Iran imported 7.45 metric tons (mt) of gold ingots worth $475.59 million in the first half of the current Iranian calendar year (March 21 – September 22).
The gold ingot imports accounted for 1.6% of Iran’s total imports in the period under review, to be the 8th main item imported into the country, according to the Islamic Republic of Iran Customs Administration (IRICA).
An IRICA report said earlier this month that Iran’s imports of gold ingots will be exempted from tax payment as of October 23.
The report said that the scheme will be executed based on an order by the head of Iran National Tax Administration (INTA) Mohammad-Hadi Sobhanian in accordance with a law on direct taxes.
Sobhanian has argued that the exemption is necessary due to repeated calls by the importers of gold ingots and taking the arbitrary sanctions on the country into consideration.