Iraq Taxes and tariffs law ready for implementation
In few days, Iraq will be implementing taxes and tariffs law amidst traders and observers’ discontent after they called not to rush the law implementation before its finalization.
Finance Ministry more specifically the General Commission for Customs insists upon implementing the law by end of June by virtue of the ministry’s executive authorities that do not permit to stop the law execution. “Finance Minister announced, two months ago, that it will start implementing taxes and tariffs law,” Fouad Hassan Suheil from the General Commission for customs said explaining that the commission already trained its employees to operate on borders.
Iraqi parliament sees in this law a step towards Iraq entering World Trade Organization and protecting its local production regardless of lack of products protection and consumer’s protection laws that ought to be operating when taxes and tariffs law is implemented.
“We advised the General Commission for Customs as well as Finance Ministry to issue instructions consisting in breaking taxes over vital products such as food and clothes, and in slowly applying the law resolutions to impose a full control over the market,” MP Haitham Al Jabouri advanced.
The implementation of taxes and tariffs law will result in a major inflation in Iraqi market and a negative effect on Iraqi citizens especially poor families, Economic experts revealed adding that revenues of this law implementation will not be up to cabinet expectations.
“Taxes and tariffs cannot be implemented over all industrial and agricultural products manufactured abroad,” the economic expert Majid Al Suri uttered.
Taxes and tariffs law implementation over borders might push some traders to refer to Kurdistan borders which incited the Interior Ministry to undertake strict measures in order to obstruct such attempts.
“We ordered checkpoints beyond Nineveh and Diyala to stop any vehicle transporting products if it doesn’t have the country of origin license,” the Senior Agent of Interior Ministry Adnan Al Asadi indicated.