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Undoubtedly, one of the economic development cycles of any country depends on the issue of exporting products to other countries. Finally, the export of goods is the most important source of currency entry into countries. But in recent years, unfortunately, exports have played a minor role in foreign currency entering the country. This issue caused governments to enter into the issue of import and export of goods and, as a result, their currency.
In 2017, the government launched the NIMA system through the central bank. Through this system, the government is trying to approve new laws regarding the return of currency to the country’s economic cycle. In these laws, traders are obliged to settle their foreign exchange obligations.
Disregarding the current currency laws can cause unpleasant consequences for businessmen, such as being prevented from benefiting from tax exemptions. Importing gold to meet the foreign exchange obligation is a solution that has become very popular among businessmen today. As a result, in the following, we intend to examine the role of gold imports in meeting the foreign exchange obligations.
What does the settlement of foreign exchange obligations mean?
Exporting actually means transferring products and technical knowledge to other countries. As a result, currency is received for this transaction. The development of exports can lead to the economic prosperity of the country and ultimately the prosperity of various industries. Finally, the need to pay attention to the issue of export has caused various economic incentives to be included in the executive laws of the country. Tax exemption laws for Iranian businessmen are part of these incentive laws. Of course, export also has its own relationships. As a result, it is sometimes observed that traders refuse to enter the currency received into the country’s economic cycle after exporting products. This can cause a lot of damage to the country’s economy and manufacturing industries in the long run. In the end, this problem caused the governments to think of establishing preventive laws to prevent these problems.
Finally, this issue became the basis for the approval of the instructions on how to return the foreign currency obtained from exports to the economic cycle of the country. According to the established laws, traders are obliged to take action to clear the foreign exchange obligation in order to benefit from the tax protection laws. Based on this instruction, businessmen must re-enter the currency received from their economic activity into the economic cycle of the country to meet the foreign exchange obligation. Finally, in section 5 of note 6 of the country’s budget law of the previous year, this issue has been emphasized a lot. Benefiting from tax protection laws depends only on paying attention to the issue of foreign exchange obligations. Of course, in 1400, new laws were established in this matter. According to these laws, traders are obliged to enter the economic cycle of 90% of the value of their export license to meet the foreign exchange obligation.
Importing gold to meet the foreign exchange obligation is a suitable solution for businessmen
In recent years, governments have enacted new laws to reduce the problems of traders in the field of clearing foreign exchange obligations. For example, during the recent period, the government has presented new laws and solutions to solve the problem of returning foreign exchange from exports, especially in the field of non-oil and non-metal products, such as importing gold to solve the foreign exchange obligation. In recent years, the government has given permission to traders who are active in non-oil and non-metal products to import gold ingots in exchange for foreign exchange.
In fact, the government is trying to make the export of such products smoother by increasing the possibility of importing gold in exchange for the currency received in non-oil products. Also, importing gold to meet the foreign exchange obligation is a practical method to remove legal restrictions in the way of foreign exchange obligations. In this situation, traders can settle their foreign exchange obligation by importing gold bullion into the country. In this way, the central bank is obliged to buy the gold imported by traders at the daily price
Approval of new laws for not declaring the origin of currency for importing bullion into the country
As we mentioned this issue, the return of currency to the country’s economic cycle can become the basis for the country’s economic development. The government also decided to amend the laws in this field in order to facilitate the currency laws of the country and increase domestic gold resources. Due to this, in the new government decree, the declaration of the origin of currency for the import of precious metals such as gold has been removed from the topics.
Of course, many experts consider the government’s new way to import gold as a new method of money laundering and the return of currency from smuggled products such as medicine, fuel, and even livestock. Finally, this created a game path for the delinquent traders who refused to present their currency in the Nima system, which caused their legal obligations to be resolved. Of course, some believe that the approval of new laws can make it easier for businessmen who are facing many problems due to economic sanctions to receive currency. Of course, this claim cannot be confirmed yet, and the results of the gold import plan to meet the foreign exchange obligation on the country’s economy should be seen over time.
Can the liberalization of gold import lead to the country’s economic development?
Due to the above law which was approved in the last two years and implemented in the last year. Businessmen who import gold bars to the country no longer need to pay customs duties and finally value added tax. In this regard, it is necessary to pay attention to the fact that gold is placed in category 4. As a result, for the import of this product, it is necessary to allocate foreign currency.
Finally, the implementation of the gold import law in order to return the currency to the country’s economic cycle and resolve all kinds of foreign exchange obligations has caused the need to allocate foreign currency for gold import. Finally, you should know that importing gold in this way, since it is not affected by the Nimai currency, cannot have an impact on the gold market.
Of course, it is still not possible to confirm with certainty that importing gold to the country can increase the amount of exports. Also, it is still not possible to point out with certainty that international laws are presented to support the project. As in many countries of the world, we see strict laws regarding the import of heavy metals and combating money laundering.
Don’t traders need to settle foreign exchange obligations by importing gold to the country?
The studies conducted show that traders who are active in the export of non-oil and non-metal goods still have to take action to settle their foreign exchange obligations. As a result, these people are still obliged to present the currency of their exports in the NIMA system. Finally, a declaration for the importation of gold bars to the country in exchange for foreign currency has not yet been approved for traders. Finally, many businessmen consider importing gold to meet the foreign exchange obligation and transporting bullion shipments as a difficult and illogical task. As a result, it is still not possible to witness the impact of the gold import resolution to meet the foreign exchange obligation and its role on the country’s economic development.