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Commercial profit tax exemption for imported machinery showcased in exhibits

Iranian cabinet has approved the proposal submitted by Iran International Exhibitions Company to exempt commercial profit tax for the machinery which are imported to be showcased in the exhibitions inside the country, the managing director of the company announced.

- According to the reporting by public relations and international affairs of the Islamic Republic of Iran international exhibitions company based on a news on TEHRAN TIMES, Bahman Hosseinzadeh said Iran International Exhibitions Company proposed the tax exemption in an attempt to transfer technology to the domestic producers for free, International Affairs and Public Relations Department of the company reported on Tuesday.

It is another effective step the company has recently taken in line with its policy of invigorating Iran’s production and exports under the sanctions condition.

While strengthening domestic production and boosting exports are two major economic approaches of the country during the sanctions, holding exhibitions inside and outside the country is one of the most fruitful ways to materialize these objectives.

Holding high number of exhibitions is a specification of the countries like Germany that has some strong economy and Iran is a country acting strongly in this field as it holds the highest number of exhibitions in the region.

During the sanctions, Iran International Exhibitions Company, which is in charge of holding different exhibitions inside and outside the country, is making every endeavor to support domestic production and exports, as several times stressed by its managing director.

In this year, the company has managed to promote the status of Iranian exhibitions significantly through a number of measures.

One of those measures was setting up a customs office at Tehran Permanent International Fairgrounds in order to facilitate customs operations for exhibitors and participants of international exhibitions in the country.

“Operating only for clearing commodities which are going to be exhibited in events or are needed for international exhibitions, the office has been launched in accordance with the existing customs conventions in order to encourage the presence of foreign companies in these exhibitions and their cooperation with Iranian companies,” the managing director of Iran International Exhibitions Company said at the time of opening the office.

“The office provides important services to companies intending to import technology into Iran, and in the face of the U.S. sanctions this step can have a significant impact on developing the country’s industry,” Bahman Hosseinzadeh asserted.

And on Monday the official said that setting up the customs office at Tehran Permanent International Fairgrounds has facilitated trade exchange for the foreign exhibitors.

Hosseinzadeh also said it is a privilege led to more presence of foreigners in the Iranian exhibitions and bringing more foreign currency for the country.

“The specialized exhibitions we have held over the past two years have played some fruitful part in boosting production and also exports to the neighboring countries”, the official underscored and stressed that development of presence in the neighboring countries and Commonwealth of Independent States (CIS) will help Iran’s promotion of exports a lot.

Now, the company’s proposal for commercial profit tax exemption for imported machinery which will be showcased in exhibitions is a new fruitful initiative.

This proposal was welcomed by the industry minister, Hosseinzadeh noted and said based on this exemption imports of those products, equipment and machinery to be showcased in the exhibitions will be tax free on condition that they are not produced inside the country and also being approved by the Industry Ministry.

The official further mentioned opening the customs office at the place of Tehran Permanent International Fairgrounds and said these two measures are in line with facilitating domestic producers’ access to the foreign technology in a way that the sanctions cannot limit their activity.

Referring to the title of current Iranian calendar year which is named “Pick up in Production” by the Leader of Islamic Revolution Ayatollah Seyed Ali Khamenei, Hosseinzadeh said Iran International Exhibitions Company is making every effort to support domestic production.

The Company’s supports to the startups and knowledge-based companies is another new approach which has been resulted in flourishing of domestic production.

“We allocate one salon to these companies in every exhibition and this approach is fortunately supported by the related officials”, Hosseinzadeh has previously announced.

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