فصلنامه سیاستهای مالی و اقتصادی
سال یکم شماره 2 (تابستان 1392)

Economic sanctions are well known for researchers and those who are in charge of Iran’s economic affairs because since the very beginning of the Islamic revolution of Iran they have bean used as barriers in the way of the country’s development. However، the last-two-year sanctions had broader dimensions so in order to recognize their effects and to confront them it is needed to know that how sanctions affect every section of macroeconomic. The present study aims to do so. As researcher is one of economical authorities of Iran who has scientific knowledge about this issue، tries to present the recent sanctions mechanism of influencing on financial، monetary and foreign exchange policies then analyses their effects and condition of real sectors، capital market and macroeconomic indexes such as unemployment and inflation. Finally، some of measures which have done in order to confront sanctions and guidelines for future encounter are addressed.

According to theory of international economics، mutual and multilateral commercial and economical relations are mainly a win-win game so restricting them especially through sanctions could harm both parties of a sanction. After World War II almost all sanctions، except for Yugoslavia، have been imposed against South. Since its constitution، IR Iran has been exposed to the sanctions imposed by USA and its allies but from 2005، uranium enrichment has become an excuse for intensifying sanctions. The main objective of the imposed sanctions is fundamental change of Iran’s nuclear policies and approaches. Now، Iran is suffering from most unprecedented sanctions in the history so they could be referred to as economic wars. Using various tools، USA has been able to persuade its allies and many other countries to impose economic pressure against Iran. All West imposed sanctions against Iran could be categorized in 5 groups: technologic، investment and military equipment sanctions، restricting financial transaction، the Central Bank sanctions، selling gas and oil sanctions، prohibiting precious and gold trade and finally blocking the funds. Even though different sectors of Iran’s economy have been affected by the sanctions، but economic authorities of the country، adopting proper policies have been trying to manage the effects of these sanctions.

Utilization of foreign financing and its various windows and methods are considered as one of the prerequisites and tools enabling countries to realize their economic growth and development and reach their macroeconomic and developmental targets. Amongst those windows، foreign direct investment is one the most efficient and effective methods especially from the host country perspective. Various positive and constructive impacts on macro and micro economic indices and the positive impacts on the recipient companies such as access to new export markets، upgrading the level of competitiveness، transfer of managerial and technological knowledge، increasing the economic security and job creation، is a witness to this efficiency and effectiveness. Therefore it is more than thirty years that most countries have paid special attention to foreign investment and implementing policies and programs to promote and attract foreign capitals and is making continuous effort to make their favorite country more competitive for hosting foreign investors. Iran has also provided the required regulatory environment as a prerequisite for engagement and activity of foreign investors in the national economy، by adopting and approval of the Law for Attraction and Promotion of Foreign Investment in 1334 (H. S.) and consequently its replacement in 1381 (H. S.) by Foreign Investment Promotion and Protection Act. But due to the different kinds of foreign investment methods and their requirements، though competition between the countries for attracting foreign investment، the necessity to prepare technical arrangements by the host country in general and by its administrative organs and private entities in specific، it is necessary to take a vast variety of measures nationally and internationally in order to make the most of the available legal environment. A review of the literature of the topic، the schemes and types of Foreign Investments and the technical and functional differences of those schemes according to international standards and definitions and the trends and statistical information related to the foreign investments flows in the world، reveals the significance of taking advantage of foreign financing in general and foreign investments in particular. Furthermore، a glance at the trends of foreign capital importation and attraction in Iran and its constant growth during recent years shows that particular attention has been directed to this topic in the country''s macro policies and plans and the OIETAI as the sole official authority for promotion and protection of foreign investments has put extensive measures on its agenda for action to not only create a leap in volume of foreign investments in Iran، but also to preserve and stabilize its growth trend. Though the policies، plans and measures taken by the OIETAI have created considerable impact in this regard، taking into account the ever-changing، fiercely competitive environment in the world for attracting foreign investors and investment flows، it''s necessary to adopt a reform-oriented guideline concerning a number of the country''s common arrangements and systems such as budgeting system، designing and offering competitive incentives for investment as well as promotion of investment climate and the business environment in order to provide the OIETAI with modern and efficient tools and capacities and drive the country to a significant increase in attraction of foreign investments and to utilize the country’s untapped economic capacities.

