Kurdistan Region to enforce income tax law on private sector

 

Business
By Rudaw 9 hours ago
A bank worker in Kurdistan Region. Kurdish Region does not have  a strong banking system which may make the tax collection difficlut to be applied. Photo: Rudaw
A bank worker in Kurdistan Region. Kurdish Region does not have a strong banking system which may make the tax collection difficlut to be applied. Photo: Rudaw

ERBIL, Kurdistan Region – Ministry of Finance and Economy of the Kurdistan Regional Government (KRG) has given a deadline of April 21 to the region’s private sector to comply with the ministry’s decree of 2011 which subjects the private sector’s companies and employees to pay a tax of five percent in their income to the government, or face necessary fines.
A five percent income tax will be imposed on public and private sector employees whose salaries exceed one million Iraqi Dinars (IQD), the KRG’s income tax law passed by the parliament in 2011, reads.
The KRG has given the private sector a 12-day notice to abide by its income tax law which was amended nearly five and half years ago, but remains unimplemented to date.
The Ministry of Finance and Economy has issued a statement on the outstanding status of the law and sent a copy of it to Rudaw, warning the private sector of fines if failed to comply with the law.
“All payment reports must be submitted to the directorate of income tax before the deadline of April 21 expires or necessary fines will be levied.”
The KRG approved a set of instructions this year to directly cut the income of those violating its income tax law. According to these instructions, Employees who fail to submit their income tax report on time will “be fined by 75,000 IQD.” They will also be “subjected to a fine of 5 percent in the overall tax they fail to pay, that is if they are late in paying their taxes.”
The instructions state that the income tax law will not apply on “pensioners, expenses dedicated to treat patients, an accident happening while at work, death compensations, salaries and endowments of diplomats.”
“The system was already there. And it will now be applied to all companies in a practical way. Government employees have already been paying their taxes annually,” Dr Kamal Tayeb, director general of the tax office at the ministry of finance, told Rudaw.

 

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Experts Aahron strengths in the Iraqi economy

 


09/04/2017 0:00

14 years after the fall of the dictatorship ,
¶ employees and retirees income rose 100 times
¶ the value of the dinar against the dollar greatly improved
Baghdad / morning team

Asher experts in various economic activities, their views on the reality of economic work, which has improved the family’s economy and the expansion of the financial dealings of Iraq and the rise in the banking apparatus structure which coincided with the rise in the value of the Iraqi dinar, and start moving the tourist side, as inflation levels have seen an acceptable decline, offset by demand for activating strategy of the industrial sector to increase production as well as raising the contribution of the agricultural sector in the GDP to start the real process of economic development.

