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The central bank's decision and the serious impact of the non-payment of tax in developed countries
6/10/2015
Iraqi Central Bank's decision on 08.06.2015 14 to deny access to bank window sale and purchase of foreign currency showed us the following facts:
1. This decision falls within the central bank the authority established in the Central Bank Law No. 56 of 2004 and the Banking Law No. 94 of 2004 because the central bank's task of formulating monetary policy in Iraq and the implementation, including foreign exchange policy in accordance with the provisions of Article IV of the Bank Act, as well as in accordance with the provisions of Article 56 of the banks that authorized the Central Bank Law taking any action or the imposition of any
administrative penalty against any bank in violation of the bank to the provisions of this law or when submitting incomplete transactions and does not meet the bank's obligations incurred by him to pay the amount due the General Authority for taxes and the General Authority for Customs gives the bank use his authority.
2. The action taken by the central bank against the banks mentioned regard to deny access to the special window to sell foreign currency other words, the bank denied these banks to participate in the auction sale of foreign currency by the Bank shall conduct, thus depriving the banks of unrealized and clear and easy profit is to buy foreign currency Bank of sale and banking this process easy and guaranteed profit measures do not include any risk, similar to other banking transactions such as loans or the issuance of letters of guarantee, which is subject to the probability of default, which ranks the damage to the bank.
3. It seems that many of these banks ignored the claims of the central bank for the payment of the General Authority for taxes and the General Authority for Customs, prompting the central bank to take this action.
4. that the move is bound to be influential in the financial and legal location of these banks in the Iraqi and international market where entail some kind of imbalance of the center's credit and financial for these banks to the customers and to increase the site other banks who take the sale and purchase of foreign currency inevitably did not name contained in this list especially since this list impact not financial Kalshaiah or transferred by the media because it is proven by decision of the official body representing the highest point of monetary and fiscal in Iraq also must note what settled by custom in the developed countries of the non-payment of the tax constitutes an act exceeds the commission of some crimes
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