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[size=36]Within a year.. the completion of more than 250 factories in Iraq[/size]
political| 03:54 - 10/04/2022
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Baghdad - Mawazine News
The Ministry of Industry and Minerals announced, on Sunday, a mechanism for exempting factories from customs duties, while noting that more than 250 factories have been completed 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 the completion of 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. The raw materials that enter into the food or construction industry are included in 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 stressed that "during the last year, it was decided to establish 1,853 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 regulated 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." Ended 29/h
The Ministry of Industry and Minerals announced, on Sunday, a mechanism for exempting factories from customs duties, while noting that more than 250 factories have been completed 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 the completion of 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. The raw materials that enter into the food or construction industry are included in 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 stressed that "during the last year, it was decided to establish 1,853 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 regulated 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." Ended 29/h
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