Luigi1 Posted June 7, 2012 Report Share Posted June 7, 2012 From another source... Iraq Taxes & 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. Read more. See link below... http://bit.ly/NjSgUQ Ordinary Iraqi citizens are struggling right now with massive unemployment & poverty. A 50% duty imposed on all imported goods & sevices will strain the Iraqi people yet even more. Relief may soon be on the way in the form of sudden increase purchasing power. Could this be a positive sign of great things to come? Your thoughts on this. 16 Link to comment Share on other sites More sharing options...
jeepguy Posted June 7, 2012 Report Share Posted June 7, 2012 lets hope soo !!! this would give spending power too those with dinar { in iraq and u.s. } Link to comment Share on other sites More sharing options...
Biker Posted June 7, 2012 Report Share Posted June 7, 2012 Hate to sour the milk here but didn't we get a statement yesterday saying that the import tax was going to be 5% on imports. These fricking leaders over there are off there fricking rockers. One says one thing another says another thing. This kind of **** has been going on for years. Sorry Luigi1 But every thing i read is utter bullshit. We can only wait and hope. But good Read. 6 2 Link to comment Share on other sites More sharing options...
Shelley Posted June 7, 2012 Report Share Posted June 7, 2012 Luigi... Did you find anything on the so called IMF meeting today ??? I'm looking all over and see nothing... things that make you go hmmmm Link to comment Share on other sites More sharing options...
MovieMaker Posted June 7, 2012 Report Share Posted June 7, 2012 Luigi, Thanks for sharing. Link to comment Share on other sites More sharing options...
Luigi1 Posted June 7, 2012 Author Report Share Posted June 7, 2012 Hate to sour the milk here but didn't we get a statement yesterday saying that the import tax was going to be 5% on imports. These fricking leaders over there are off there fricking rockers. One says one thing another says another thing. This kind of **** has been going on for years. Sorry Luigi1 But every thing i read is utter bullshit. We can only wait and hope. But good Read. Government wouldn't put more undo stress & strain this late in the game plan on the Iraqi people & the struggling economy unless they had something up their sleeve. I do beleive they do have a special surprise for the Iraqi people just in time for Ramadan. Luigi, Thanks for sharing. Great news. Let's think positive on this latest development. Luigi... Did you find anything on the so called IMF meeting today ??? I'm looking all over and see nothing... things that make you go hmmmm I'm still looking. So far, nada. lets hope soo !!! this would give spending power too those with dinar { in iraq and u.s. } Agree, 1st & formost, to the Iraqi people who have suffered for so long. May they finally be blessed. May their blessing & prosperity trickle down to us & the rest of the world economies. 2 Link to comment Share on other sites More sharing options...
keepmwlknfny Posted June 8, 2012 Report Share Posted June 8, 2012 Can someone explain why implementing taxes means that they must RV? 9 8 Link to comment Share on other sites More sharing options...
powerpager Posted June 8, 2012 Report Share Posted June 8, 2012 No, 50% , 50 50 50 Link to comment Share on other sites More sharing options...
kliklok00 Posted June 8, 2012 Report Share Posted June 8, 2012 Can someone explain why implementing taxes means that they must RV? Because that happens to be the news of the day (taxes)...next week it will be something else I'm sure. Oh, I believe an RV will happen, but to pin it on one specific thing is rather far fetched in my opinion... And I don't suppose I answered your question...sorry! 4 Link to comment Share on other sites More sharing options...
jas428 Posted June 8, 2012 Report Share Posted June 8, 2012 Can someone explain why implementing taxes means that they must RV? It doesn't. Too many people think the Iraqis care about their poor and will raise the value of the dinar "just so the poor people won't suffer." It doesn't mean that at all....just another way of getting pumped up and forgetting about HCL and even more importantly, chapter 7. And at this rate, the UN is no way in h*#- going to lift ch 7 sanctions with the craziness that the government I'd currently going through. I'm looking for them to extend it again until dec of this year. They havnt gotten everything accomplished on the list and they're too busy fighting with each other to have it done by the meeting. They've shown that they still need the UN to hold their hand and the last thing the UN will do is give them access to WMD the way they're acting. Sorry folks, I truly think it'll be extended. And Keep, I don't think the taxes will cause an RV. Perhaps inflation will increase, which could cause a slow increase...but not an RV. Link to comment Share on other sites More sharing options...
jas428 Posted June 8, 2012 Report Share Posted June 8, 2012 Can someone explain why implementing taxes means that they must RV? It doesn't. Too many people think the Iraqis care about their poor and will raise the value of the dinar "just so the poor people won't suffer." It doesn't mean that at all....just another way of getting pumped up and forgetting about HCL and even more importantly, chapter 7. And at this rate, the UN is no way in h*#- going to lift ch 7 sanctions with the craziness that the government I'd currently going through. I'm looking for them to extend it again until dec of this year. They havnt gotten everything accomplished on the list and they're too busy fighting with each other to have it done by the meeting. They've shown that they still need the UN to hold their hand and the last thing the UN will do is give them access to WMD the way they're acting. Sorry folks, I truly think it'll be extended. And Keep, I don't think the taxes will cause an RV. Perhaps inflation will increase, which could cause a slow increase...but not an RV. Link to comment Share on other sites More sharing options...
