Deloitte: Despite the tax complexities, Iraq still offers investment opportunities for foreign companies
Baghdad / Range
An expert on economic affairs called on the responsible authorities to take into account the comments made by Deloitte, the largest professional services company in the world, in which it indicated that the Iraqi authorities did not fully implement the self-assessment system for taxes. The introduction, being written in accordance with high standards of accuracy and on the basis of clear and explicit figures, pointing at the same time that the tax system in Iraq underdeveloped and unstable so far, which requires the need to deal electronically to obtain taxes and customs duties and tariffs.
Deloitte, the world's largest professional services firm, has launched a business guide to understand the tax situation in Iraq, stating that the Iraqi authorities have not fully implemented the self-assessment system for taxes. To guide companies and support their customers and interested parties in Iraq, in order to highlight the main areas that require consideration, for each of the companies looking to invest in Iraq for the first time, and those who have experience and are currently working in Iraq. According to the economic expert in the name of Antoine in an interview with (the extent), that the responsible authorities to take into account these reports because they write according to high standards in accuracy, sending: I agree with what went to him this company, they work accurately and personalized through accurate standards What are the obstacles and give degrees to this country or that they come out with important results. For example, when they make Iraq in 120 of 170 countries, they are based on clear and explicit figures.
"The Iraqi government should take these reports into consideration," Antoine said. "We should not reject or take a fanatic stance on these remarks. He explained: who criticizes me on a certain point to see what the problem and go to address it and overcome the obstacles. He pointed out that there is a committee in the Prime Minister's Office, led by one of the advisers, whose task is to overcome these obstacles and follow the international reports on all subjects. Unfortunately, the tax system so far in Iraq is unstable and has no proper structure in the accounting process. The tax base in Iraq is still unclear, especially in the direct tax imposed on individuals and companies operating in Iraq, Antoine said. Stressing: The Iraqi government has put an amount of taxes in the budget nearly ten trillion dinars to supplement the deficit, and part of this amount is obtained from investors and companies operating in Iraq, although this was not calculated in the past years, because oil was covering expenses. But after the oil price fell in the last two years, the tax system has been put in place, but there is a problem. We are hard to get the 10 trillion dinars to evade many taxpayers and their non-compliance.
He stressed the economic expert: The General Authority for tax collection has a significant failure in its work and need to e-government, including the meaning of "electronic deal" to obtain taxes and customs duties and tariffs. Mirdfa: Unfortunately, so far, her work is still underdeveloped and our system is underdeveloped and can not achieve the figure mentioned in the budget for taxes. Stressing that this matter must have an impact on the work of investors in Iraq. Antoine said: that there are a number of conferences were held in and out of the country, including a week ago in London and Paris and is working to attract foreign investors to work in Iraq. However, when we go to these conferences, we must explain to the foreign investor the tax system in Iraq in a precise and clear manner, so as not to collide when Iraq comes with great obstacles other than what we are talking about. "There should also be a legal environment attractive to the investor to pay the tax transparently and without any extortion or harassment even.
The economic expert: The investor puts in his account the percentage of profits when he invests, because these are the global standards and the environment attractive to investment. The investor is assured to work in the country in a smooth and orderly manner. Investment in all countries of the world flows easily and with high flexibility, because of a good, safe and easy environment. Stressing: The investor when he finds obstacles will be coming to this country, which calls on us to emphasize the importance of lifting obstacles to investors and familiarize them with the reality of the current environment of this country.
Director of the Tax Department of Deloitte Jane Stokes also confirmed in a press statement that the Iraqi authorities did not fully implement the system of self-assessment of taxes, and the process is still affected by the review of the Commission requests for tax return provided. "However, there is a perception The Commission has the impression that taxpayers are not doing enough to participate effectively in the discussion with the IRS. "
"In spite of the complexities in this area, it still provides investment opportunities for foreign companies, but in the light of the approach adopted by the General Authority for Taxation, it is important for my motivation," said Alex Lo, partner in charge of international tax services at Deloitte Middle East. Both new and advanced business activities in Iraq, to take proactive steps from the beginning, to ensure compliance with the obligations of tax filing in Iraq.
Deloitte's report provides significant tax considerations for doing business in Iraq and highlights the most important factors influencing their operations, such as regulatory, economic, and market developments. The guide also addresses the sectors that attract investment and rich opportunities and considerations to enter the market, in addition to the procedures necessary to establish companies in Iraq.
The General Budget Law of 2017, in Article 24 to Article 31, stipulates the need to impose taxes on non-essential goods, mobile phone and internet services, improve the level of improvement and tax collection, use automation methods and advanced technology to limit taxpayers, And fines and wages, which are realistic amounts of passage of several decades to be approved, with administrative reforms in the infrastructure of the departments of customs and taxes.
[You must be registered and logged in to see this link.]
