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)
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
By Omar al-Shaher for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Iraq has decided to exempt foreign companies involved in the Faw Port project from customs duties and taxes. This decision was an attempt to accelerate the completion of the stalled project, through […]
By John Lee. The Chairman of the Board of Governors of the Iraqi Stock Exchange has reportedly called for a five-year tax holiday for companies listing on the Iraqi bourse, to encourage companies to float their shares. Laith al-Tamimi also called for the Registrar of Companies at the Ministry of Trade to expedite the incorporation […]
Customs duty increases have been postponed by the Iraqi Finance Ministry due to the high cost of goods, according to Aknews. Duty was due to go up from 5% on all goods - a rate said to have been set low to encourage trade with Iraq - to as much as 30%. To put that […]
The Central Bank of Iraq (CBI) stated on Thursday that the assumed value of taxs in the 2011 budget is amounted to 2.7 trillion Iraqi dinars, that is 3% of the state budget. Muzher Mouhammed Saleh, the adviser of the ICB, told AKnews that the tax file is semi-disabled in Iraq due to the poor […]
