Surcharge on Forex Rate Difference “Illegal”
EghtesadOnline: The retrospective application of Clause Five of the government’s new foreign currency on imports is against the law, the chairman of the parliamentary faction focused on fighting corruption and economic transparency said.
“As there was no mention of paying exchange rate surcharge in the previous directive, the government needs to follow previous instructions about import orders registered in the past five months,” ICANA also quoted Amir Khojasteh as saying.
Under Clause Five, goods imported after the implementation of the new forex policy can receive customs clearance only if their owners pay a surcharge on exchange rate difference between the government’s subsidized foreign currency rate (42,000 rials per dollar) at which they registered their import orders before the new policy took effect, i.e. on August 7, and the value of foreign currency presently determined by the Secondary Forex Market, according to Financial Tribune.