Vice President of the Baghdad Economic Forum Jamil spokesman said the “morning”: The follower of the reality of economic life over the past 14 years to find that the level ofliving is moving towards a positive and a large segment of citizens, especially that there are 4 million government employees receive monthly salaries have improved from the reality of his family economically , pointing out that this recovery in the economy is not without its observations as it requires plans targeting the unemployed and the families that live below the poverty line, which attributed these segments increased by the war with “Daesh” terrorist.
He noted that the period that followed the 2003 witnessed expand Iraq ‘s financial revenues as a result of crude oil sale , but the security conditions the country prevented the completion of many of the plans, adding that the country needs infrastructure projects and the development of industrial and agricultural reality and make more contribution tothe gross domestic product ( GDP ) .
Iraq has seen over the past period , the launch of the agricultural initiative , which provided funds for agricultural projects and achieved stimulating production over theyears. A direct impact on the financial sector , the scope of the Executive Director of theAssociation of Iraqi private banks Tariq Ali said that Iraq has witnessed during the period that followed the 2003 expansion in the banking sector and increased the number ofprivate banks in Iraq and the multiplicity of products that offer a slice of beneficiaries. He said Iraq to build bridges of cooperation with the global financial sector there has become relations and cooperation with the world ‘s largest banks , which have a direct impact on the reality of this sector , which is the cornerstone of the development process sought byIraq for the next phase, pointing out that Iraq was able to open up to one of the biggest Four companies in the world in the field of training Iraqi expertise on the best financial systems work in the world and making efficiency comparable to his counterparts in theworld. The courses were organized at a high level of follow – up and under thesupervision of an international offering and adopted Aagamz global company and Iraqna and exited competencies at an advanced level in the joints of money laundering and combating the financing of terrorism. The competent industrial affairs in Abdul Hassan Shammari said that the industrial sector in Iraq often dropped because of the war with “Daesh” terrorist where there are large numbers of factories in the areas controlled by and suffered mass destruction. Real openness either concerned affairs in tourism Hassan Ali Abdul Karim has pointed out that during the period in question had an opening to some countries in the world where he became an Iraqi citizen , was able to travel for many purposes, and that the signs of real openness Nahrha when we find tourists ,foreigners mean the Iraqi Marshlands areas and in this side can create real financial resources covering a large proportion of the need for the Iraqi market. He pointed out that we Kmokhtchin in this side and we found a real Iraqi desire to open up to the world and build bridges of cooperation, especially after we have seen that international companies specialized affairs in tourism began to mean southern Iraq , and this means that we are beginning to walk the right way to build an effective tourism sector significant resources, pointing out that this matter must be taken into consideration also from thepublic and private sectors and establish short-, medium- and long – term plans for us this detailed and important in a phased manner commensurate with the potential of Iraq ‘stourism. Iraq has seen the economy in the past 14 years shifts differed in Midyat effects in each of the family economy , the public and the economy of the country, for the level of the family ‘s economy has seen a recovery and entertainment, especially after increasing the salaries of employees to about 100 times what they were earning before 2003, either at the level of economy year saw after 2003 , the biggest achievement represents a decline in inflation from two places to decimal one. In this regard , economic researcher Lubna Al Shammari said that the years since 2003 have seen economic transitions worthy of reflection, especially that Iraq has achieved what it was unable toachieve in the previous three decades. A recovery and Shammari confirmed in aninterview with the “morning” that the most prominent of the country witnessed at the level of the family ‘s economy is a luxury that came through an increase in the salaries ofemployees in general what enabled them to achieve economic recovery at the family level is evident if the parents are employees in the public sector. She noted that this recovery has led to increased commodity consumption, especially on luxuries and services imported goods and, in the absence of national production caused by the lack ofelectricity. For his part , said economist academic d. Majid Baidhani: The dinar ‘sexchange rate against the dollar rose after 2003, explaining that he was a very modest levels before the change. Increase the reserve and pointed Baidhani in an interview with the “morning” that the currency of $ 100 was equivalent to 350 thousand Iraqi dinars before the change, adding that the local currency received support through increased cash reserves , which contributed greatly to increase their value and to double their purchasing power. Baidhani pointed out that Iraq’s oil output rose to record levels as reflected in the strength of the currency cap , which doubled the strength of the dinar against the dollar , which reached its exchange rate these days 1250 dinars per one dollar , an amount close to the real value of the dollar. He noted that the market has also seen over the past four years stable in the foreign currency exchange rate continued for nearly two years (from 2010 until 2012) , Iraq has not been seen in the past , as the exchange rate fluctuate much per day, indicating that he was the dollar in the morning issold at a price in the evening is sold at the price of another. Absorption of inflation , according to economic researcher Firas Amer, the general economic inflation of Iraq dropped significantly from two places to rank one decimal place, and this in itself iscalculated for the completion of the financial and monetary country reflects the extent of the two policies and their success in absorbing inflation and control  it. Inflation is defined as a rise in the overall rate of prices over a specified period of time is usually one year or more, but it ‘s not all rise in prices is inflation, it gets high in the price of a particular commodity or group of commodities for agricultural Kalmntjat , for example , for marketing reasons or productivity are affected by the vulnerability of goods such as the impact factors climatic, or be for seasonal reasons such as rising demand for consumer goods and services in certain seasons Kalaiad  for example. He said Amer said statistics indicate that the rate of inflation on average was during the period 1991 – 2002 accounted for 115 percent, either during the period 2003-2010 was the inflation rate on average 23 stood percent as signs of progress in reducing the rate of inflation in thecountry after the change. For his part, he saw the financial expert Thamer al – Azzawi bring down the dictatorial regime a positive event on the Iraqi economy. He said al -Azzawi , the “morning”: that ” the Iraqi economy and despite what faced security challenges, it largely recovered from what it was before 2003″  and noted that “Iraq ‘s per capita income has doubled more than 200 percent compared to the period of the former government, noting that living standards for retirees and employees witnessed an unprecedented rise in the history of Iraq.  the expert explained that the Iraqi market witnessed great mobility and pumping funds worth billions of dollars could reach more than a trillion dollars, adding that the money contributed to reviving the economy, as well as running millions of Iraqis unemployed because of the dictatorial regime ‘s policies.  He said al – Azzawi , a N “annual income of citizens has improved from what it was before 2003 , where he was in the best cases of $ 200 annually, while less annual income now exceeds the 5 thousand dollars.”  He noted expert that the financial and banking sector has witnessed significant changes for the better, including the opening of private banks ,local and foreign , and to provide financial and banking services in ways that technological modern, economic cycle has strengthened in  the country. Kamel Saad al – Zubaidi , acitizen lives in the city of Baghdad said that the talk about the economic side exclusively for the period that followed the 2003 find a positive, citizen looking for a financial source believes in his life requirements daily, and found that in government jobs and revived A non – governmental organizations while the country saw a move in the construction of its sectors where employment opportunities created in more than one joint.

