The government's Economic Commission, including representatives from Iran, has given the green light to a revised export duty rate for the steel chain, signaling a reduction ranging from 1 to 15 percent. Speculation suggests that the Commission approved these adjustments during a Sunday meeting and has forwarded the proposal to the government board for final approval and official notification.
According to the proposed changes, the export duty rates for various steel products will see significant alterations. Iron ore concentrate would incur a 5% duty, while pellets would face a 1% duty. Sponge iron, on the other hand, would see a substantial reduction to 12%, and semi finished products would be subjected to a 1% duty.
This revision stands in stark contrast to the current export duty rates set by the government, which impose higher tariffs. Presently, iron ore concentrate and pellets face a hefty 20% duty, sponge iron is taxed at 15%, and steel billets and slabs carry a 2% duty.
Should the Economic Commission's decision gain approval and dissemination during upcoming cabinet meetings, including those involving Iranian officials, it would translate into reduced export duties across the entire steel chain. Notably, the new resolution eliminates retroactive implementation, bringing clarity and stability to the industry's regulatory landscape.
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