881
Tax Exemption for Petrochemical Feedstock
Economy, Business And Markets

Tax Exemption for Petrochemical Feedstock

The petrochemical feedstock for production units is exempt from 5 percent duty which will in turn be used for renovating pipelines.  Iran’s deputy oil minister for planning and supervision on hydrocarbon resources, Mansour Moazzami notified the managing directors of the National Iranian Oil Refining and Distribution Company and the National Petrochemical Company (NPC) of the new procedure, SENA reported.
The feedstock is being offered at the Iran Mercantile Exchange and can also be supplied directly to the petrochemical production units including oil and bitumen manufacturers.
Following the announcement, the petrochemical feedstock will be offered at the IME based on a five percent reduction on its international price.
The Oil Ministry will also initiate plans to renovate and expand the crude oil, condensate and petroleum products’ pipelines network. It said it would provide required funds to develop the refineries and chain supply infrastructures, storage and distribution – which are part of the government’s responsibility,  and shall be completed by the ministry, according to the article ‘K’ of the clause 2 of the country’s budget law in 1393, which started on March 21, 2014.
According to clause 2 of the budget, the funding for these projects will be paid for by the 5 percent increase in duty on all petroleum products, which will subsequently be transferred to the treasury totaling 15 trillion rials.
This revenue will not be considered as part of the companies’ income and is 100 percent tax exempt. It will be used in the maintenance of the country’s petrochemical infrastructure.

Short URL : http://goo.gl/TOFaMC

You can also read ...

VDMA Backs Iran Trade
Germany’s plastics and rubber machinery trade association,...
Musk Bid for Tesla Still Murky
Tesla Inc’s board named a special committee of three directors...
Equity-Based Sukuk Return to Iran Capital Market
The government is set to clear part of its debt to Social...
S. Korea Bans Recalled BMWs Over Fire Fears
The South Korean government has said it will ban about 20,000...
Central Bank of Iran Against Market Intervention
Central Bank of Iran's Governor Abdolnasser Hemmati said the...
New Forex Initiative Unable to Tip Scales
The new forex initiative has only managed to fix major policy...
Over €81m Worth of Airport Equipment Purchased  Post JCPOA
Iran Airports & Air Navigation Company, an arm of the...
Tehran Home Rents Up 26.7 Percent in Q1
The average price of renting a residential unit in Tehran...

Trending

Googleplus