Kurdistan Region waives debts for 120K+ traders and businesses

Shafaq News- Erbil

More than 120,000 traders and companies across Iraq's Kurdistan Region will benefit from a debt amnesty announced on Sunday by the Kurdistan Region Union of Chambers of Commerce and Industry.

Speaking at a press conference in Erbil, Union President Ghaithan Haji Saeed explained that all outstanding debts owed to chambers of commerce have been waived following a review of the economic challenges faced by traders and businesses in recent years. The amnesty covers all sectors and applies to traders and companies registered with chambers of commerce across the Kurdistan Region.

Eligible members have until November to visit their local chambers of commerce, formalize the exemption and renew their membership cards, but Saeed warned that members who fail to complete the process before the deadline will automatically lose their membership status, while restoring membership afterward would require payment of all debts and fees covered by the amnesty.

Saeed also said traders in the Kurdistan Region continue to face difficulties obtaining US dollars at the official exchange rate because the ASYCUDA customs management system has not been fully integrated with the Region. He added that implementation of the system and customs-related facilitation measures remain among the key issues under discussion between Baghdad and Erbil, given the importance of the Kurdistan Region's border crossings to trade and economic activity.

Read more: How Iraq’s customs overhaul is reshaping trade and revenue dynamics