately.
Therefore, Iran’s total crude oil and gas condensate exports during 2013 should be between $42 to $44 billion, equal to about 1.15 million to 1.2 million barrels per day based on oil prices during 2013, a figure that International Energy Agency estimated to be 1.07 million barrels per day during last year (equal to about $40 billion).
According to the U.S. Energy Administration Iran’s petroleum during 2012 was 1.5 million barrels per day, estimated to be $69 billion. The figure for 2011 was $95 billion, when Iran was selling 2.5 million barrels of crude oil and condensate.
(Source: azernews.az)

Iran’s inflation rate down 2.2% in month: report

TEHRAN – The Statistical Center of Iran has announced that the inflation rate for the 12-month period that ended on the last day of the Iranian calendar month of Khordad (June 21) was 26.2 percent, a 2.2 percent decrease compared to the previous month.

The center put the point-to-point inflation rate at 14.7 percent, compared to last month’s 17.2 percent, the Mehr News Agency reported.
On May 28, Iranian government spokesman Mohammad-Baqer Nobakht said the government has no plans to increase the price of consumer goods, adding that the policy of curbing the inflation rate is being pursued.
In March, Iranian Finance and Economic Affairs Minister Ali Tayyebnia said the country’s inflation would fall below 15 percent in Iranian calendar year 1393 (March 2014-March 2015).
“If we succeed in continuing the current trend [of economic progress], the inflation rate will certainly drop below 15 percent,” he added.
In November 2013, Iranian President Hassan Rouhani said his government plans to decrease the inflation rate to below 25 percent by the end of the current Iranian calendar year.
“First, the administration plans to curb the inflation rate and reform the banking system, and then change the method of (cash) subsidy payments,” he added.
MA/HG

Iran’s inflation rate down 2.2% in month: report

TEHRAN – The Statistical Center of Iran has announced that the inflation rate for the 12-month period that ended on the last day of the Iranian calendar month of Khordad (June 21) was 26.2 percent, a 2.2 percent decrease compared to the previous month.

The center put the point-to-point inflation rate at 14.7 percent, compared to last month’s 17.2 percent, the Mehr News Agency reported.
On May 28, Iranian government spokesman Mohammad-Baqer Nobakht said the government has no plans to increase the price of consumer goods, adding that the policy of curbing the inflation rate is being pursued.
In March, Iranian Finance and Economic Affairs Minister Ali Tayyebnia said the country’s inflation would fall below 15 percent in Iranian calendar year 1393 (March 2014-March 2015).
“If we succeed in continuing the current trend [of economic progress], the inflation rate will certainly drop below 15 percent,” he added.
In November 2013, Iranian President Hassan Rouhani said his government plans to decrease the inflation rate to below 25 percent by the end of the current Iranian calendar year.
“First, the administration plans to curb the inflation rate and reform the banking system, and then change the method of (cash) subsidy payments,” he added.
MA/HG

‘Iran inflation drops 2.2% in 1 month’

Iran’s inflation rate dropped by 2.2 percent in the previous Persian calendar month of Khordad (ended 21 June) following Tehran’s new economic policies, the Iranian administration’s spokesman says.

Iran’s riches attract Swiss business interest

With positive signals coming from the U.S.-Iran nuclear talks, the gas-rich Middle Eastern country is piquing the interest of Western industrial nations.

To be ready when the economic embargo is lifted, Switzerland is increasing contact with the Islamic Republic.
“For six months there’s been a constant stream of European representatives in Iran,” says Suhail el Obeid, a Middle East expert at Swiss Global Enterprise, a Swiss foreign trade promoter.
He says interest in the Iranian market has been growing since the beginning of the year. Following the negotiations in Geneva in November 2013 between Iran and Russia, the United States, France, Britain, China and Germany (known as the P5+1), the EU and Switzerland suspended sanctions for a few products and services in January.
“There are usually several foreign delegations in Tehran at the same time,” he explains. “They want to be equipped in order to hit the ground running when the sanctions are lifted.”
High on their list of priorities, according to El Obeid, is finding out how much demand exists for their products or services. “For small and medium-sized businesses it’s very important to find on-site partners, wholesalers and customers – and to carry out business talks.”

‘Great expectations’
Whether the sanctions against Iran get lifted depends on the success of international negotiations, which are supposed to conclude with an agreement on July 20.
Talks were held in Vienna in June.
Philippe Welti, president of the Swiss-Iranian Chamber of Commerce, which opened its doors just a few months ago, says the chamber is preparing the ground in order to improve direct contact between the Swiss economy and Iranian clientele.
“The signs from the nuclear talks have generated great expectations that there could possibly be changes in the near future,” said the former Swiss ambassador to Iran. He added that the reasons for interest in Iran lie on the one hand in the massive gas and oil reserves and on the other in the catching up Iran has to do when it comes to technologically high-quality infrastructure equipment.
“A decisive factor is the improvement in the mining and processing of oil and gas. What Iran lacks is the technology – both in quality and quantity – in order to get the most out of this enormous deposit.”
Welti believes Swiss businesses have a good chance of doing well in this lucrative market; when it comes to so-called specialists and niche products the country is one of the most competitive in the world.
“The car industry in Iran might not be competitive but it’s enormous. In the Swiss supply industry there are small firms which might not be household names but which have a 90-percent market dominance in the manufacture of certain car parts,” he said, adding that for these highly specialized firms, the potential in Iran is considerable.
As to the question of the reliability of business partners in a country ranked 144th out of 177 in Transparency International’s 2013 corruption index, Welti says: “If the country’s economy needs something important, the Iranian state is prepared to enter into contracts that make it a reliable partner, for example with advance payments.”

Blocked payment channels
In theory, the delivery of many products has always been allowed. But in order not to ruffle U.S. feathers, many companies have chosen to break off trade relations with Iran.
“In addition, because of the international sanctions, they have to go through complicated official channels,” Welti said. “But the biggest problem remains the transaction of payments.”
Iran has been blocked by SWIFT, a network that is practically the only way for institutions worldwide to send and receive information about financial transactions in a secure and standardized way. The alternatives are more complicated and expensive.
How hard it remains to do business with Iran is shown by the reservations of Swiss Export Risk Insurance (SERV).
In response to an enquiry by swissinfo.ch, the State Secretariat for Economic Affairs (SECO) said SERV “is currently prepared to look into coverage applications for Iran as long as the exporter can propose a method of payment that is acceptable to SERV”.
It added: “Despite the easing of sanctions by the [Swiss] government, SERV still cannot deal with any coverage applications where the method of payment has not been established.”
Despite the strong interest, no substantial progress has yet been seen in trade between Switzerland and Iran. In the first four months of 2014, exports rose by 12.8 percent on the previous year to CHF99.3 million (about $111.2 million) and imports by 11.2 percent to CHF12.8 million (about $14.3 million).
(Source: swissinfo.ch)