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Integrity reveals the results of its investigation of the stages of selling the dollar at the auction window for selling the currency
Editing date: 12/16/2020 11:28 • 12 times read
[Baghdad_Where]
The Federal Integrity Commission called, on Wednesday, to expedite the creation of an integrated database (automation) in the General Authority of Customs, and to link it to all departments that are related to the import process and the entry of goods, which would prevent manipulation, forgery and waste of public money.
In a report prepared by a team from the Prevention Department at the authority, in a report prepared on the visits it made to (the Central Bank of Iraq and both the General Authority for Taxes and Customs and the Border Ports Authority, in addition to the two departments of foreign economic relations and the companies' registrar in the Ministry of Trade); To shed light on the stages of selling the dollar and the economic and financial impact achieved, by “the necessity of re-applying the letter of the Prime Minister’s Office on 3/24/2015 which includes deducting customs duties insurance at a rate of (5%) and deducting insurances for income tax at a rate of (3%).
That it be settled later by the two public authorities for taxes and customs, in addition to working on enacting a law that prohibits the exit of funds outside the country except with special official approvals, to ensure control over them and prevent laundering.
The report, a copy of which was sent to the Office of the Prime Minister and the Minister of Finance and the Parliamentary Finance and Integrity Committees, suggested that “the General Tax Authority should provide the Central Bank with the tax number for taxpayers in order to facilitate the procedures for tax accounting, to avoid similarity in names, and to work on entering the tax number and the passport number for the importer in The data of the private banks participating in the auction window for selling the currency, submitting it to the central bank, including it in the customs declaration and import license, and standing on the bank’s opinion regarding the possibility of obtaining customs duties and income tax deposits in Iraqi dinars, instead of dollars, to limit the rise of the dollar’s exchange rate.
He pointed out “the importance of increasing the percentage of fines for violating private banks and participating in the auction of selling the currency by setting special controls for them,
noting that the amount of fines imposed by the Central Bank on some banks in violation of the instructions of the window for buying and selling foreign currency for the period from (2012-2018) exceeded (618,000,000,000) billion dinars, in addition to a monthly reconciliation between the relevant authorities, to ensure that the state's right to tax withholding is not lost.
The report emphasized "the need to enable the Central Organization for Standardization and Quality Control to examine and subject goods, goods and services entering the country, and to provide the Border Ports Authority with the list of materials covered by the examination, according to the customs tariff schedules."
The report diagnosed, "the existence of financial differences between the process of selling the dollar by the Central Bank and what was actually collected from the General Authority of Customs as revenues, in addition to the absence of a sound supervisory system, to uncover the manipulators in the private banks entering the window of the currency auction by providing incomplete information,"
Especially those related to customs declarations or participation in shell companies, as well as the lack of coordination between the two public authorities of customs and taxes in documenting the tax declaration, which leads to the failure to collect taxes in an optimal manner.
Integrity reveals the results of its investigation of the stages of selling the dollar at the auction window for selling the currency
Editing date: 12/16/2020 11:28 • 12 times read
[Baghdad_Where]
The Federal Integrity Commission called, on Wednesday, to expedite the creation of an integrated database (automation) in the General Authority of Customs, and to link it to all departments that are related to the import process and the entry of goods, which would prevent manipulation, forgery and waste of public money.
In a report prepared by a team from the Prevention Department at the authority, in a report prepared on the visits it made to (the Central Bank of Iraq and both the General Authority for Taxes and Customs and the Border Ports Authority, in addition to the two departments of foreign economic relations and the companies' registrar in the Ministry of Trade); To shed light on the stages of selling the dollar and the economic and financial impact achieved, by “the necessity of re-applying the letter of the Prime Minister’s Office on 3/24/2015 which includes deducting customs duties insurance at a rate of (5%) and deducting insurances for income tax at a rate of (3%).
That it be settled later by the two public authorities for taxes and customs, in addition to working on enacting a law that prohibits the exit of funds outside the country except with special official approvals, to ensure control over them and prevent laundering.
The report, a copy of which was sent to the Office of the Prime Minister and the Minister of Finance and the Parliamentary Finance and Integrity Committees, suggested that “the General Tax Authority should provide the Central Bank with the tax number for taxpayers in order to facilitate the procedures for tax accounting, to avoid similarity in names, and to work on entering the tax number and the passport number for the importer in The data of the private banks participating in the auction window for selling the currency, submitting it to the central bank, including it in the customs declaration and import license, and standing on the bank’s opinion regarding the possibility of obtaining customs duties and income tax deposits in Iraqi dinars, instead of dollars, to limit the rise of the dollar’s exchange rate.
He pointed out “the importance of increasing the percentage of fines for violating private banks and participating in the auction of selling the currency by setting special controls for them,
noting that the amount of fines imposed by the Central Bank on some banks in violation of the instructions of the window for buying and selling foreign currency for the period from (2012-2018) exceeded (618,000,000,000) billion dinars, in addition to a monthly reconciliation between the relevant authorities, to ensure that the state's right to tax withholding is not lost.
The report emphasized "the need to enable the Central Organization for Standardization and Quality Control to examine and subject goods, goods and services entering the country, and to provide the Border Ports Authority with the list of materials covered by the examination, according to the customs tariff schedules."
The report diagnosed, "the existence of financial differences between the process of selling the dollar by the Central Bank and what was actually collected from the General Authority of Customs as revenues, in addition to the absence of a sound supervisory system, to uncover the manipulators in the private banks entering the window of the currency auction by providing incomplete information,"
Especially those related to customs declarations or participation in shell companies, as well as the lack of coordination between the two public authorities of customs and taxes in documenting the tax declaration, which leads to the failure to collect taxes in an optimal manner.
