24 Hrs
Source:
البلاد
Iraq outlines method for trade payments
The article discusses Iraq's announcement regarding the setting of a specific mechanism for financial transfers when importing goods, in implementation of Cabinet Resolution No. 413 of 2026. This includes procedures for external transfers, which require submitting a prior declaration and settling customs and tax duties through the Asycuda system before completing the transfer process, with the system's implementation starting from October 1, 2026. It also outlines procedures for imports without external transfers, adding a field for the source of funds, and handling unused amounts according to the electronic system. This regulation aims to organize import operations and emphasizes the role of banks in verifying and linking data between transfers and pre-declared information to ensure that processes proceed in an organized and transparent manner.
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