http://www.alsabaah.iq/ArticleShow.aspx?ID=135097

Deputy calls for the adoption of World Bank standards to support the economy

 

Baghdad – Journal News
MP Jamal Al-Muhammadawi called on the competent authorities to adopt the standards issued by the World Bank for the business environment to raise the level of Iraq in the international classification.

“The competent authorities should adopt the World Bank’s standards for conducting business in the world to gain a better position in the international classification of the business environment in Iraq,” he said during a seminar held by the Institute for Progress in Development Policy. He stressed the need to activate programs that will support and promote economic growth and stimulate the wheel of economic life in general.

He said the World Bank had issued a report on the business environment in 190 countries around the world. Iraq’s 2017 ranking ranked 165 out of 190 countries with a one-year improvement over 2016.

He added that the World Bank’s 2017 report included 10 criteria for measurement and calculation on the basis of which the success or failure of the country is calculated according to each of them, one of the articles related to the status of women and their participation in the business environment and the second criterion dealing with the building permit and the third access to electricity and the fourth registration of property rights For the property and fifth access to credit and the sixth to protect the rights of the minority of investors and the seventh to pay taxes and the eighth trade across the border and the ninth obligation to respect and respect the tenth and face cases of physical hardship.

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A delegation from the US Congress confirms to Abbadi the continued support for Iraq in its war against Daqash

 

 

A delegation from the US Congress confirms to Abbadi the continued support for Iraq in its war against Daqash

50 minutes ago
Last updated
The time now is 09:49 PM
Baghdad / Al-Ghad Press:
A US congressional delegation met Sunday with Prime Minister Haidar al-Abadi on the continuation of US support for Iraq in its war against terrorism.
“Prime Minister Haider al-Abadi received in his office Sunday a delegation from the US Congress headed by Rep. Dennis Ross,” the office said in a statement. The delegation included Darren Soto, Florida Democrat and Neil Dan, a Republican vice-president from the state of Fedorida and Bob Lata. A Republican from Ohio and Steven Lynch, a Democrat from Massachusetts, as well as US ambassador to Iraq Douglas Seelman. “
He added that “during the meeting, they discussed enhancing bilateral cooperation between the two countries and the conduct of the battle of Mosul and supporting Iraq in all fields, in addition to the situation in the region.”
“The delegation praised the victories achieved by the Iraqi forces on the Dahesh, which the world views with great admiration, and stressed the continued support of the United States of America for Iraq in its war against terrorism and cooperation in the agricultural sector and economic fields and support partnerships between the private sector in both countries.”

