Tuesday, July 9, 2024

"IRAQ WILL NEED AN EXCHANGE RATE FOR THESE TRADES TO TAKE PLACE ON THE SYCUDA ELECTRONIC SYSTEM" BY GOLDILOCKS

 GOLDILOCKS

he Automated System for Customs Data (ASYCUDA) is a computerized system created by the United Nations Conference on Trade and Development (UNCTAD) to manage a country's customs. 


ASYCUDA is an integrated system for international trade and transport operations that uses advanced software applications. 


ASYCUDA can handle many foreign trade procedures, including: manifests, customs declarations, accounting procedures, and transit and suspense procedures. 


"The point in time to determine rates of duty and taxes must be specified in the law and be configured accordingly in the ASYCUDA system. This date may also be used to define the exchange rate, the time of entry to customs warehouses and be decisive whenever a date is required to define entry under a customs regime."


By the end of the year, Iraq expects to have all of their ports on this electronic system. About 50% of the ports in Iraq will be utilizing this new electronic system for trade, and the other half is expected to be active by the midpoint of next year. 


As you can see, Iraq will need an exchange rate for these trades to take place on the ASYCUDA electronic system. 


© Goldilocks


https://ina.iq/eng/32059-customs-authority-outlines-characteristics-of-asycuda-system-and-announces-its-deployment-in-four-locations-including-baghdad-airport.html


https://asycuda.org/en/customs-information/

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