International Monetary Fund: The tariff rate in force in Iraq is 1% and its revenues from customs ar

by **Rocky** Fri 22 Sep 2017, 2:58 pm

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International Monetary Fund: The tariff rate in force in Iraq is 1% and its revenues from customs ar

by Rocky Fri 22 Sep 2017, 2:58 pm

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Logo of the International Monetary Fund

Economy News Baghdad:
The International Monetary Fund announced that the price of customs tariff in force in Iraq is 1%, adding that Iraq's revenues from customs duties for goods during the last year amounted to less than 600 million dollars, noting that Iraq imported goods worth 53 billion dollars in 2016.
The International Monetary Fund said in a report published on "Iraq" and seen by "Economy News", "The proceeds of customs duties in Iraq is very small compared to the size of imports depend on the economy to meet local needs," noting that "Iraq depends on a lot of foreign goods to meet Consumer needs and pays a huge annual import bill estimated at $ 53 billion last year. "
He pointed out that "the customs duties collected during the year 2016 were less than 600 million dollars, that is, the tariff tariff applicable 1%."
The IMF attributed the weakness of revenues from customs to "customs tariff law, which involves many exemptions and weak customs administration and the spread of border gaps."

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