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Exception of the Investment Sector Duty in Iraq
26/03/2012 17:38
Baghdad, March 26 / March (Rn) - The Commission on economy and investment in the Iraqi parliament on Monday that the law on customs tariff new exception to the investment sector and investment companies from paying duties on goods entering Iraq, referring to the tax rate will be different between the goods and others.
The Finance Minister Rafie al-Issawi, announced last week to set the first of June next date for the work of the tariff regime in Iraq after being postponed twice, stressing that this time can not be postponed to a working system.
A member of the Committee Abdul-Abbas Saedi, told the Kurdish news agency (Rn) that "the Investment Law No. 13 of 2006 excluded the investors in Iraq from the payment of taxes and customs duties, and this exception, according to the new law, passed by the House of Representatives is valid and does not conflict with the law of investment."
Saadi explained that "this exemption would attract investors, the fact that goods entering for the benefit of the investment projects would be exempted from tariffs than other goods."
He added that "the tariff rate will be different between the goods there are high rates for complementary goods, cars, and there are other ratios per year of food and construction materials."
The text of the law of the customs tariff of the new approved by the Presidency Council of Iraq last year and passed by the House of Representatives to repeal the tariff number (77) for the year 1955, and ordered the Coalition Provisional Authority (dissolved) No. (54) for the year 2004 (the policy of trade liberalization of 2004), and ordered the authority of Coalition No. 38 of 2003 (Tax reconstruction of Iraq and its amendments), and stressed that the law does not work, or any instructions or regulations conflict with the provisions of this law.
And gives the tariff law of the Council of Ministers upon the request of the Minister of Finance amend the customs duty provided for in the tariff schedule of customs duties and agricultural calendar attached to this law in urgent circumstances to the need for economic and monetary actions require protection or treatment.
From: Yazan Al Shammari. Open: Abdullah Sabri
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26/03/2012 17:38
Baghdad, March 26 / March (Rn) - The Commission on economy and investment in the Iraqi parliament on Monday that the law on customs tariff new exception to the investment sector and investment companies from paying duties on goods entering Iraq, referring to the tax rate will be different between the goods and others.
The Finance Minister Rafie al-Issawi, announced last week to set the first of June next date for the work of the tariff regime in Iraq after being postponed twice, stressing that this time can not be postponed to a working system.
A member of the Committee Abdul-Abbas Saedi, told the Kurdish news agency (Rn) that "the Investment Law No. 13 of 2006 excluded the investors in Iraq from the payment of taxes and customs duties, and this exception, according to the new law, passed by the House of Representatives is valid and does not conflict with the law of investment."
Saadi explained that "this exemption would attract investors, the fact that goods entering for the benefit of the investment projects would be exempted from tariffs than other goods."
He added that "the tariff rate will be different between the goods there are high rates for complementary goods, cars, and there are other ratios per year of food and construction materials."
The text of the law of the customs tariff of the new approved by the Presidency Council of Iraq last year and passed by the House of Representatives to repeal the tariff number (77) for the year 1955, and ordered the Coalition Provisional Authority (dissolved) No. (54) for the year 2004 (the policy of trade liberalization of 2004), and ordered the authority of Coalition No. 38 of 2003 (Tax reconstruction of Iraq and its amendments), and stressed that the law does not work, or any instructions or regulations conflict with the provisions of this law.
And gives the tariff law of the Council of Ministers upon the request of the Minister of Finance amend the customs duty provided for in the tariff schedule of customs duties and agricultural calendar attached to this law in urgent circumstances to the need for economic and monetary actions require protection or treatment.
From: Yazan Al Shammari. Open: Abdullah Sabri
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