Export Firms Urged to Meet Forex Repatriation Timeline

Iran’s Trade Promotion Organization in a notice urged exporters to meet the Sept 21 deadline to repatriate their forex  income. 
The deadline is for businesses that exported goods in the last  fiscal year that ended in March, the TPO website reported. 
As per the notice, for exports in fiscal 2019-20 the repatriation deadline is July 22. The same timeline applies to exports in 2018-2019 when the government enforced stringent forex repatriation rules. 
“Exporters who miss the deadline will face penalties,” the TPO boss Hamid Zadboum said. 
As per rules announced earlier, exporters have four months to return their overseas earnings starting from the date the export permit is issued by the customs office.  
However, in the new rules the deadline has been extended for some goods designated by the Industries Ministry. 
The latest regulations stipulate that the tax authority will refund value added tax of companies that abide by the timeline. Exporters who do not comply could face penalties, including, suspension of commercial cards, and closure of bank accounts, travel bans and impounding of goods. 
The TPO said Sunday that 363 export companies have not yet returned the overseas income to the tune of €11.1 billion or about 65% of the total forex commitment. The defaulters are among big firms whose export repatriation commitment is above €10 million per company.