By John Lee. Russian oil company Lukoil has published details of its payments made during the financial year ended 31 December 2020 in favor of the government of Iraq: The Dhi Qar Oil Company (DQOC) [Thiqar Oil Company] received 1,963 million Russian Rubles [$26.9 million] in respect of the Block 10 field; The General Commission […]
Tag Archives | tax
Iraqi Tax Official Jailed for Corruption
By John Lee. Rusafa Criminal Court has sentenced an employee at the Taxes Public Commission to two years of "severe imprisonment" on a charge of bribery. Iraq's Supreme Judicial Council said the man was found guilty of taking IQD18 million from a merchant in order to reduce taxes. (Source: Iraq Supreme Judicial Council)
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] […]
Talks on Double Taxation & Tax Evasion with Turkey
By John Lee. The Cabinet held its weekly meeting on Tuesday under the chairmanship of Prime Minister Mustafa Al-Kadhimi. Following discussions, the Cabinet decided to authorise the Minister of Planning to negotiate and sign a draft agreement on double taxation and tax evasion between Iraq and Turkey. (Source: Govt of Iraq)
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 […]
SMEs to be Tax Free for 10 Years
By John Lee. The Iraqi Government has said it will exempt small- and medium-sized businesses (SMEs) from income tax for ten years. In a statement, it said: "The government announced a draft amendment to Income Tax Law No. 113 of 1982 to exempt several groups on low-income from paying income tax. "The proposed amendment also […]
Netherlands, Iraq sign Double Taxation Agreement
By Editor on 1st July 2019 in Investment, Iraq Banking & Finance News, Iraq Industry & Trade News, Politics
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)
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 […]
Iraq Accused of "Shake Downs" to Force Tax Payments
By John Lee. Associated Press reports that American military contractors operating in Iraq are accusing Baghdad of employing strong-arm tactics to make them pay exorbitant income taxes. To force payment of the taxes, which the companies say are haphazardly calculated and can total millions of dollars, Iraqi authorities are alleged to have held up, 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 […]
Zain to pay $94m to settle Iraqna Tax Case
By John Lee. Reuters reports that Zain Iraq is to pay $94 million to settle a tax case related to the 2007 acquisition of rival operator Iraqna from Egypt's Orascom Telecom. Iraq's General Commission of Taxes (GCT) claimed Zain Iraq owed $187 million in capital gains tax due on its $1.2 billion purchase of the […]