Exception of the investment sector duty in Iraq…(Tariff law)

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. was Finance Minister Rafie al-Issawi, announced last week to set the first of June next date for the work system, the customs tariff in Iraq after being postponed twice, stressing that this time can not be the one to postpone the work system. said committee member Abdul-Abbas Saedi, told the Kurdish news agency (Rn) “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.” said Saedi, “This exemption would attract investors that the goods that enter in favor of projects investment would be exempted from tariffs than other goods. ” and added that “the proportion of the tariff will be different between the goods there are high rates for goods complementary and cars, and there rates another 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 CPA No. 38 of 2003 (Tax reconstruction of Iraq and its amendments), He stressed that does not work any law or the 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 table of tariffs customs duties and agricultural calendar attached to this law in urgent circumstances to the need for economic and monetary require to take protective measures or treatment. From: Yazan Al Shammari. Open: Abdullah Sabri