ISX News
Central Bank decides to meet 8% tax rate on customs through banks
According to the announcement of the CBI for all the banks related with tax restrictions, along with the restrictions those are sent to the banks and based on the requirements of the prime minister, and in order to facilitate the process of taxing the clients (importers) through the banks, it has been decided to deduct the following percentages from the clients as it is counted in Iraqi Dinar which is equivalent to the importing amount in USD: 5% insurance on custom fees and 3% insurance on income tax. These percentages will be implemented regardless of whether the importing products are tax free or not. The deducted amounts will be settled later by the General Directorates of Customs and Taxes based on the legal percentages and mechanism. These instructions will be implemented starting March 25, 2015 cooperating with General Directorates of Customs and Taxes to transfer the deducted amounts to them.
This publication may not be reproduced, modified, or re-disseminated in whole or in part without the prior written permission of Rabee Securities. The information provided herein is of a general nature and for informational purposes only and is not intended to serve as an offer or solicitation with respect to the purchase or sale of any security, or as a recommendation to adopt any particular trading strategy. Such information is subject to change without prior notice. Although Rabee Securities obtains information from sources it considers reliable, Rabee Securities makes no representations or warranties, express or implied, as to the information's accuracy or completeness. Furthermore, such information may be incomplete or condensed. Rabee Securities, its affiliates, directors, employees, assigns, agents, and successors bear no liability for any errors or omissions in this publication or for any losses arising from the use of or reliance upon this information. This limitation on liability applies to direct, indirect, consequential, special, punitive, or other damages, as well as damages for loss of profits or business interruption. Investors shall bear all responsibility for investment decisions taken on the basis of the contents of this report. Rabee Securities strongly advises potential investors to seek financial guidance when determining whether an investment is appropriate to their needs. All estimates included in this report constitute Rabee Securities’ opinion as of the date published on the report and are subject to change without notice. Copyright© Rabee Securities 2021