By John Lee. Pakistan's Federal Board of Revenue (FBR) has initiated negotiations on the Convention for the Elimination of Double Taxation with respect to Taxes on Income and on Capital and the Prevention of Tax Evasion and Avoidance with the Republic of Iraq. In this connection, tax delegations of both the countries met at Islamabad […]
Tag Archives | taxation
KRG to Tax Internet and Telecom Companies
From Rudaw. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. KRG will see 20 billion dinars monthly from new corporate tax on internet and telecom companies: official The Kurdistan Regional Government (KRG) will attempt to bring in nearly 20 billion dinars [approx $13.7 million] […]
Iraqi Govt considers Sales Tax
By Salam Zidane for Al Monitor. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News. Iraqi government considers sales tax to relieve budget crisis Iraq is mulling the possibility of imposing a sales tax amid concerns over the consequences of such a move on […]
KRG Approves Reforms to Kurdistan Tax System
KRG Prime Minister Masrour Barzani and Deputy Prime Minister Qubad Talabani chaired a meeting of the cabinet on Wednesday to discuss implementing best practice for the taxation system of the Kurdistan Region. The ministers reviewed an internal pilot project tasked with developing a new legal and auditing framework. The framework updates current auditing practices and […]
Netherlands, Iraq sign Double Taxation Agreement
By John Lee. Iraq and the Netherlands have signed a double taxation agreement on Monday. Iraqi Finance Minister Fuad Hussein is quoted as saying that avoiding double taxation will improve the business environment and help to attract foreign businesses and investments to Iraq. (Sources: Iraqi Ministry of Finance, Kurdistan 24)
Kurdish Companies "moving South" to Avoid Tax
By John Lee. Companies are reportedly relocating from the Kurdistan Region to rest of Iraq in an effort to avoid taxes and customs duties which the Iraqi government charges on goods exported to southern Iraq. According to Kurdish media network Rudaw, the Baghdad government considers goods produced in Iraqi Kurdistan to be foreign, and subject […]
Iraq Increases Taxes amid Public Discontent
By Salam Zidane for Al Monitor. Any views expressed here are those of the author, and do not necessarily reflect the views of Iraq Business News. The Iraqi government sent to parliament a revised version of the 2018 budget bill for the fourth time Feb. 11. The budget proposal includes a new 10% tax on sales at commercial centers, restaurants and […]
Nearly Half of Kurdish Businesses Pay no Tax
From Rudaw. Re-published with permission by Iraq Business News. Of nearly 25,000 registered companies in the Kurdistan Region, only around 13,000 of them pay corporate income tax, according to a new report from the Directorate of Taxes and Public Properties in Erbil. General manager of the directorate, Dr. Kamal Tayyib, told Rudaw the systematic tax […]
New Sales Tax Weighs on Zain Iraq
By John Lee. In a statement to the markets covering the first nine months of the year, Zain Group said that the implementation of a new 20 percent sales tax on mobile servicesin Iraq, as well as wide-ranging tax increases on other sectors in the country, that commenced 1 August 2015, have hit spending on […]
Iraq's Evolving Tax Landscape
By Imtiaz Ahmad. Over the last seven to eight years, Iraq remained very attractive for international investment especially in the oil and gas sector. Almost all major international oil companies (IOCs) invested, either individually or in partnership with others. By contrast, Iraq showed slow progress in setting out proper petroleum and tax policy for existing […]
Higher Iraqi Taxes hit Turkish Poultry Exporters
By John Lee. New taxes in force since the beginning of last week mean that Turkish producers exporting into Iraq now need to pay US$290 per ton of exported chicken meat, rather than $35 previously. As a result, the Turkish poultry sector, which has the fourth largest share in the world’s poultry market, risks losing […]
Capital Gain Tax on IOCs in Iraq
By Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Many countries impose capital gain tax on individuals, companies and corporations when a profit realized from the sale of assets. National and state legislation often has a large array of fiscal obligations […]