The Iraqi National Business Council,
The approved new mechanisms by the Central Bank regarding the calculation of trusts customs rates prescribed in the customs tariff law, it is possible that "contribute to the creation of a banking market in Iraq", while pointing out that the new mechanism will take over the banks business tax pricing and levied in accordance with the detailed tables provide customs and taxes for each substance subject to the fee Alkmarki. The Business Council said in a press statement that "the new Central Bank of Iraq mechanisms recently announced regarding the mechanism of calculating the rates of customs trusts established in the customs tariff and the amount of current law for the banks could create a banking market in Iraq." The Council noted, that "every Iraqi, especially private banks seeking for the private sector to support the banking sector in particular, what drives the market stability and the stability of exchange rates as a monetary policy of the Central Bank of Iraq tools, which is also trying to make the private banking sector role in economic development. " He said the Council, that "in light of the new mechanisms we believe that these mechanisms will create a market between banks, whether public or private, and thus achieved a banking sector that has powered economic activity possible financial liquidity provided by the central bank for private banks." The Council pointed out that "the new mechanism in which banks will be business taxes are levied in accordance with the pricing and detailed tables provide customs and taxes for each substance subject to the fee, as well as Alkmarki guess commercial profit." The central bank, held a meeting last Thursday, with specialists in the General Administration of Customs, as well as taxes for clarification on the calculation of customs trusts established in the customs tariff law attributed to him, and stressed "the agreement" to determine the percentages of each, especially essential commodities material.
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