Increases tariffs on imported steel rebar

Iraq studies establishing financial investigation committee

BAGHDAD – Iraqi Prime Minister Mohammed Shia Al-Sudani has directed the establishment of a committee to examine the potential creation of a specialized directorate for financial investigations. The committee, comprising representatives from key government bodies, will assess the feasibility of establishing a unified authority for financial inquiries, according to a statement from the Prime Minister’s media office obtained by 964media.

In a separate decision, the Iraqi Cabinet has raised the customs duty on imported steel rebar to 20 percent. This tariff applies to rebar imports from all origins and will be effective for a duration of four years, starting from October 3, 2024.  This measure aims to support the local industry and safeguard domestically-produced materials fulfilling the construction sector’s needs.

During a cabinet meeting chaired by Al-Sudani on Monday, the Ministry of Industry and Minerals was tasked with monitoring the current amount of rebar imports compared the previous three years. This initiative aims to detect any unwarranted surges and contribute to the enhancement of the national economy.