Iran News ...


01/05/09

New law for investment, production takes effect in Iran

Source: Press TV

The Law for Removing Specific Hurdles to Production and Industrial Investment is now in effect following its December 2008 publication in the Official Gazette.

The law was approved on 28 July 2008 by the Industries and Mines Commission of the parliament. According to Nourlaw.com the law sets forth rules for environmental improvement, facilitation of industrial production and exports.

According to its first article, a levy up to 1% of sales revenue shall be imposed on industries polluting the environment. On the basis of Article 2, the government shall, for protecting industrial exports, allocate sums for compensating some of the export costs related to capital and consumer goods, parts and accessories, and technical services.

By virtue of Article 3, the government is also obliged to adopt measures insuring that the difference between bank interest paid to the depositors and the facilities must not exceed 3%.

As foreseen in Articles 5 and 6, any discrimination in supplying electricity and gas to the factories and related pricing shall be lifted with respect to the governmental, cooperative and private sectors.

With respect to Article 21 of the Labor Law which does not allow firing of workers and in an effort to ease this stricture, Note 4 of Article 7 of the aw stipulates that the work contract may be terminated if termination has been mentioned in the contract.

For facilitation and expansion of exploration and exploitation of mines, and safeguarding the natural and juridical mines against local nuisances, the law in Article 9 considers any such interference illegal and subject to prosecution and punishment.

According to Article 10, banks are obliged to extend facilities in rials and foreign currencies (out of the Foreign Exchange Reserve Account) for industrial and mineral projects.

Banks are bound to answer the application for facilities within a maximum one month and should these facilities be refused, the bank must inform the applicant in writing the reason for the refusal. Outstanding facilities commensurate to the time of delay in repayment of the instalment should enjoy a moratorium on repayment.

According to Article 11, governmental corporations and organizations are obliged to give priority in purchasing to domestic manufacturers and settle the invoices of the sellers and contractors within 30 days. For protection of domestic products, the tariff of the SKD and CKD of mobile phones, home electric appliances and other electric equipment (expect cars and high tech industries) shall be respectively below 80%, and 10% the tariff of the CBU.

The law shall be valid for a five-year trial period.

... Payvand News - 03/25/16 ... --



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