By John Lee.
The Iraqi Cabinet has approved the recommendations of the Ministerial Council, encouraging the use of electronic point-of-sale (POS) terminals.
The use of electronic transactions has been shown to improve security, efficiency and convenience for retailers and customers.
Specifically, the cabinet approved the following measures:
- The Central Bank of Iraq (CBI) simplifies the process for obtaining licenses and lowers fees for point-of-sale (POS) devices.
- Governmental, non-governmental, and mixed departments, trade unions, and centers must open bank accounts and provide POS for electronic payments.
- Private schools, universities, colleges, and fuel stations must open bank accounts and provide POS for electronic payments.
- Commercial centers, stores, restaurants, pharmacies, and private clinics must open bank accounts and provide POS for electronic payments.
- Banks must provide POS for electronic payments to customers.
- Importation of POS and ATM devices for payment and collection systems is exempt from customs fees and taxes.
- Electronic payment transactions using POS are exempt from taxes.
- Implementation effective June 1, 2023.
(Source: Govt of Iraq)