Tax system development is regarded as a fundamental area of the Iranian economic development. In this respect، substitution of tax revenues for unsustainable ever-changing oil revenues has always been a major area of the country’s economic and social development plans. This is what one may feel more significantly than ever bearing in mind the 5th Development Plan’s obligation for independence of the state’s current expenditures from oil and gas export revenues، achieving a T/GDP ratio of %10 and an annual %10 growth of public revenues to cost credits (excluding oil and gas export revenues) taking into account circumstances resulting from economic sanctions against Iran. In spite of efforts made for the development of the country’s tax system during recent years، there still remain so many challenges. Having in mind three pillar components of a tax system namely، “national production”، “tax laws and regulations”، and the “organization in charge of taxation”، one may mention the following as major barriers and challenges ahead of the Iranian National Tax Administration (INTA): The asymmetrical combination of the Iranian national production، a large volume of the services sector، the way incomes are distributed throughout the country، existence of a large underground economy، existence of public institutions with high turnovers، complexity of tax laws and regulations، weakness of tax laws enforcement guarantees، narrowness of tax bases، broadness of tax exemptions، low efficiency of certain tax incentives، shortage of skilled human resources and insufficient fund resources، lack of an integrated approach to taxpayers، and infidelity of guild unions to their legal and professional obligations. There is no doubt that it will be impossible to develop the country’s tax system without simultaneous reinforcement of the mentioned-above pillar components. The present paper aims at studying the most important measures already taken for the development of the Iranian tax system along with measures to be taken in future following a review of the functions of taxes in the country and the challenges ahead of the country’s tax system having in mind the three pillar components mentioned above. The introduction and development of the VAT system، revision of tax laws and regulations، implementation of TARA (Tax Automation and Revenue Administration) Project، and HRD reforms are among major areas followed for changing and developing the country’s tax system. But as for measures to be taken in future for the development of the country’s tax system، one may refer to the reform of the country’s overall macroeconomic structure in terms of the way economic activities are done، development of corporate activities، qualitative development (modernization) of the services sector، broadening tax bases، elimination of redundant tax exemptions، resolving INTA’s budget restrictions، provision of human resources، as well as taking all legal، administrative and judicial measures required for combating underground economy.

This paper discusses the evolution of the role of Customs in recent decades and states the necessity and importance of trade and economic in the state of the country endeavoring to introduce the Customs and Customs duties are important and diverse. It also considers the growth in commercial operation procedures for import، export، transit and Customs revenue during the fourth and fifth plan of the country development to find a way to examine the challenges facing Customs and Customs as being reasons for the economic development plan will focus as part of outreach. This article analyzes Customs procedures done within ten projects in the development of Customs duty proposals to meet the challenges of new deals.

Since 1979، privatization has bean considered by most economic policymakers as one of the solutions aimed at the reduction of the engagement of the governments in economy and the promotion of SOEs performance. In our country، the privatization process has bean seriously started in 2006، with the notification of general policies of the Principle 44 of the Constitution، and subsequently، the Law for the enforcement of the said policies was legislated in 2008. Privatization is often referred to as the economic revolution in Iran. Undoubtedly، the proper enforcement of the said policies owes to the uninterrupted and brave efforts of all the privatization policy players in the Country، specially the Iranian Privatization Organization (IPO). This Article tries to review some of the efforts made by the IPO in this regard. Consequently، in order to understand the historical trend of the subject، first of all the legal principles of privatization policy enforcement in the Country are presented briefly. In the second and third parts of the Article، the goals and methods of privatization and in the fourth part، the most important measures and activities related to the privatization during 1991 to July 9، 2013 are studied. Fifth and sixth parts of the Article are devoted to the most significant problems and challenges in the way of enforcement of the privatization and future plans of the privatization in the Country. Finally، the seventh part of the Article makes conclusions in this regard.

Nowadays، insurance industry is one of the leading sectors of capital market in global economy. Insurance as an efficient means of risk management، security and peace of mind provision، not only contributes to social welfare but also to investment growth، consequently accelerates the production growth and helps to economic boom. The present report sheds light on the current status of Iran’s Insurance Industry as well as its future prospect through the assessment of its performance during the years 1384-1392 (2005-2012) of the Iranian Calendar. Having adopted descriptive approach، the practical aim of the present study is to explore precise status of Iran’s Insurance Industry performance، consistent with international indices from 1384 to 1392 (2005-2012). Furthermore، current procedures of Iran’s Insurance Industry is reviewed، fulfilled measures by Bimeh Markazi Iran (Central Insurance of IR Iran) in compliant with general policies of Article 44 of Constitution regarding to the Insurance Industry is mentioned then Iran’s Insurance Industry outlook for the year 1404 (2025) is clarified.