British Ambassador: businessmen are aware of investment opportunities in Iraq and the government’s handling of corruption

History of edits:: 2017/4/9 20:41 


[Where – Baghdad] 

said the British ambassador to Iraq , Frank Baker, said Sunday that “toured the British business and women are aware of the opportunities and incentives to invest in Iraq , ” calling on the government to “tackle corruption to the success of the project.”

According to Baker , in a statement received by all of Iraq [where] a copy of it today, “.altakit many British businessmen and women who are aware of the opportunities and incentives to invest in Iraq , ” during the British export financing organization about doing business seminar in Iraq as part of the annual conference of the Council of Iraqi – British Business “, calling on the government to address the phenomenon of corruption.” 

He noted ” the signing of a memorandum of understanding with Abdul Razak Abdul Jalil Al – Issa, Minister of Finance on behalf of which paves the way for a new set of support from the British export infrastructure in Iraq funding organization , ” pointing out that “this agreement will open the door for further economic cooperation between our two countries” . 

He said , “One of the ways in which we can take out of this cooperation forward is through the organization of commercial visits to Iraq with the increase in the commercial interests of the United Kingdom , ” asserting that “these visits the commercial teams are currently drawing attention to it. But if Iraq will attract real foreign investment the government will also need to address the problem of corruption. ” 

He explained that “over the past few years , Iraq was rightly focused on the defeat of the curse Daesh,” adding that “advancing Iraqi security forces, with the support of the global coalition to defeat Daesh in the coming months , ” stressing “The Government of Iraq must now begin to pay attention to address the great challenge of the following: corruption and this will not only provide a higher level of services to the Iraqi people, but Ciecjaa British companies to see Iraq a reliable business partner. ” 

He concluded that ” the elimination of corruption , we can help Iraq rebuild after decades of war and sanctions that stand behind him, however began to defeat Daesh looming, the Government of Iraq is now beginning to look to reconstruction and reconciliation plans , it is important now more than ever to meet people and politicians to work together for a strong and unified Iraq. ”

Alliraqnews 

Abadi: Victory in hand, but we have great challenges

04/09/2017 19:33:00

 

Khandan – said Iraqi Prime Minister Haider al – Abadi, said that ” theworld and admire the victories of the Iraqis see some miracle”, saying that “our heroes are still fighting and make sacrifices after another to defeat Daesh.”

Ebadi said during a speech at the central celebration of theanniversary of the martyrdom of Sayyed Mohammad Baqer al- Sadr on Sunday, that “thanks to the apostolic line and line of sacrifice and strength of determination defeated Iraq against terrorism , ” adding that “victory starts from the heart rather than arms.”

He added Abadi , according to a statement by his press office, said that ” the victory in hand, but we have a big and serious challenges calling on politicians not to anticipate victory , ” noting that “if itmanaged to Meredo sedition returned to this nation back.”

Abadi said, “It is still the enemy Aldaasha take civilians as human shields and international humanitarian organizations and stressed thedifficulty of delivering aid to civilians in the liberated areas.”

Abadi said that “Daesh is ready to transfer hundreds of civilians into human shields to achieve one ‘s victory on the ground point.”

He asked the Iraqi prime minister, “If we are united in the war on Daesh why not unite against corruption?”.

Abadi called “everyone to compete on a project similar to what ishappening on the battlefield of the race to sacrifice for the homeland and holy sites.”

http://www.xendan.org/ar/detailnews.aspx?jimare=7065&babet=71&relat=8030