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Iran imports 4.6 tons of gold bullion bars in during the two months of the current year


Gold Prices

Mon 27 May 2024 | 07:36 PM
Waleed Farouk

Iran's Customs Administration (IRICA) has reported that 4.6 metric tons of gold worth $330 million were cleared through customs ports and imported into the country during the first two months of the current year.

The figure is 3.8 times more than the same period last year, when 1.2 metric tons (mt) of gold bullion worth $79 million were imported into the country, IRNA reported citing figures from IRICA.

Imam Khomeini Airport Customs was the origin of over 91% of gold bullion imports in the first two months of this year (March 20 to May 20).

Late in 2022, the Iranian government approved a plan to facilitate the import of gold as part of its anti-sanctions policy, allowing businesses to import gold to settle their export-related foreign exchange dues to the government.

According to a new directive from the IRICA, imports of gold bullion are exempt from direct taxes, until further notice.

The directive states that the import of various types of gold bullion will continue to be exempt from value-added tax (VAT) as well.