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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    The Ministry of Industry defines the main objectives of imposing taxes on imported products

    Rocky
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    The Ministry of Industry defines the main objectives of imposing taxes on imported products Empty The Ministry of Industry defines the main objectives of imposing taxes on imported products

    Post by Rocky Fri 24 Feb 2023, 4:09 am

    [size=46]The Ministry of Industry defines the main objectives of imposing taxes on imported products[/size]
    Iraq
    11:40 - 2023-02-24
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    Today, Friday, the Ministry of Industry and Minerals identified the main objectives of imposing taxes on imported products according to the decisions of the Council of Ministers, and while it indicated that local companies cover the market need for products by more than 100%, it revealed customs duties revenues received for the state treasury during the past two years.

    The media office of the Ministry of Industry said, “The main objective of imposing preventive measures on foreign imports based on the amended Iraqi Products Protection Law No. 11 of 2010 is to remove damage to the local industry as a result of harmful commercial practices in international trade with Iraq represented by (the unjustified increase in Import, government support and dumping)", pointing out that "the purpose of this is to improve competitiveness and build a solid local industry."

    He added that "one of the most important duties of the competent authority in issuing decisions related to the protection of local production is to achieve a balance between the interest of the local industry and consumer protection and to build a healthy competitive environment," noting that "there are local companies in the public, mixed and private sectors that have the ability to cover the local need, such as ( Metal pipes, cartons, and detergents) which cover more than 100% and are represented by local companies widely spread over the area of ​​Iraq, especially with regard to the detergent product.

    He stated that "the main objective of imposing the measures varies according to the products concerned, as there are social and economic necessities in addition to the political dimensions of the protection process," noting that "the percentage of coverage is closely linked with the percentage of the additional customs fee imposed according to the decisions of the Council of Ministers based on the provisions of the law."

    The office confirmed that "the procedures of the authority concerned with implementing the provisions of the Iraqi Products Protection Law depend on the principle of transparency by announcing the start of its investigation procedures before taking any decision and allowing the relevant authorities to present their opinions and hold hearings to reach the best solutions, in addition to that the decisions issued in this regard are subject to For review and evaluation during the middle of the implementation period for the purpose of demonstrating the repercussions of the issued decisions on both domestic production and the consumer.

    The office stressed the need for the border crossings of the central government and the ports of the region to adhere to the implementation of the decisions issued by the Council of Ministers in this regard, because of their great role in supporting and revitalizing the industrial sector, allowing local producers to operate their factories and encouraging investors to establish new projects in light of providing an appropriate environment. .

    He stressed that "the imposition of additional customs duties on imported products from the financial side represents an important source of financial resources that supply the state treasury, as the value of additional customs duties for the year 2021 amounted to more than 175 billion dinars (175784433808), and as of September 30, 2022, it amounted to more than 54 One billion dinars (5436318980)”, pointing out that “consumers, as individuals or companies, tend to meet their need for local production, whether they are final products or intermediate products, that will prevent the leakage of hard currency outside Iraq, achieve self-sufficiency, increase the gross domestic product and increase the local added value, for example For example, the value of imports of the cardboard product for the year 2019 amounted to more than one hundred million dollars (100,714,899), while the percentage of coverage of local production capacities for this product exceeds 100%.

    He stated that "achieving self-sufficiency in the cardboard product will prompt consumers of this product to go to cover their needs from local factories," explaining that "one of the most important benefits achieved as a result of imposing customs duties is reducing imports and consumer dependence on local production and reducing the leakage of hard currency outside the country." Among the procedures of the competent authority is to oblige the companies submitting requests for protection not to increase prices or engage in any monopolistic activities through an adaptation plan that it submits as one of the documents required before making any recommendation.
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