Iraq takes a new level on its goods. The government has taken Iraqi products into full consideration this year. However, will this bring any good to the purchasing power of its currency against the US dollar? How can Iraqi citizens be certain that their products and their workers are protected by Tariff Law?
Well, way back in 2003; the country had imposed such customs duties to their imported goods with the law of 77 of 1955. The outcome during that time was good since it created regularity and protection to Iraqi goods. However, the said custom duties were nullified when US troops entered the premises of Iraq.
Central hardware detection for standardization and Alkmerket Tariff regime, though not rigid systems, know well the rules to protect the Iraqi consumer and the products they purchase. According to Susan Saad, MP and a member of the Committee on Energy and Oil Parliamentary, the new system will be flexible in dealing with imported goods given the fact that variables under Base are given full considerations.
So, how does this affect the Iraqi consumers? Take it from the member of the Economic Commission and National Alliance Deputy, Abdul Hussein alabtan. Abdul Hussein said on Agency News last May 9, 2012, Wednesday, “a tariff or consumer protection should not harm the public interest, explaining the importance of providing the appropriate climate when applying such laws as drawing supplies and graphic products and services that oversee such legislation for a period of time in minutes and with the hours and days, as well as the balance control in the market.”
Does this mean that the value of fees on vegetables and other imported goods are expected to be reduced especially on winter? Prices on the goods and even event fees will be significantly reduced which will ensure products’ protection if this that would be the case. Sounds good? So, when will this new system be imposed?
Iraq Ministry of Finance has set the date to July 2012. By that time, tariffs will be imposed on goods that enter the Iraqi market, particularly the alkmerket Iraq.
Abdul Hussein even added, “There were opinions from some lawmakers and other parties demands to postpone the application of this law again, but the Committee in turn, rejected that as before the date last resort commitments made by each of the government and parliament.” So, it seems that the Iraqi officials have made up their minds.
How much would the government impose for the planned tariff this July?
Abdul Salem Ugaili, an economic analyst has his words, “It should be noted that the law of the above imposes customs duties on imported goods, not included in the table of tariff duties, by not more than (20%) of its value, to be exempt samples and models that are not of commercial value, customs duties, in addition to law into account in the application of its provisions, the facilities afforded by the Investment Law No. (13) for the year (2006), as amended, on goods imported for investment projects exclusively, and comes with a view to attract the maximum amount of investment companies and businessmen to work in Iraq.”
Will Abdul Ugaili be right this time? What does this law have to do with the rising number of dinar investors? Tariff law might not drastically change the current condition of ISX but, it will definitely protect Iraqi products and the workers. Joints of the private sector might play a vital role in this.
However, we will only understand the full details when July knocks on our doorposts. When that moment comes, taking notes might be a good idea. In the grand scheme of things, progress on details seems to be the name of the game.
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Written by DrDinar. This article
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