Financial oversight: a waste of public money in favor of fake factories

by **Rocky** Thu Aug 31, 2023 6:04 am

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Financial oversight: a waste of public money in favor of fake factories

by Rocky Thu Aug 31, 2023 6:04 am

Financial oversight: a waste of public money in favor of fake factories

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Economy News _ Baghdad

The Office of Supreme Audit indicated a huge waste of public money by granting customs exemptions to investment projects, laboratories, and factories.
An official source in the Bureau said in an interview with "Al-Sabah", followed by "Al-Iqtisad News", that "the report issued by the Bureau and directed to the Public Prosecution confirmed the existence of a large waste of public money related to customs exemptions granted to investment projects, laboratories and factories," noting that "the percentage of exemptions The grants range from
60-88% of the goods entering through one of the border crossings for the past year 2022. The source added, "Most of these goods are fake or were not imported for their intended purpose."
In addition, the economist, Jalil Al-Lami, said, “The Financial Supervision Bureau, in cooperation with the Integrity Commission, was able to detect manipulation and waste of public money in most of the border crossings.” Foreign vehicles entering the Iraqi border in violation of regulations and instructions.
Al-Lami continued, "White papers prepared in the records previously belonging to ministries and companies were seized without those authorities receiving the imported quantities for their benefit," pointing out that "the division is handing them over to other parties and benefiting from exemption books in violation of the law, by allowing merchants to exploit them in return for commissions." With the aim of introducing goods in very large quantities without paying customs and tax duties, which led to a waste of public money.
The expert stated that "the factories that obtained multiple and various exemptions turned out to be fake factories and factories, which are small shops that do not rise to be factories or factories that require exemptions from fees."
He stated that "some materials exempted from customs and tax duties are used for purposes other than the purpose for which the exemptions were granted, and in very large quantities, with a value of billions, which causes a waste of public money."