new delhi to offer tax breaks on iran exports
Last Updated : GMT 22:06:54
Arab Today, arab today
Arab Today, arab today

New Delhi to offer tax breaks on Iran exports

Arab Today, arab today

Arab Today, arab today New Delhi to offer tax breaks on Iran exports

New Delhi - Arabstoday

India\'s central bank is close to approving a demand to allow advance payments from Tehran in rupees. New Delhi The Indian government will offer tax incentives to exporters for sales in rupees to Iran, in the latest effort by New Delhi to bolster exports in return for oil from the Islamic Republic squeezed by Western sanctions, a Finance Ministry official said. Following US and Eur-opean Union sanctions against Tehran over its nuclear programme, New Delhi is under pressure to cut oil imports from its second-biggest supplier, which provides about 12 per cent of its oil needs. India has publicly taken a stand alongside other rapidly emerging countries, including China and Brazil, that it would follow only UN sanctions, a position criticised by conservatives in Washington. To skirt the sanctions, India this year decided to buy oil through a mechanism that lets refiners deposit rupees, which are not freely traded on global markets, for about 45 per cent of Iranian crude purchases in an account at India\'s UCO Bank. India sent a trade delegation last month to Iran to boost merchandise exports as a way of securing oil in return. But the delegation came back empty-handed, and Indian exporters have complained of difficulties in trading through the new mechanism. Level playing field In response, the Finance Ministry will now offer tax incentives in the range of 4-12 per cent of the value of products to exporters for sales to Iran in rupees. That brings them onto a level playing field with exports sold in freely convertible currencies, such as the dollar. \"The benefits under the duty drawback scheme would be available to exporters under rupee trade with Iran also,\" S.K. Goel, chairman of the Central Board of Excise and Customs, under the Ministry of Finance, said on Wednesday. The government reimburses the payment of local taxes to exporters including customs and excise duty on goods either bought domestically or imported, which are used to make about 4,000 export items, from food products and textiles to auto parts. That reimbursement generally excludes exports paid for in rupees, but the government will now exempt trade with Iran from that rule. ‘Satisfied\' \"Tax officials were not so far accepting our claims for incentives under Indian currency trade with Iran. Now it has been clarified and people are satisfied,\" said M. Rafeeq Ahmad, president of the Federation of Indian Exporters, a quasi-government body under the Trade Ministry. Ahmad said India\'s central bank is close to approving a demand from exporters to allow advance payments from Iran in rupees under the new mechanism, as a way of reducing the threat of volatility in commodity prices and falls in the Iranian rial currency. \"The RBI is okay with it, I think the issue will be soon resolved,\" he said. The latest incentives follow Finance Minister Pranab Mukherjee\'s proposal, in the annual budget last month, to exempt payments in rupees for oil imports from Iran from hefty local taxes from the 2012-13 fiscal year that began on April 1. India and Iran plan to increase their annual bilateral trade by more than 60 per cent to $25 billion (Dh91.8 billion) by 2015. Indian exports to Iran currently total about $2.7 billion a year, with oil imports making up most of the difference. \"If all the incentive issues are resolved, India-Iran trade in rupees can touch $5 billion in next two years,\" Ahmad said. Indian exporters received tax incentives worth around $11.6 billion under various schemes in the last fiscal year, including nearly $2 billion under the duty drawback scheme. From: Gulfnews

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

new delhi to offer tax breaks on iran exports new delhi to offer tax breaks on iran exports

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

new delhi to offer tax breaks on iran exports new delhi to offer tax breaks on iran exports

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Air China suspends flights to North Korea

GMT 10:39 2017 Thursday ,23 November

Air China suspends flights to North Korea
Arab Today, arab today Sophian Yussef reveals suitable decoration

GMT 02:56 2017 Thursday ,23 November

Sophian Yussef reveals suitable decoration
Arab Today, arab today Syria opposition meets in Riyadh

GMT 06:23 2017 Thursday ,23 November

Syria opposition meets in Riyadh
Arab Today, arab today Jordanian journalist happy of her career

GMT 17:37 2017 Thursday ,23 November

Jordanian journalist happy of her career
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today Srebrenica women cry tears of joy

GMT 08:03 2017 Thursday ,23 November

Srebrenica women cry tears of joy
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today 'Robo-taxis' hold promise, and perils

GMT 08:07 2017 Thursday ,23 November

'Robo-taxis' hold promise, and perils
Arab Today, arab today Honda recalls 800,000 minivans

GMT 11:43 2017 Wednesday ,22 November

Honda recalls 800,000 minivans
Arab Today, arab today Abeer Sabry reveals reason of “The Flood” success

GMT 08:03 2017 Tuesday ,21 November

Abeer Sabry reveals reason of “The Flood” success
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 07:56 2017 Monday ,20 November

Singer Jahda Wahba has unlimited ambitions

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts

GMT 10:43 2017 Wednesday ,22 November

Cigar-shaped asteroid came

GMT 09:45 2017 Tuesday ,21 November

Visit Jamaica for more than just sun

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday