Investment companies will be exempted from paying duties on good entering Iraq under the new customs law, according to a report from AKnews.

Finance Minister Rafie al-Issawi [Rafie al-Esawi, Rafi Hiyad al-Issawi, Rafia al-Issawi], pictured, said last week that the new bill will be adopted on 1st June, 2012, having been postponed twice in the past.

Abdul-Abbas al-Saedi, a member of the Iraqi government Economy and Energy Commission, told AKnews that Investment Law No. 13 of 2006, which excludes investors in Iraq from paying taxes and customs duties, will be included in the law.

This does not conflict with the law of investment and will help to attract investors, he added.

“The customs rate will differ between goods, where it will be higher for complementary goods and cars. There will be other ratios for food and construction materials,” said Saedi.

The new customs law, approved by the Presidency Council of Iraq last year and passed by the Council of Representatives, will cancel:

• The customs law No. 77 for the year 1955.
• The law of the disbanded Interim Coalition Authority No. 54 for the year 2004 (the policy of trade liberalization of 2004).
• The order of Coalition Authority No. 38 of 2003 (the Iraq reconstruction tax and its amendments).

(Source: AKnews)