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Politicians: Investment laws deprive the state of huge sums
The first 01/30/2023
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Baghdad: Hoda Al-Azzawi
Former and current parliamentarians in the Parliamentary Finance and Integrity Committees expressed their support for the Federal Integrity Commission’s call for the government to reconsider customs and tax exemptions in the investment laws, indicating that many greedy and emergency merchants took advantage of investment licenses and exemptions by importing materials and goods outside the scope of specialization, and that these The exemptions deprived the state treasury of huge amounts that could contribute to diversifying state revenues and not limiting them to the volatile “oil” commodity.
And the rapporteur of the Parliamentary Finance Committee for the fourth session, Dr. Ahmed Al-Saffar, stated in an interview with “Al-Sabah”: “The Integrity Commission’s call to reconsider customs and tax exemptions in investment laws are all correct,” explaining that “most of the investment laws are old, dating back to the sixties and seventies of the century.” past, and contain a large number of exemptions that empty the law of its true meaning in achieving the goals for which it was set.
He noted that "the automation process is very necessary, and there is an article in the Federal Budget Law for the year 2021 that obliges the Ministry of Finance to apply automation in all aspects of the apparatus and the financial system, especially the customs taxes imposed on companies and others."
He stressed that "the process of activating the collection of non-oil revenues, especially tax revenues, is very important, because the survival of the Iraqi economy (one-sided) and its only source of oil revenues puts it in a dangerous position, given that oil commodities are unstable and depend on supply and demand processes and on international events."
He explained that "the oil market is often exposed to shocks, which leads to a drop in oil prices, which causes a crisis for the Iraqi economy, and therefore the government resorts to borrowing from the central cash reserve, in addition to total reliance on foreign imports due to the failure to use oil and non-oil revenues to activate revitalization of the Iraqi economy.
Al-Saffar called for the necessity of "activating the real main sectors such as agriculture, industry, transportation, communications, and others, so that the government can achieve revenues in these sectors that contribute with oil revenues to the development of the Iraqi economy."
In a report published on its website, the Federal Integrity Commission called for a review of investment laws that granted customs and tax exemptions for several years. Exploitation of this by some merchants to import exempted materials and divert them to the local markets.
The report suggested reducing the exemptions and limiting them to the government sector, while granting specific exemptions to the private sector for the introduction of production lines and raw and semi-manufactured materials, noting that the multiplicity of exemptions laws that reach (10) years for investors, industrialists and importers, which amounted to the years (2019-2021), respectively. (16 percent, 12 percent, 20 percent), depriving the state treasury of large sums.
The report recommended the formation of committees in the Ministry of Industry; To audit the customs clearance books according to which the exemption was granted to projects, and it also indicated the necessity of activating electronic governance and expanding the electronic platform between the “General Directorate of Industrial Development, the customs authorities, ports, taxes and notary departments.”
In addition, a member of the Parliamentary Integrity Committee, Representative Ahmed Taha Al-Rubaie, indicated in an exclusive interview with "Al-Sabah" that "the need for the state, government institutions and the House of Representatives to review everything related to investment laws and customs and tax exemptions granted to investment companies."
And he indicated that "most of the current investment opportunities and projects have not brought any significant benefit to either the state or the citizens, at a time when these projects are built on state lands mostly and their owners receive soft loans from government banks in addition to benefiting from tax and customs exemptions," expressing his support for the authority's demands. Integrity reviewed all laws related to exemptions and privileges provided to investors, and explained that "many projects are fictitious and are being established for the purpose of tax evasion and the introduction of many materials and goods outside the scope of the license."
Al-Rubaie called for "establishing legal conditions that would oblige the investor to submit percentages of the completed project and then obtain concessions to ensure moving away from fictitious projects."
Edited by: Muhammad Al-Ansari
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