Shafaq News- Baghdad

Iraqi importers will have to pay estimated customs duties and tax deposits before transferring money abroad for imported goods from Oct. 1, under a new mechanism that traders warn could increase upfront costs and put additional pressure on businesses.

The Cabinet approved the advance-payment system on Aug. 18. Under the decision, importers will deposit funds intended for foreign transfers with licensed banks, but the money will not be sent abroad until they pay estimated customs duties and tax deposits through the ASYCUDA system and approved electronic payment channels.

The estimated amount will be calculated from preliminary import data, including commercial invoices, shipping documents, customs classification, the type and origin of the goods and their declared value.

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