Deloitte: Iraq exempts foreign companies from taxes and will increase them to Iraqis

 money and business

Economy News Baghdad:

The Iraq government has given foreign companies tax breaks to work and invest in the country, said Jane Stokes, director of taxation at Deloitte Middle East in Iraq.

Stokes said in an interview with satellite “cnbc Arab” and his “Economy News”, “The Iraqi Ministry of Finance has granted tax exemptions to foreign companies in order to encourage foreign investment in sectors other than the oil and gas sector,” noting that “the decline in oil prices in global markets made Iraq to impose more taxes, including the customs tariff. “

And expected “the continuation of the Iraqi government to impose more taxes on the daily dealings of Iraqis,” noting that “the government decided to exempt companies working to rehabilitate the areas affected by the war.”

She stressed that “confidence still exists in Iraq and there is a continuation of investment operations, specifically in the oil sector in southern Iraq, which was not affected by the security situation that occurred in 2014.”

On July 6, Deloitte issued a new report on Iraq’s tax environment under the title “Iraq’s Commercial Guide – Understanding the Tax Situation in Iraq” to guide companies and support their clients and stakeholders in Iraq. The report aims to shed light on the key areas requiring consideration, both for companies that are looking to invest in Iraq for the first time, and those that have expertise and are currently working in Iraq. The General Authority for Taxation, following the appointment of a new general manager, that one of its main objectives quickly dealing with tax assessments and collection of tax revenues in most ways.



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