Economy, Domestic Economy

IRICA: Samsung Not Involved in Fraud Case

IRICA: Samsung Not Involved in Fraud CaseIRICA: Samsung Not Involved in Fraud Case

Following rumors that an unidentified South Korean company fined by the Islamic Republic of Iran Customs Administration for evading import tariffs could be Samsung, IRICA has clarified that this company is not involved in the case.

The reaction comes after it was reported that a South Korean home appliance manufacturer, whose name was not disclosed, has been fined about 30 trillion rials ($750 million at market exchange rate) for dodging the payment of 18.2 trillion rials (over $450 million) in tariffs by shipping disassembled products through separate customs bureaus.

Home appliances are subject to import tariffs of more than 50%, if shipped as final products to Iran. However, the government imposes considerably less for parts used in appliance manufacturing to support domestic industries.

South Korean electronics giants, Samsung and LG Electronics, lead Iran’s home appliance market. While foreign products account for 65% of the Iranian market, the two South Korean companies hold a 55% share.

Home appliances also account for 13% of all the goods smuggled into Iran.


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