The impact of tax on economy of Iraq

The impact of tax on economy of Iraq

26/7/2013




Decision to exempt foreign companies from taxes is not enough to attract companies and infrastructure development in Iraq (lit) program

Alaa Youssef-Baghdad

Economists and Iraqi experts believes that the Iraqi Government's decision to exempt foreign and local companies that want to invest in the country from duties and taxes for five years, that he was not able to attract companies and infrastructure development, if linked to the political and security stability.

He said the Sudanese authorities of industrial development expert with the United Nations Industrial Development Organization "UNIDO" to exempt companies from fees is a good thing, but it is not enough to attract investors to operate in Iraq, and the Government to create an environment that encourages it by activating single-window and reduce steps, in addition to political stability, security and the eradication of corruption.




Sudan: the State is required to give Real guarantees to investors (Al Jazeera)


The Sudanese, he said speaking to Al-Jazeera it was supposed to when legislation this law certain mechanisms to facilitate the work of the investor and the tangles of actions in State institutions and develop inter-ministerial database standardization opportunities and data.

There was no easy administrative management procedures for the investor, who is reviewing all relevant services, such as health, electricity and the environment, ensuring the money when you get a specific problem of lack of protection by the State.

The Iraqi State is required to activate all the procedures and give real guarantees to investors in order to contribute to the development of the Iraqi economy, especially that Iraq "is an onslaught of some States to prevent the entry of investors."




Al-Moussawi: law encourages companies to implement projects exempt from duties and taxes (Al Jazeera)

Regional plots

Of the brightest member of the Parliament's Economic Committee on the State of law Salman al-Musawi said the law voted by the House of representatives is very important, because it encourages local and foreign companies to implement projects under the investment plan, after the exemption from duties and taxes.

Speaking to the Al-Jazeera that the legislation makes Iraq an attractive environment for investment and reduces routine procedures in government departments, in addition to the implementation of investment projects in the country desperately needs in the areas of services and reconstruction, housing, electricity, etc., to provide good service to the citizen.

He noted that there is a massive conspiracy face Iraq from regional and neighbouring countries to make Iraq's centrifuge environment to enjoy the economic benefits to the country in its current consumer and where there are no projects, companies were reluctant to enter by force, although everything companies exist, including the promising market and investment opportunity and workforce and good legislation and amendments to the law on investment to improve it.

The head of the economic information center Mohammad Ali Dergham said that the Iraqi Government had to find the elements of attraction for investors to be in Iraq through corporate exemption from duties and taxes due to plummeting demand for investment and worsening security situation and a series of red tape faced by the investor from the moment of obtaining the entry visa and blocking circuits that are connected by the investment process, such as access to land and the registration of the company and the lack of infrastructure, especially in the energy sector.




The Iraqi Government had to find the elements of attraction for investors (Island)

After media

Al-Jazeera said that exempting companies from fees was exploited by some investors to engage in extraordinary times for most exemptions that such exemptions will be available in a stable investment climates to be a balancing between the relatively high risk ratios relative to the capacity to achieve higher benefit.

He noted that there is great potential for investment in Iraq in many sectors including the construction industries and the availability of raw materials and investment in the sectors of mining, petrochemicals and consumer industries.

And that step will take an information dimension rather than a real attractive now and until the security situation is better than it is now, because the attack on the prisons of Abu Ghraib and Taji gave negative indicators of foreign investment on the fact that some areas of Iraq security retreats and does not advance.

The Economist said Salam Mohammed Al-Jazeera in an interview that this decision will contribute to good investment companies to Iraq, has been unable to develop infrastructure, in addition to the entry of goods, because the door would be open to all.

The distinctive foreign companies cannot enter Iraq because of the economic chaos and the absence of real guarantees by the State, to the country where the threat and blackmail of the investors. Calling on the Government to provide a healthy economic environment, eliminate all concerns expressed by the investor.






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