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Frank26:  The ME (Middle East) is not of our Ways.

The unexpected should always be ………… Expected.

So to See this aggressive March is …………. Impressive.

For now ……. Ours is to simply Wait ……………. A Much Shorter Time than has been.

God Bless You My Dear KTFA FAMILY ………. DREAM ……… As they are the Blueprints of Your Future.

Aloha ………. \m/  KTFA   Frank

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Walkingstick:  Rafidain Bank reaffirms its commitment to international standards on the subject of money laundering

12/26/2015

BAGHDAD / JD / .. confirmed that the Rafidain Bank, the subject of money laundering in which the criteria set of global institutions, while noting that Iraq depends on dealing direct cash to the lack of comprehensive technical.

The general director of the bank on behalf of Kamal al-Hassani said in a statement / dinars / received a copy of it: that global institutions and on the track central banks in both countries reported the instructions of banks operating with in accordance with the know your customer and form particular to identify the sources of money a person before the base to start with the exercise of banking activity and nature status and potential and the activity that he is doing.

He noted that when there are revenues be confirmed according to fixed criteria to be adopted either everyone in Iraq, it is countries that rely on direct cash deal in light of the lack of comprehensive technical institutions and banks both civil and governmental and specialized.

He stressed that citizens rely on the Rafidain Bank in bid farewell to their money because he did not witness any position to be the bank’s breach of its obligations and its agreements towards them. / End / 22 /

http://www.dananernews.com/News_Details.php?ID=6492

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JJonesMX:  Iraqi Government activates customs duty law and … – Ernst & Young

Iraqi Government activates customs duty law and issues new sales tax instructions On 4 June 2015, the Iraqi General Secretariat of the Council of Ministers announced that the Council has resolved to approve the imposition of customs duties and sales taxes with effect from 1 August 2015. Customs duties and sales taxes are to be collected at all points of entry without exception, in accordance with Article 33 of the 2015 Federal Budget Act.

This follows the publication of the Iraqi Federal Budget Act in the official Iraqi Gazette on 16 February 2015. The budget includes several articles intended to raise revenues and increase borrowings in order to address the projected deficit consequent to the decline in global oil prices.

Article 33 introduces sales tax on specific items detailed below and also serves to activate the: • Customs Duty/Tariff Law No. 22 of 2010, as amended • Consumer Protection Law No. 1 of 2010 • Iraqi Goods/Products Protection Law No. 11 of 2010 Customs duty Although Iraq’s Custom Duty Law No. 22 of 2010 was published in the official Iraqi Gazette on 6 December 2010, its implementation was postponed.

As a result, the 5% Iraq reconstruction levy introduced by the Coalition Provisional Authority (CPA) has continued to apply. The new law that is expected to apply from 1 August 2015 introduces customs duty rates ranging from 5% to 40%. Sales tax The Minister of Finance has issued new sales tax instructions (Instructions No. (5) of 2015), which are applicable from the date of publication in the official Iraqi Gazette, 4 May 2015.

However, the recent announcement from the Council of Ministers suggests that the practical application will be from 1 August 2015. The following table provides a summary of these sales tax instructions, the applicable rates, the filing requirements and due dates:

Read more here..

https://www.google.com/url?sa=t&source= … zIpIeWj4Lg

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