Tuesday, July 26, 2011
Taxes and tariffs law soon to be implemented in Iraq
Iraq’s ministerial council announced on Sunday that the law of taxes and tariffs that will include mainly imported goods and products which can be manufactured locally.
The products and goods that are directly consumed by the people will be exempted from tariffs, the ministerial council confirmed.
In a statement to Alsumarianews, ministerial council economic advisor Abdul Hussein Al Ankabi stressed that the law of taxes and tariffs is an important and essential law that will be implemented soon noting that the products which are increasingly consumed by citizens will be exempted from taxes and tariffs.
Goods that are highly subject to tariffs and taxes are products that can be manufactured locally but are not due to competition and prevalent imported goods. The taxes law is a corrective law that will help local products and industries, Al Ankabi said.
Iraq’s government announced on February 21 that it has decided to suspend the law of increasing taxes on imported goods which was expected to be implemented in March. The law was suspended until further notice.
At the end of January, the Iraqi government issued a decision to implement tariffs on imported goods starting February. The legal advisor of Prime Minister Nuri Al Maliki announced however that the government might not rush the decision implementation in fear of a price drop in local markets.
This decision requires legislation from Parliament, the adviser concluded.
http://www.alsumaria.tv/en/Iraq-News/1-66935-Taxes-and-tariffs-law-soon-to-be-implemented-in-Iraq.html