Today at 3:53 pm by Rocky
» A deputy reveals the most dangerous files facing the Sudanese government’s program
Today at 3:49 pm by Rocky
» Parliamentarian: Amending the election law needs time to pass
Today at 3:48 pm by Rocky
» The work of the committees will bring nothing but disappointment to the people... procrastination an
Today at 3:47 pm by Rocky
» Under American sponsorship, Jordanian banks swallow the Iraqi dollar
Today at 3:46 pm by Rocky
» A member of the Parliamentary Oil Committee sets the date for ending the gas import file in Iraq
Today at 3:43 pm by Rocky
» The Minister of Oil announces the end of licensing rounds and reveals the number of participating co
Today at 3:41 pm by Rocky
» The Chinese company that won the development of Al Dhafriya field: The competition in the two licens
Today at 3:40 pm by Rocky
» Political praise for the Sudanese: He has an industrial and commercial mentality
Today at 3:36 pm by Rocky
» Melancholy Molly
Today at 10:05 am by wciappetta
» utube MM&C 5/11/24 Iraqi Dinar - IQD Update - International - IraqTiming - 2024 Budget Schedule - Sp
Today at 7:05 am by Rocky
» The reality of the American presence... Objections are rising and the Sudanese are silent
Today at 7:00 am by Rocky
» The work is discussing with the World Bank a project related to social protection beneficiaries
Today at 6:58 am by Rocky
» Parliamentary Finance: The government intends to send the budget schedules this week
Today at 6:57 am by Rocky
» The Emirates tops and Iraq does not exist...the list of the richest people in the Middle East and No
Today at 6:54 am by Rocky
» A government plan to combat poverty and include 400,000 families with health insurance
Today at 6:53 am by Rocky
» Iraq signs a memorandum of understanding with an American company to support the energy sector
Today at 6:52 am by Rocky
» A deficit exceeding 75 trillion, and this is the date of its arrival.. Parliament’s finances talk ab
Today at 6:51 am by Rocky
» Kirkuk.. A bank was caught receiving remittances for ISIS from a neighboring country
Today at 6:48 am by Rocky
» The Minister of Commerce discusses with his Lebanese counterpart procedures for accelerating the con
Today at 6:45 am by Rocky
» To find out who is negligent or not... The Basra Council forms a committee to follow up on the heads
Today at 6:43 am by Rocky
» Iraq signs a memorandum of understanding with “Honeywell” to support the energy sector
Today at 6:41 am by Rocky
» The judiciary reaches the final stage in the theft of the century file
Today at 6:39 am by Rocky
» An economic expert proposes a solution to end the Jordan National Bank's "takeover" of the currency
Today at 6:36 am by Rocky
» utube 5/12/24 Iraqi Dinar | Citi Bank Announced New Rate Of The Iraqi Dinar | Dinar News Today 202
Today at 5:21 am by Rocky
» Reassurance to employees: “Salaries are not affected by delays in budget schedules.”
Today at 5:18 am by Rocky
» Al-Anbeki: The framework is determined to proceed with the election of the Speaker of Parliament
Today at 5:14 am by Rocky
» Al-Karaawi calls for revealing the truth about the presence of American forces
Today at 5:13 am by Rocky
» Political conflict and corruption in Anbar oust two officials
Today at 5:12 am by Rocky
» After joining Al-Halbousi, an agreement was reached to nominate Mahmoud Al-Mashhadani for the presid
Today at 5:10 am by Rocky
» Within a month, the Central Bank of Iraq’s sales exceeded $4 billion
Today at 5:09 am by Rocky
» The Iraqi Parliament decides to elect its new president next Saturday
Today at 5:08 am by Rocky
» The Interior Ministry activates mobile stations to issue the unified card for communities abroad
Today at 5:05 am by Rocky
» Jordan stops importing oil from Iraq
Today at 5:05 am by Rocky
» The Association of Private Banks praises the Iraqi Central Bank’s approach to establishing digital b
Today at 5:03 am by Rocky
» Iraqi fields cling to the foreign and kick the local... 3 reasons that embarrass private companies i
Today at 5:02 am by Rocky
» The Minister of Commerce stresses the importance of creating a state of balance in the economy and e
Today at 5:01 am by Rocky
» Among them is weak demand for gas...an economic diagnosis of the “most important” observations on th
Today at 5:00 am by Rocky
» Proposing a parliamentary plan to get rid of job stagnation in state departments
Today at 5:00 am by Rocky
» Involving and integrating the private sector into the investment map for sustainable development
Today at 4:59 am by Rocky
» Population claims in the Maysan Marshes: Our water share is not distributed fairly
Today at 4:58 am by Rocky
» The Iraqi Parliament reveals the latest developments in the “theft of the century”
Today at 4:57 am by Rocky
» Jordanian industry exports to Iraq record an increase in 2024
Today at 4:56 am by Rocky
» Implementation of 85% of the southern green belt in Karbala
Today at 4:54 am by Rocky
» The Interior Ministry completes cleansing the areas of organized crime gangs
Today at 4:53 am by Rocky
» Immigration: The displacement file will be closed next July 30
Today at 4:52 am by Rocky
» Transport sets a date to close the file of development road route conflicts
