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Specialists suggest customs and tax reforms
Economical 11/22/2023
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Baghdad: Shukran Al-Fatlawi
Economic affairs specialists welcomed the calls aimed at including the trade of gold, cars, mobile phones and cigarettes on the dollar selling platform of the Central Bank, stressing that this step, if officially approved, will lead to curbing the prices of these products in local markets, and contribute to controlling inflation rates. While they called for the trade in medicines and health equipment to be included in the dollar window, they stressed that the package of measures taken by the monetary authority will undermine the dollar and limit its rise in the parallel market.
Despite the positive aspects identified by a number of those concerned with economic affairs, which can be achieved by the process of involving new businesses in the dollar selling platform, other experts believe that employers who trade in some goods and materials will not enter that platform, attributing this to their “evasion” of paying. Taxes, especially since some goods can be entered in non-standard ways even though they are covered by a 100% tax, such as cigarettes.
Sources recently revealed that “there is a tendency to include trade in gold, cars, mobile phones, and cigarettes on the dollar selling platform soon,” indicating that this came based on government directives aimed at regulating trade and import operations for some materials and goods, most of which are financed from the parallel market, which led to negative effects on the stability of prices. exchange,” noting that “the Ministerial Council for the Economy will consider the proposal of important decisions to facilitate and simplify the entry procedures for importers of goods (gold, cars, mobile phones, and cigarettes) to the external financial transfer platform.”
The proposal was met with mixed reactions from specialists in economic affairs, as economic expert Dr. Nabil Al-Marsoumi believes, during his speech to “Al-Sabah” that “the process of introducing the trade in cigarettes, gold or mobile phones within the operations of the electronic platform could have a limited impact unless it is controlled.” The borders and the customs system in general, so the concerned authorities must work in accordance with a unified customs and tax system, set a central tariff for imported goods, and fully control the border crossings.”
Al-Marsawi pointed out that “many merchants of gold, cigarettes, and other goods do not prefer to enter the electronic platform if they are actually included, because it will require them to enter the goods through official ports, and entering some types of goods, such as cigarettes, through official ports exposes them to paying customs duties amounting to 100 percent, as well as for gold, so the process of involving them in the dollar selling platform may have very limited results unless the import system is activated in general.”
The economic expert explained, “The banking reform process in Iraq, and the economy in general, must be accompanied by unified legislation so that such decisions and instructions can have a positive impact in reducing the exchange rate of the dollar against the dinar, which means that such measures do not touch the essence of the issue and their impact will be limited.” On the parallel market and on the dollar exchange rate.”
The researcher in economic affairs, Bassam Raad, did not stray far from the previous opinion, when he indicated to “Al-Sabah” that “the Central Bank succeeded in taking multiple packages of decisions that came within the framework of the trend towards compliance with banking instructions, regulations, and international standards and practices, all aimed at achieving Providing import dollars through the electronic platform, and merchants who import through the electronic platform now have a high ability to settle their payments abroad at the official exchange rate, and this ability can be seen in the increase in the amounts of transfers abroad as remittances and documentary credits, at a daily rate of no less than 150 million dollars.”
Raad explained that, despite the increase in the Central Bank’s sales aimed at financing foreign trade, there is a demand to finance specific commercial goods through the cash dollar, as importers of these goods are reluctant to finance their imports through the foreign currency selling window for known reasons such as tax evasion or importation. Through crooked methods, such as smuggling through unofficial outlets for some goods, such as cigarettes, for example. Therefore, “expanding the transfer channels and attracting these specific goods to enter the electronic platform for external transfer will undoubtedly contribute to supporting the stability of the exchange rate and reducing the impact of price fluctuations.”
In order for this trend to succeed, if it is officially approved, researcher Raad sees the necessity of reforming the tax system, providing temporary exemptions to merchants, using direct electronic payment and collection methods for these taxes, simplifying procedures and instructions, and reducing red tape episodes, in addition to using automation in exchanging data between different sectoral bodies through the application The single window for foreign trade, stressing that these packages of measures will support the trend of external transfer through correspondent banks to Iraqi banks and via...
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