Saturday, March 17, 2007
Tax slashed on import of raw goods
Economy
(Azzaman) The Tax Department has slashed the tax on materials for the domestic industry by 50%. The department’s head Saib Abdulsattar said the reduction covers raw materials whether produced locally or imported from abroad. He said it includes all kinds of materials for the country’s industry.
The move is part of the government’s effort to boost the domestic industry which is passing through difficult times due to cheap imports. The 50% drop in tax is expected to lower prices of local products and help Iraqi industrialist to compete with import goods.
Abdulsattar said helping the industry compete with imported products was one aim of the tax reduction. “The other target is to help entrepreneurs and private industrialist to rehabilitate and operate their factories and projects which have been idle in the past four years,” he said.
The move is part of the government’s effort to boost the domestic industry which is passing through difficult times due to cheap imports. The 50% drop in tax is expected to lower prices of local products and help Iraqi industrialist to compete with import goods.
Abdulsattar said helping the industry compete with imported products was one aim of the tax reduction. “The other target is to help entrepreneurs and private industrialist to rehabilitate and operate their factories and projects which have been idle in the past four years,” he said.
Labels: import tax, raw materials, tax reduction
