News from Iran

  • Iran’s GDP marks 11.1% growth
    According to Fars news, Iran’s non-oil GDP has grown 6.4 percent in the past year. Mohammad Baqer Nobakht, Iran’s Government Spokesman, has stated that the country’s GDP growth of gross domestic product (including the oil sector) stands at 11.1% for the previous year. Previously, the Central Bank of Iran had announced that the country’s GDP growth was 12.5% in the...
  • To Petya or NotPetya; this is how to protect yourself!
    A new ransomware has risen and is spreading across Europe like wild fire. This new malware is creating chaos across businesses, from supermarkets to shipping ports, ad agencies and law firms. The new ransomware - code named “NotPateya” - shares some very similar characteristics to a very recent malware “Wannacry”. About NotPateya NotPateya gets its name from an older malware...
  • Austria broadens cooperation with Iran
    Just a few weeks after the agreement between the Italian Bank, Popolare di Sondrio, and Iran, a notable shift in activity between Iran and another EU country – Austria - can be noted as well. Following the Tehran visit of Austrian Finance Minister, Hans Jörg Schelling, on 11th June it was announced that Austria has allocated a €1 billion credit...
  • Notable improvements in EU – Iran banking and trading relations
    Following the removal of sanctions imposed to Iran as well as the resulting reopening of Iran to the international banking system after the, Saman Bank - one of Iran’s private banks -  announced the opening of its office in Italy, Europe during May 2017. The target of such a development is to provide a simpler method for direct transactions with...
  • Double Tax Treaty between Iran and Hungary enters into force
    The first agreement on the avoidance of double taxation and prevention of fiscal evasion between Hungary and Iran entered into force on 1 January 2017. Iran has concluded more than 40 tax treaties but very few of them provide for zero withholding tax rates on rental income and consulting fees. Thus, this specific tax treaty can be a good platform...
  • Opening a bank account in Europe for Iranians
    International banking has been of particular interest to Iranians during the post-sanction period in Iran. The focus on banking is still evident, with many businessmen and international companies on the lookout for viable solutions. More than a year has passed since the lifting of sanctions and restrictions imposed by the United Nations and the European Union and still many European...
  • US Treasury relaxes Dollar transaction rules for Iran
    During the Washington visit of Iranian Minister of Economic Affairs and Finance, Ali Tayyebnia, on 8th October 2016, the US Treasury Department announced that it now permits financial transactions in US dollars between Iran and non-US financial institutions. The only exception includes US dollar transactions involving the American financial system directly or indirectly, which can only be done with specific...
  • Incentives and Benefits for Foreign Investment in Iran
    Territorially large and densely populated, Iran offers great opportunities in many  business sectors as well as tax incentives aimed at attracting foreign investment. Below is a brief outline of certain tax incentives available to foreign investors. While the Iranian corporate income tax has a flat rate set at 25%, there is a 0% corporate income tax for foreign investors who...