By John Lee.
In efforts to bolster national product protection, Iraq's Cabinet has approved recommendations from the Ministry of Industry and Minerals to apply additional customs duty on imported Thermstone (also known as Thermostone, or autoclaved aerated concrete (AAC)). An additional 50-percent customs duty will be imposed on each unit of imported thermstone from all countries for a period of four years.
The Customs Authority under the Ministry of Finance will enforce this additional duty and periodically inform the Industrial Development and Organization Directorate (Ministry of Industry and Minerals) about the quantities imported, additional duty amounts collected, import values, countries of origin, and importing entities.
The Ministry of Industry and Minerals will monitor import growth over the previous three years to assess any excessive imports. Additionally, they will evaluate the capacity of domestic companies to meet market demand, ensuring prices remain stable while achieving the intended protection. Regulatory bodies will oversee the impact of the additional duty, which will take effect 120 days after the decision's issuance.
According to the Prime Minister's Office, these measures aim to enhance market stability and strengthen the domestic thermstone industry by reducing excessive import dependency and promoting local production.
(Source: PMO)
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