Currency from exports and settlement of foreign exchange obligations

The export of goods has always played a very important role in the growth of the country’s economy due to the import of currency into the country. In the past years, with the increase in the price of currency, the exporters sometimes did not return the currency obtained from the export to the country, and this non-return of currency was the concern of the government. In order to solve this problem, in 2017, the Central Bank approved instructions on how to return the foreign currency from exports to the country’s economic cycle.

According to this instruction, exports abroad are tax-free if the exporters bring the currency back to the country and sell it in the NIMA system. In the first place, the exporters have to pay the tax fee, but after they sell the currency from their export within the specified period of time in the Nima system, all the tax fee they paid will be returned to them.

When the exporters register the goods order for export in the comprehensive trading system. A page under the title of currency commitment will open for them. Therefore, the exporters undertake to re-import the currency to the country after exporting the goods and receiving the money and sell them in the NIMA system, in which case the foreign exchange obligation is cleared. In case of selling currency in the Nima system, the tax related fee will be returned to them. If the foreign currency obligation is not settled within the specified period, the exporter will be considered a smuggler and will be prosecuted, and the holder of the commercial card with which the order was registered will be fined.

There are many solutions and guidelines for solving the foreign exchange obligation and paying the debt resulting from exports, which we will examine further.

Exporters, after exporting their goods and receiving their money, should take action to refund the tax and settle their foreign exchange obligations. There are several ways to settle foreign exchange obligations, and here we will examine the sale of foreign currency resulting from exports in the Nima system:

To do this, refer to the address of the comprehensive trading system, i.e. ntsw.ir. After entering the system, click on the login button at the top left.

Enter your username and password and click the login button.

At this stage, follow the path of the currency operations menu – currency operations management – currency sales.

On the new page, click the Create New Offer button.

In this step, enter the details of the currency you want to sell, and then click the register and finish button.

Then in the supply section and from the row related to your transaction at the bottom of the page, click on the details button in the transaction row to see the purchase offers from the exchanges.

In case of a purchase offer from the exchange, by entering the relevant information. Enter the bank name, account number, Shaba number, name of the account holder and press the accept button.

On the new page, you will see the information about the money transfer from the exchange, if the information is correct, click on the button to confirm the issuance of the currency transfer.

The procedures related to the sale of foreign currency obtained from exports in the Nima system, in order to meet the foreign currency obligations of exports, have been completed. In the next steps, you can apply for your tax exemption.

Laws and approvals in the field of foreign exchange resulting from exports and settlement of foreign exchange obligations require sufficient knowledge and awareness. Otherwise, one of the traders may not be eligible to settle the foreign exchange obligation and spend his time and money on this issue by mistake. Or, on the other hand, an exporter may be thinking of tax exemption if it is subject to payment and settlement of foreign exchange obligations.

Qoqnous Trading is a team of experts and expert consultants. You can check the available solutions and methods by communicating with the experts and take action to resolve your foreign exchange obligations.