Iran Economy in Brief – No. 61

Arrival of new Airbus revives Iran Air

Iran Air, once one of the world’s leading airlines, has turned to a loss-making company over the past decade, but the arrival of new Airbus air crafts could revive it again.

This week the second new Airbus, bought after lifting the sanctions, landed in Mehrabad Airport in Tehran. Iran Air has over $100m in debt and had difficulty to pay its staff from time to time.

Read more about Iran Air Situation

VAT in Iran: a source for many civil projects

Value added tax in Iran makes almost half of the Government’s income, says Iran Tax Organization. VAT, which was implemented in 2008 as an experimental plan, currently is 9%.

“Since March 2016, 1700 trillion IRR or 52.5 billion dollars have been collected as VAT”, said Kamel Taghavinejad, Chairman of the Iran Tax Organization.

Book-keeping in Iran is by no means trivial and therefore collecting VAT from many small businesses is complicated. However, the Parliament has approved the VAT for the coming Iranian fiscal year to conyinue.

Read about VAT in Iran

 Expansion for Gondola Lift in Tochal Mountain

One of the world’s longest gondola lifts is located in north of Tehran, giving access to Tochal Mountain. Its length, over 7km is now going to be expanded to over 8km. Mostazafan Foundation, the owner of Tochal Recreation and Sport Complex, says that construction of the new facilities will be done in a cooperation with the private sector.

Tochal Complex, with three million visitors annually, earned nearly $5m over the last Iranian fiscal year, i.e. March 2015-2016. This years it expects a 37% growth.

Read more about Tochal Complex


Tehran Chamber of Commerce in 1395

Tehran Chamber of Commerce held its last board meeting on Saturday, 11 March, to present a short report on its achievements during the current Iranian year, which ends on 20 March.

Tehran Chamber of Commerce, the largest community of the private sector in Iran, has decided to be a leader in improving efficiency. Issuing Trade License is its main service. The process which took weeks or months, now is done within 24 hours. And not only faster, but it is also done by one-third of the staff at this sector.

Read more about Tehran Chamber of Commerce Short Report

Another Norouz, another New-Day

On Monday 20 March 2016, at 13:58:40 Iran local time, 11:28:40 Central European Time, Iranians celebrate Norouz, the starting moment of the new year. The moment is globally the same, defined to coincide with March equinox.

By tradition a setting of seven symbolic items with names start with “S” in Farsi language, is prepared.

Most common items are: “red apples” (in Farsi called “Sib”), “Coins” (In Farsi “Sekke”), “Garlic” (In Farsi “Sir”), “Hyacinth” (In Farsi “Sonbol”), “Vinegar” (in Farsi “Serke”), “Little grown wheat in a dish” (in Farsi “Sabzeh”), “sweet budding” (in Farsi “Samanu”) etc. The setting is called “Haft Seen”, meaning seven S.

We wish all the best to the country, its people and whoever with affection for either of them!


Due to two-weeks holiday in Iran, our next issue will be published on April 6.