In Tehran, the Danish Minister of Taxation met with Dr. Ali Tayebnia, the Iranian Minister of Economic Affairs and Finance. Discussions focused mainly on the process towards a future agreement regarding avoidance of double taxation. Support to capacity building of the Iranian taxation system and Danish-Iranian trade relations were also topics on the agenda.

The ministers agreed to work towards a double taxation agreement in the coming months with a view to finalizing an agreement within 2017. Several Danish companies have explicitly asked for a double tax agreement hoping that an agreement will ensure better conditions for trade with Iran. The engagement of Danish companies in Iran has increased substantially since the Implementation Day of the JCPOA in January 2016. Within the first 11 month of 2016, Danish export to Iran has increased by 56.9 pct. compared to the same period in 2015.

As part of the programme, the Danish Minister of Taxation also visited the offices of Novo Nordisk in Tehran. Novo Nordisk is in the process of building a new insulin manufacturing plant in Iran, investing more than 80 million USD. The new factory is expected to create 160 new jobs in Iran – a project that currently presents the largest single Danish investment in Iran. Pharmaceutical products accounted for around 48 pct. of the total Danish exports to Iran in 2016.

The Danish Minister for Taxation was interviewed by Tehran Times. You can read the full interview here.