Texas1 Posted June 8, 2012 Report Share Posted June 8, 2012 Can someone explain why implementing taxes means that they must RV? If they implement taxis, which run on fuel, unlike camels, the citizens would have to be able to pay for this service with a currency that has some value, unlike their current currency........although its always a challenge understanding these taxi drivers, I think its still a good move. 3 1 Link to comment Share on other sites More sharing options...
TXNOLE Posted June 8, 2012 Report Share Posted June 8, 2012 If they implement taxis, which run on fuel, unlike camels, the citizens would have to be able to pay for this service with a currency that has some value, unlike their current currency........although its always a challenge understanding these taxi drivers, I think its still a good move. Superb, Mr. T! Link to comment Share on other sites More sharing options...
easyrider Posted June 8, 2012 Report Share Posted June 8, 2012 it would be pointless for them to implement such law when Most of their citizens are dirt poor. Please tell me how will this benefit the Iraqis? and you have to ask yourself more taxes on imported goods mean more money for the average citizen to have to pay when they are already losing money when they go buy food and etc. nbecause thery cannot give them back change due to no lower denoms out also no true value of the dinar. This rate is an programmed rate and dont let anyone tell you other wise. 4 1 Link to comment Share on other sites More sharing options...
keepmwlknfny Posted June 8, 2012 Report Share Posted June 8, 2012 Seems that this is simply a way for them to get its citizens to buy more local goods, and taxing imported items, making them more expensive to buy. The more people that rely on the local economy, the stronger it will get. Its a measure to build confidence and strength, maybe help increase production in the other sectors that have been neglected by the GOI..... They wont be paying more for everything....just imported goods...keeps more cash within the market instead of sending it abroad.... Still fail to see why this means a RV is imminent.... 10 6 Link to comment Share on other sites More sharing options...
storm1 Posted June 8, 2012 Report Share Posted June 8, 2012 it would be pointless for them to implement such law when Most of their citizens are dirt poor. Please tell me how will this benefit the Iraqis? and you have to ask yourself more taxes on imported goods mean more money for the average citizen to have to pay when they are already losing money when they go buy food and etc. nbecause thery cannot give them back change due to no lower denoms out also no true value of the dinar. This rate is an programmed rate and dont let anyone tell you other wise. NO, TAX ON IMPORTS MEANS THE PEOPLE BRINGING TO GOODS TO IRAQ ARE TAXED, NOT THE IRAQI PEOPLE 2 2 Link to comment Share on other sites More sharing options...
BrokeNoMore Posted June 8, 2012 Report Share Posted June 8, 2012 NO, TAX ON IMPORTS MEANS THE PEOPLE BRINGING TO GOODS TO IRAQ ARE TAXED, NOT THE IRAQI PEOPLE Ummmm. Don't you realize that taxes on goods means higher purchase price? 3 Link to comment Share on other sites More sharing options...
Luigi1 Posted June 8, 2012 Author Report Share Posted June 8, 2012 Can someone explain why implementing taxes means that they must RV? Part of the agreement to get Iraq reinstated back ino the WTO was to have a tariff deal in place. Parliament knows given the unemployment & povert levels it must act fast to improve the purchasing power of the ordinary Iraqi without sinking their own economy. It's all about timing. The debit cards are issued & loaded. Under GOI all will share the oil wealth. Inflation will destroy the economy especially a 50% tax at a time Iraq needs investments to rebuild. Investors won't invest. A RV or sudden increase in purchasing power will solve all the above. Seems that this is simply a way for them to get its citizens to buy more local goods, and taxing imported items, making them more expensive to buy. The more people that rely on the local economy, the stronger it will get. Its a measure to build confidence and strength, maybe help increase production in the other sectors that have been neglected by the GOI..... They wont be paying more for everything....just imported goods...keeps more cash within the market instead of sending it abroad.... Still fail to see why this means a RV is imminent.... Theey will be paying more for almost everything. Right now Iraqis are dependant on foreign imports for almost everything & will be fore decades to come untill they start building & manufacturing at home by Iraqi owned corporations. 5 2 Link to comment Share on other sites More sharing options...
umbertino Posted June 8, 2012 Report Share Posted June 8, 2012 "Imminent" is a big word which needs to be handled with extra care....... Link to comment Share on other sites More sharing options...
blue42colts Posted June 8, 2012 Report Share Posted June 8, 2012 There will be no taxes on imported food Link to comment Share on other sites More sharing options...
