A pending bill which envisages tax relief and provision of insurance coverage at lower rates for startups along with cutting the red tape is awaiting the approval of President Hassan Rouhani's Cabinet.
The bill has been viewed by many as a harbinger of change and a new measure by Rouhani and his officials to pave the way for fledgling firms toward further growth.
Officially titled the Innovation Bill, the government is yet to release details of the measure, but according to officials it can entail tax exemption for a window of three years for newly founded startups which generate less than five billion rials ($113,630) annually, ICTNA reported.
During a seminar titled Venture Capital: Challenges and Opportunities, attended by directors of VCs and startups, ICT Minister Mohammad Javad Azari-Jahromi said the bill is in its final stages.
Pointing to the upcoming sanctions to be imposed against Tehran by Washington, the minister said, "Digital evolution is the key to the salvation of Iran's beleaguered economy."
August 05, 2018 17:11
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Rouhani Cabinet to Introduce More Incentives for Startups
In a push to supervise and support Iran’s fast-growing startup ecosystem, the Rouhani administration is rolling out regulations to assist fledgling firms in their early stages of growth
Titled the Innovation Bill, the measure envisages tax relief and insurance coverage at lower rates for startups, along with cutting the red tape
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