$1.3bn annually lost in Iraq due to customs tax law

[Carrello]

$1.3bn annually lost in Iraq due to tax law

September 3rd, 2012

03/09/2012 16:13 BAGHDAD, Sept. 3 (AKnews) – The economy and investment committee in the Iraqi Council of Representative said the application of the customs law that the government deferred several times will raise the value of the taxes that go into the government treasury to $1.7bn annually.

Committee chairman Mahma Khalil said: “The taxes that currently go into the state treasury reach up to $400m, but if the customs law was applied, the amount would increase to $1.7bn.

“Iraq depends on a law that was passed in 1950s in the imposition of taxes and this law does not fit with the current situation, which requires the activation of the customs law.”

The customs law was passed by the Council of Representatives states upon repealing law no. 77 for the year 1955 and at the order of the disbanded coalition authority no. 54 for the year 2004 (trade policy liberalization of 2004), and the coalition order no. 38 of 2003 (Iraq reconstruction tax and its amendments).

The law gives the right to the Council of Ministers, at the request of the Minister of Finance, to amend the customs law in emergency cases for economic and monetary need that require taking protection measures.

http://aknews.com/en/aknews/2/324495/