By John Lee.
Private universities, colleges, and institutes in Iraq subject to tax assessment are to be required to settle outstanding income tax and direct withholding tax liabilities, under a decision by the Council of Ministers.
Institutions that pay their principal tax liability and complete the tax assessment process within four working months of the Cabinet decision's issuance will receive a 100% waiver on penalties and surcharges. Those that complete payment and assessment in the following four-month period will receive a 50% waiver.
Any institution that fails to complete the tax assessment and payment process within the specified periods will not benefit from the exemption, and existing penalties and legal measures will be applied.
The Ministry of Higher Education and Scientific Research is to take legal and administrative action against private universities, colleges, and institutes that do not comply with their tax assessment obligations.
(Source: Council of Ministers)
No comments yet.