Adam Montana Posted June 8, 2012 Report Share Posted June 8, 2012 NO, TAX ON IMPORTS MEANS THE PEOPLE BRINGING TO GOODS TO IRAQ ARE TAXED, NOT THE IRAQI PEOPLE Ummmm. Don't you realize that taxes on goods means higher purchase price? Thanks for saving me the time. Raising taxes on ANYONE causes a trickle-down effect and in the end, it is you and I that pay more. The importers aren't going to suddenly take a loss when taxes raise - they will raise their prices. 3 Link to comment Share on other sites More sharing options...
amal Posted June 8, 2012 Report Share Posted June 8, 2012 Seems that this is simply a way for them to get its citizens to buy more local goods, and taxing imported items, making them more expensive to buy. The more people that rely on the local economy, the stronger it will get. Its a measure to build confidence and strength, maybe help increase production in the other sectors that have been neglected by the GOI..... They wont be paying more for everything....just imported goods...keeps more cash within the market instead of sending it abroad.... Still fail to see why this means a RV is imminent.... Not saying it means RV but they cant buy local stuff. Its not like if you want to buy a made in Iraq hammer you can. Everything is imported for the most part. They have no manufacturing base. Link to comment Share on other sites More sharing options...
keepmwlknfny Posted June 8, 2012 Report Share Posted June 8, 2012 Not saying it means RV but they cant buy local stuff. Its not like if you want to buy a made in Iraq hammer you can. Everything is imported for the most part. They have no manufacturing base. And that is following along with my point....since there is not a huge amount of in country manufacturing, taxing imports and making them more expensive will promote in country growth and dependance to provide cheaper goods. Its a way to also increase jobs/decrease unemployment and get more money flowing within the citizens themselves.....it will help their economy recover and diversify its GDP..... Part of the agreement to get Iraq reinstated back ino the WTO was to have a tariff deal in place. Parliament knows given the unemployment & povert levels it must act fast to improve the purchasing power of the ordinary Iraqi without sinking their own economy. It's all about timing. The debit cards are issued & loaded. Under GOI all will share the oil wealth. Inflation will destroy the economy especially a 50% tax at a time Iraq needs investments to rebuild. Investors won't invest. A RV or sudden increase in purchasing power will solve all the above. Theey will be paying more for almost everything. Right now Iraqis are dependant on foreign imports for almost everything & will be fore decades to come untill they start building & manufacturing at home by Iraqi owned corporations. No it wouldnt.....a sudden RV and huge jump in purchasing power would actually make inflation worse if you cant offer a larger amount of goods and services to match.....you cant put the horse before the cart A RV is not a fix all to a countries problems.....again with influencing a higher price of goods that are imported, its gonna promote business and create jobs within the country because manufacturing goods in-country will be cheaper. It will broaden Iraqs economy and the goods and services that are provided.... 5 10 Link to comment Share on other sites More sharing options...
amal Posted June 8, 2012 Report Share Posted June 8, 2012 And that is following along with my point....since there is not a huge amount of in country manufacturing, taxing imports and making them more expensive will promote in country growth and dependance to provide cheaper goods. Its a way to also increase jobs/decrease unemployment and get more money flowing within the citizens themselves.....it will help their economy recover and diversify its GDP..... No it wouldnt.....a sudden RV and huge jump in purchasing power would actually make inflation worse if you cant offer a larger amount of goods and services to match.....you cant put the horse before the cart A RV is not a fix all to a countries problems.....again with influencing a higher price of goods that are imported, its gonna promote business and create jobs within the country because manufacturing goods in-country will be cheaper. It will broaden Iraqs economy and the goods and services that are provided.... I understand what your saying but dont think that works that well. There are too many variables that go into job creation. Simply raising tariffs will not help the local economy and probably hurt it without anything else changing. The US tried to help the great depression with such an act and all it did was make the depression worse, the Smoot–Hawley Tariff Act. 1 Link to comment Share on other sites More sharing options...
Captjohn Posted June 8, 2012 Report Share Posted June 8, 2012 Can someone explain why implementing taxes means that they must RV? Any sane, non-suicidal country would think twice before loading 50% tariffs on a struggling populace backed by a toilet paper currency......but, then again, this is Iraq. 3 Link to comment Share on other sites More sharing options...
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