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Electronic payment.. No tax on the merchant and no commission on the citizen
Economical 2023/06/13
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Nafeh Al-Naji
By moving to electronic payment in its private and public sectors, Iraq has begun to enter a new phase on the financial level, which reduces the circulation of paper currency and also reduces time and effort in addition to revitalizing the economy.
Banks and companies zeroed their commissions until the end of this year with the aim of supporting the Council of Ministers’ decision to use electronic payment points (POS) in state institutions and entities not linked to a ministry, which also stipulates that these institutions provide their services without collecting any tax amounts from citizens who own bank cards and in various ways. It also entered government post offices as a station for issuing electronic payment cards in partnership with the Central Bank of Iraq.
This step, which is supervised by the Central Bank of Iraq, comes to achieve financial inclusion and contribute to spreading the culture of electronic payment and facilitating transactions and procedures in banks and companies.
Economic expert Karim Al-Kafai explained to Al-Sabah that “Iraq’s entry into the field of electronic payment is a positive step, because this will lead to facilitating commercial operations for the Iraqi citizen, and it will also raise the volume of sales for the merchant and cause a decrease in the costs of commercial operations that take place in the markets.”
local".
Al-Kafai pointed to the prevalence of "a state of mistrust between the citizen and the banking system in the country during the past years, and certainly the electronic payment step requires the restoration of trust and a major project for awareness and community education to introduce the value of electronic financial transactions in this field."
The electronic payment step still needs infrastructure that the concerned authorities are supposed to work on during the coming period, in addition to a high level of protection on the financial and informational levels.
For their part, the two governmental banks, Al-Rafidain and Al-Rashid, kept pace with this trend, by directing their branches to switch from dealing with manual cash to electronic ones through international (POS) devices.
Amal Al-Shuwaili, a spokeswoman for Al-Rasheed Bank, told Al-Sabah that “the merchant will not be charged with any tax, nor will any commission be deducted from the citizen in this matter.” She added, “The cards were previously granted only to employees of government departments and the public sector, but today this card Any citizen can get it once he deposits an amount of money, and the card will give him a lot of money
Advantages".
Al-Shuwaili pointed out that "the citizen who used to carry a large amount of cash and roam the markets, and might be subject to theft or have a fake or damaged part of his money, and therefore all these issues burden him, while electronic cards today relieve a lot of the burden on the citizen and reduce the procedures and rationalize his time." and his efforts."
She pointed out that "electronic payment cards work in government departments and institutions, shops and commercial centers, and the withdrawal of salaries or any other revenues will be at lower costs and in more flexible and easy ways," as she put it.
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