TEHRAN Feb02(Shana)--Machinery and equipment imported for use in oil industry are exempt from paying tax, deputy Minister of Finance and head of Tax Organization Ali Askari said.Askari further noted that revamping tax system of the country has renderedtransparency to the laws regarding oil contracts and operations.
Responding to a question on facilities and exemptions that foreign investors who plan to invest in oil industry could benefit from under the terms of Sixth Economic Development Plan, Askari said, under the amendments, imported equipment and machineries for using in oil industry have become exempt of taxes while foreign contractors have been exempted in some areas as well.
Elsewhere in his remarks he noted that at a time when oil has been changed into a political leverage and our economy is vulnerable to oil shocks, finance ministry has great potentials for replacing oil taxes with oil revenues even though not in one or two year period.
According to the official, moving toward rising transparency in capital market, commodity market and money market and gathering necessary information will enable the country to approach the point where taxes could play a crucial role in collecting budget revenues.
Irans tax revenues hit 48 trillion IR rials over the first 10 months of the current Iranian calendar year, which began on March 21 2014, up by 52 percent against similar period last year, deputy minister of finance told the journalists.
By SHANA
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