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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Industry announces a mechanism for exempting factories from customs duties

    Rocky
    Rocky
    Rocky
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    • Post n°1

    customs - Industry announces a mechanism for exempting factories from customs duties Empty Industry announces a mechanism for exempting factories from customs duties

    Post by Rocky Sun 10 Apr 2022, 2:02 pm

    [size=45]Industry announces a mechanism for exempting factories from customs duties
    5 hours ago[/size]

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    Today, Sunday, the Ministry of Industry and Minerals revealed a mechanism for exempting factories from customs duties, while indicating the completion of more than 250 factories within one year.
    Director General of Industrial Development Aziz Nazim said that "within Law No. 20 of 1998, there are customs facilities and exemptions for a period of 10 years for machinery, equipment and raw materials according to production," noting that "the exemptions will help to complete projects with strength and solidity in order to achieve stability in production."
    He explained, "Industrial projects, whether medium or large, when they are exempt from customs and tax duties, will achieve several advantages, including direct employment and reducing unemployment, in addition to achieving a production tax and income tax, and thus a resource for the state will be achieved on the one hand, and the employment of workers on the other."
    He added, "Exemptions are made according to the nature of the industrial project and its production materials, so the raw materials that enter into the food or construction industry are covered by the exemptions," noting that "the exchange rate change, the trend has become towards the food industries and the opening of several factories in this regard."
    Nazim affirmed, "During the past year, it was decided to establish 1853 factories, of which 253 were completed, with a production development rate of about 25 percent."
    He noted that "several decisions were issued in light of the increase in prices in global markets, including Resolution 65, which organized the process of delivering raw materials to factories, which led to their non-exemption and sale in the market, as well as Resolution 73, which explained exemptions for construction and basic materials, the last of which was the complete exemption of materials." .
    Source: Iraqi News Agency
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