Central Bank issued Aamama banks to clarify the tax deduction rates

8/4/2015 0:00

 BAGHDAD - Alaa al-Tai
In line with Government directives to facilitate the tax deduction by banks procedures and adopted developmental steps and economic reforms, issued a CBI Aamama to all Iraqi banks illustrates the mechanism and controls the tax deduction and related secretariats of customs duties and tax secretariats importers where it was decided to deduct 5 percent insurance private fees customs and 3 percent private insurance income tax from importers, calculated equivalent to the value of the dinar to the dollar import.

 And got the "morning" a copy of the uncles of the Central Bank of the banks that demonstrates controls the tax deduction and facilitate procedures by banks in relation to the secretariats of customs duties and tax trusts from importers, and calculated the Iraqi dinar equivalent of the value of imports in dollars in banks deducted representing 5 percent insurance private fees customs and 3 percent insurance, regardless of the income tax the materials to be imported exempt from taxes, duties or non-exempt, and that will be settled later by the General Administration of Customs and the General Authority for taxes in accordance with the rates prescribed and approved contexts.


 The central bank held technical meetings with representatives of all banks to facilitate the mechanisms and procedures for the new system of tax deductions and customs and amounts and incorporated into the application also discussed how to open accounts, appreciation and achievement and the development of a coordinating mechanism and its regulation.

 On a related matter, a senior government official expected to see the export of crude oil market, a rise in the sale of oil prices after the middle of the year 2015, based on weighted on the existence of positive indicators and the possibility reached a limit above $ 70 per barrel, and thus can the deficit exceeded in the current year budget 2015 of 25 trillion dinars so that the financial situation is safe and stable.

And on the government's measures to deal with the financial crisis, the official stressed that there are committees working and makes recommendations to reduce spending, which is part of the strategy of the government to address the economic and financial crisis, although the individual, adding that any action taken by the Council of Ministers or the relevant committees or to submit a recommendation to address any item exchange items or paragraphs revenue is part of the deal with the crisis.

He added that the committee in the Ministry of Finance recently formed tasks will start work soon to develop a budget strategy for the coming years in order to avoid the mistakes that occurred in previous years.

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