The whole national capital market، by the Capital Market Act of the Islamic Republic of Iran enacted in November 2005، began its move toward development and improvement and continued to step through the framework of the Islamic capital market principles، the objectives of «The Future Outlook of the Islamic Republic of Iran in the Horizon of the Next two Decades (2025)، the policies prescribed in the Fourth Economic، Social and Cultural Development Plan، and also the general policies of the holy Islamic Republic of Iran. At the first step to enforce the Securities Market Act and to protect the investors'' rights and maintain and develop a transparent، fair and efficient market، the Securities and Exchange High Council، the Securities and Exchange Organization as the regulatory body of the whole capital market، Tehran Stock Exchange (TSE)، Iran Mercantile Exchange (IME)، Energy Exchange، Central Securities Depository and Settlement Of Iran (CSDI)، and Iran Farabours company as the operational bodies established and in other words، the regulatory and executive bodies separated from each other. By enacting the Securities Market Act of the Islamic Republic of Iran in the year 2005، the required legal framework established to develop new financial instruments، institutions and markets which paved the roads for a comprehensive development and improvement in our capital market. Notification of the general policies of the principle 44 of the constitution، considering the Exchange mechanism for privatization of state companies and enactment of the Law of the Enforcement of the General Policies of the Principle 44 were all among the opportunities to develop and enhance the whole capital market. However، in order to realize the objectives of the Fourth and Fifth Development Plan in the ninth and tenth governments، such great works as providing the conditions to increase the returns from investment in securities market، management of investment risk especially in the critical conditions، improving the transparency of information via the development of the Comprehensive Database of All Listed Companies (CODAL) in order to determine fair prices، increasing the liquidity of investments in the shortest time، establishing the electronic systems for online accessing of customers to the brokers، the attempt to design and operate an online trading network، improving the regulating mechanisms and developing international cooperation''s and also attracting foreign investments were considered by the capital market authorities.

Supporting vulnerable groups and improving income distribution is one of key priorities of all governments. This is not only an economic subject، but is one of political and social indexes. In I. R. Iran one of social justice and income distribution orienting policy which was implemented in the 9th Government was Equity Shares Plan. The structure of the plan was based on allocating some of governmental companies stocks to low income people. Preparing sustainable income for low income deciles and improving income distribution، privatization expanding and increasing people’s wealth were the main goals of this plan. However، one side effect of this plan is stockholder culture improving among citizens and public knowledge level promoting and directing them to invest in productive markets instead of speculative activities in parallel markets. The main step in performing the plan was to indentify eligible people. Respecting to supporting approach of the plan، at first the two lowest income deciles were covered and fifty percent discount was imposed on stock value for these groups. After that، other groups were jointed to the plan in different phases as targeted groups، so that up to now more than 40 million people are included. Since the beginning year (2006)، some part of stocks of 62 corporations in different areas namely: Petrochemical، Refineries، Power plants، Banks، Cements، Basic Metals are allocated to the plan. According to this plan the value of these stocks would return through dividend profit in10 years and after that stockholders can receive their profit directly. One more useful action is preparing the procedure that stocks owner could transact them through stock Market.

Proper implementation of important and basic governmental plans primarily depends on existence of robust and efficient monetary and financial institutions. Creating Money، financial brokering، financing and granting banking facilities are main functions of banking system. In recent years banking system has played important role in the country’s development and construction so this paper indicates the most important policies and approaches of banking system in recent 8 years. Redefining the principal 44 of the Constitution and notification of its general policies are main pillars of the country’s economic policy making. Since the implementation of these policies within the framework of predicted regulations and structure، a novel order has been set up in the economic system of the country. Reappraisal of economic domain of governmental، private and cooperative economic activities، putting an end to government’s economic tenure، laying the foundation for non-governmental sectors to participate in all economic fields، extensive granting of big state-own firms and finally improving the business environment are most crucial approaches of these policies. This article tries to clarify important actions resulted from above mentioned policies with noted approaches.

Inefficient system of subsidies allocation and distribution in Iran made government to reform it. As a result subsidies targeting became one of most important axis of the economic transformation plan and set high on Iran’s economical agenda. In order to do this some proficient investigations and scrupulous pathology conducted then the effects of this plan on macroeconomic variables and indexes analyzed. After ratification of subsidies targeting law in 2009 and making preparations for the law enforcement، finally in December 19 of 2010 the subsidies targeting law enacted. Due to cooperation of people and market and economic players and proper management and implementation of the law by the government it has been a successful administrative experience for government in national and international level. Although all similar experience in the world studied، the used execution model was entirely a native and Iranian one so international organization and bodies admitted the successful implementation of this law and introduced it as a proper model for other countries. This paper briefly addresses approaches، effects and enforcement results of the subsidies targeting law