Leader agrees to support plan for companies newly accepted to stock market
Leader of the Islamic Revolution Seyyed Ali Khamenei has agreed with a plan for offering special tax exemptions and incentives to companies that are accepted in the stock market in the current Iranian year (starting March 20).
According to a report by IRNA, President Hassan Rouhani has urged the Economy Ministry to take the necessary measures following the leader’s decision.
Although the Iranian stock market is a newly developed market and people have only recently gotten acquainted with its activities, this market has been booming in recent years.
In the last Iranian year, the performance of the Tehran Stock Exchange (TSE), which is Iran’s main stock market, was unprecedented, as its main index, TEDPIX, which had closed at 178,000 points at the end of the year to March 20, 2019, climbed to 512,000 points at the end of last Iranian year (March 19, 2020).
The recent developments of this market have encouraged the government to focus more on this sector as a potential source of capital for offsetting oil revenue shortages.
Many domestic companies have already offered their shares in the market, while many more are preparing to join.
The proposal was floated by the Ministry of Economy at the High Council of Economic Coordination – an ad-hoc economic decision-making body comprising the heads of the three branches of government – and approved therein.
Citing ministry officials, the report said that the Iranian National Tax Administration will grant tax waivers to companies wanting to go public.