[size=36]Parliamentary Finance: Tax exemptions activate the local industry[/size]
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The Parliamentary Finance Committee announced, on Tuesday, that the current tax exemptions aim to revitalize the local industry, while noting that when the tax is used incorrectly, it will negatively affect the industry.
Member of the Parliamentary Finance Committee, Majid Al-Waeli, said, "Tax exemptions are justified to stimulate industry and local investments," and stressed the need for foreign goods entering Iraq not to compete with local goods.
He explained that "the committee supports local industry and gives it privileges, including a tax reduction or Exempting them from some basic materials, even if they are at the expense of public revenues,” noting that “the tax in many developed countries is used as a main resource for state revenues, and when used in an incorrect manner, it is given to unneeded parties, which negatively affects the local industry and the country’s economy.”
He added, "The tax law is usually in the budget law, because it is an annual law and in some cases it is approved by the Council of Ministers for some bodies that are deemed to have an urgent exemption that does not wait for the budget law," stressing that "no other authority has the right to exempt any party from tax." Ended 29/h