Law of Development and Protection of Maritime Industries.

The Law, which consists of 11 articles, provides for the development and protection of maritime industries. In particular, the Law obliges the government to establish the ‘Marine Industry Development Fund’ in order to support all marine industrial activities including manufacturing, production and maintenance of various kinds of marine vessels and submarines. The Law also establishes the ‘Marine Industry High Council’ to coordinate all activities related to marine industries in the country. According to the Act, all marine vessels possessed by Iranian owners and manufactured in the Country in compliance with national and international standards, are exempted from income taxes. Any vessels entering Iranian ports for ship repairs are also exempted from port dues.