The Implementation of the Cabinet's Decision Regarding the Dissemination of the Point-of-Sale (POS) Devices
Based on what was stated in the Cabinet’s decision, and in accordance with the strategy and directions of the Central Bank of Iraq to achieve the principle of financial inclusion, and the optimal use of channels for accepting the electronic payment tools, especially points of sale (POS), we would like to inform all licensed banks about the following:
First: All licensed banks must publish the mentioned above service as follows:
Spreading the electronic collection service by using the point-of-sale (POS) devices through having the necessary licenses, systems and software to manage the point-of-sale devices inside Iraq in line with the controls, and instructions issued by this bank.
Contracting with licensed electronic payment service providers who specialized as (collectors and processors), who have completed the procedures for linking with the national exchange on the actual environment, and accepting the licenses granted to them by international payment companies (Visa and Master Card).
Second: Based on the decisions of the Council of Ministers, the following will be implemented, starting from 1/6/2023:
Exemption of electronic payment and collection devices (POS devices, and automated teller machines (ATMs)), which associated with the payment and collection systems implemented via bank cards that imported by banks, from the customs fees and taxes in all their forms.
Exempting all transactions implemented by the electronic payment (POS) from taxes, which requires you to intensify efforts through various means of advertisement and publicity, to raise the traders’ awareness for having the point-of-sale (POS) devices.
Third: This bank is working hard, and according to the backup included in the decisions of the Council of Ministers, on studying the issuance of a number of supporting decisions and instructions, which contribute to facilitating the dissemination of the electronic payment tools, in particular the point-of-sale (POS) devices.
Informing us of your actions taken regarding what was stated above in the Paragraph (First) within a period of (7) working days from the date of issuance of this letter, bearing in mind that date of June 1st, 2023 will be the deadline for starting the provision of the point-of-sale (POS) service.
