September 4, 2015

News About Iraqi Dinar

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* Differing views of specialists on the law of customs tariff

Source: Dinar Daddy’s Tidbits

A number of economists differed on the postponement of the tariff act alkmerket, while the head of market research and consumer protection would postpone decision did not prevent rising prices by between 20-50 percent, the Economic Adviser to the Prime Minister that increasing prices under application of the law is routine, adding that reviving production aspects that will soak up sharply rising prices, indicating that the application of the law Tariffs would increase the effectiveness of the Iraqi economy and revitalise production thus increasing family incomes, an academic Economist said that the law was rushed and not based on detailed economic analyses that determine the level of protection needed for each commodity, stating that the application of the law while during which Iraq many imported goods, foodstuffs and Cape could negatively impact financial At the level of economic well-being, especially for low-lying income …

It was economic advisor to Prime Minister Dr. Abdul Hassan Al-Anbuge speaking (morning) tariff code alkmerket one of the best laws at present, for its good nbelet goals and could contribute to accelerating the alaktsadi of the country, adding that if the law applied was reflected positively on producers and Millers as well as protection for their products Of commodity dumping …

He criticized Al-Anbuge nature of current law, which he placed in inconsequential in terms of imposing a tax not to exceed the 5 percent on all goods and other goods on the need for tax on production inputs such as seeds and fertilizers and some foodstuffs and medicines zero tax rate, which will increase the effectiveness of the national economy in General and will To move local production by Chancellor …

And between Al-Anbuge, higher prices in case of application of the law is normal, will rise to local product, and it will rise (adjust the adverse impact of inflation) to protect locally produced goods and then be run as many unemployed, which will help to increase the incomes of these families and inflation …

In turn, the head of market research and consumer protection Dr. Mona Al-Mussawi, speaking for (morning) need to apply the law, but stressed the importance of developing institutions of public authority before llkmark to control the border more tightly, calling at the same time to work on repairing the negative effects caused by the dumping policy impact on various sectors Industrial production especially …

She said Moussaoui also: postponement of the law is the result of fear caused by higher prices of imported materials, and this did not prevent rising prices by 20-50 percent during the period since the postponement, calling for a series of measures to enhance productive industries and reality and basic strategy and reconsider tariff tables alkmerket, claim to not impose any tax on foodstuffs within And medicines in order to accommodate the largest possible proportion of Iraqis living under poverty line commensurate consumer purchasing power.

Musawi stressed the importance of providing various types of financial and substantive support to the largest industrial sectors affected by the non-application of the tariff act alkmerket, stressing that such support will address the negative effects of non-application of the tariff act of dumping policy which almost paralysed ports productivity in various economic sectors.

Musawi explained that providing such support to productive sectors, especially industry and does not contradict the provisions of the WTO which she allows developing States exceptions and opportunities provided through the ceiling of protection and support for local products.

It emphasized academic Economist, Dr. Midhat alqoraishy that exploiting the process to suspend the new law to study its feasibility, positive and negative impacts on goods and products that consumer protection and the national economy in General, stating that the law establishing the urgency and without based on detailed economic analyses that determine the level of protection for each commodity according to compare costs of production And goods, domestic and foreign competitors, noting that the protection to be effective and serve protectionist purposes should be able to reduce or cancel the price differential between domestic producers and importers to not prefer foreign merchandise to local counterparts …

Alqoraishy explained that the law in order to achieve the highest level of protection must be accompanied by the promulgation of procedures involving the creation of the productive sector infrastructure, both physical or technical as well as tech and enterprise restructuring public sector productivity.

Alqoraishy did not deny the possibility of a rise in prices if application of the law, noting that Iraq imported many different goods and materials that could increase if certain tariff activation code, adding the possibility of the law in reducing social welfare and weakening purchasing power of the individual particularly limited income, as well as the drawing alkmarki would raise production costs and weaken the capacity of local Competitiveness of these products is the most serious adverse impacts in accordance with the law


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