Today at 4:51 am by Rocky
» Service projects are launching non-stop
Today at 4:49 am by Rocky
» Launching the Development Investors Map 2030
Today at 4:48 am by Rocky
» Minister of Health to the Family Physicians Association: The year 2024 is the year of primary health
Today at 4:45 am by Rocky
» The Iraqi Car Company wins the investment in the Al-Khulaysia area on the Iraqi-Syrian border
Today at 4:44 am by Rocky
» Oil: No company has come forward to develop the Shihabi area within the provinces of Maysan and Wasi
Today at 4:43 am by Rocky
» The House of Representatives sets next Saturday as the date for holding a session to elect its speak
Today at 4:42 am by Rocky
» The Kurds refuse to share security positions in Diyala, “and there is nothing wrong with partnership
Today at 4:40 am by Rocky
» Kurdistan is a repellent environment for young people... migration is still taking place and victims
Today at 4:39 am by Rocky
» A Kurdish-Arab conflict prevents the harvest in Kirkuk and a call for the Sudanese to intervene
Today at 4:38 am by Rocky
» An Iranian newspaper accuses Iraq of participating in a "water plot" against Tehran
Today at 4:37 am by Rocky
» The Minister of Immigration directs all the ministry’s departments and branches to simplify procedur
Today at 4:33 am by Rocky
» Al-Mandalawi: Parliament attaches utmost importance to human rights laws
Today at 4:32 am by Rocky
» Al-Sadara was surprised and announced its joining Al-Halbousi
Today at 4:31 am by Rocky
» Parliamentary Oil: Licensing rounds will pave the way for raising oil and gas production
Today at 4:30 am by Rocky
» Al-Saadawi and the Tunisian Foreign Minister discuss activating the Baghdad-Tunisia line
Today at 4:29 am by Rocky
» After joining Al-Halbousi, an agreement was reached to nominate Mahmoud Al-Mashhadani for the presid
Today at 4:28 am by Rocky
» The Minister of Commerce stresses from Manama the importance of supporting efforts made to enhance A
Today at 4:27 am by Rocky
» Minister of Oil: Most of the licensing round projects focused on gas patches to support electrical s
Today at 4:26 am by Rocky
» Al-Awadi: Terminating the work of the UNAMI mission came at an Iraqi request and a UN recommendation
Today at 4:25 am by Rocky
» Kurdistan Democratic Party: Resuming the export of the region's oil in the near future
Today at 4:24 am by Rocky
» After two years of isolation, Al-Sadr is looking for a majority that will not force him to ally with
Today at 4:23 am by Rocky
» Middle East Eye: A booming underground trade in alcohol in Iraq after it was banned in 2023
Today at 4:21 am by Rocky
» 4 million for each year of imprisonment... Freedom in exchange for money... A controversial new Iraq
Today at 4:20 am by Rocky
» The livestock sector in Iraq...indicators warning of a major crisis
Today at 4:18 am by Rocky
» “Unfair” reconstruction in Iraq: areas where machinery is crowded and others still demonstrating for
Today at 4:17 am by Rocky
» Economic statistics: The volume of internal debt in Iraq has risen to more than 76 trillion dinars
Today at 4:15 am by Rocky
» Saleh explains the relationship between the rise in gold and the decline of the dollar and warns of
Yesterday at 3:32 pm by Rocky
» The Minister of Oil sponsors the signing of an agreement to develop the Tuba oil field project with
Yesterday at 3:26 pm by Rocky
» In numbers... Basra Oil explains the importance of the Tuba field after signing a contract to develo
Yesterday at 3:25 pm by Rocky
» Electricity: The government provides energy at subsidized prices for (4) categories
Yesterday at 3:24 pm by Rocky
» The electricity produced in Iraq covers 65% of demand... and 15 thousand megawatts is a “deficit”
Yesterday at 3:22 pm by Rocky
» Parliamentary services: Government interest in Baghdad will make it one of the most beautiful capita
Yesterday at 3:21 pm by Rocky
» Basra Council emphasizes work to qualify young people and place them in the labor market
Yesterday at 3:19 pm by Rocky
» Politician: Al-Kadhimi was recommending that Plasschaert write “negative” reports about Iraq
Yesterday at 3:17 pm by Rocky
» Trade launches operations to lift the ban on the ration card next to Rusafa
Yesterday at 3:16 pm by Rocky
» utube 5/9/24 MM&C 0:02 / 46:46 PM - Al-Sudani - Golden Opportunity - Private Sector - Contra
Yesterday at 6:57 am by Rocky
» Bahr Al-Ulum calls for legislating the renewable energy law and localizing the solar panel industry
Yesterday at 6:49 am by Rocky
» In numbers: the rise in internal debt in Iraq
Yesterday at 6:49 am by Rocky
» Jordan demands that Iraq continue to export oil for another three months
Yesterday at 6:46 am by Rocky
» Iraq is the largest producer.. OPEC+ is pumping higher than scheduled and in anticipation of the Jun
Yesterday at 6:44 am by Rocky
» Close to the coordination framework: There is no intention to change the internal regulations of Par
Yesterday at 6:43 am by Rocky
» Central Bank sales exceed $274 million today
Yesterday at 6:41 am by Rocky
» But the representative of the exchange companies is pessimistic... Why did the dollar fall?... The C
Yesterday at 6:38 am by Rocky
» Jordan addresses Iraq to extend a memorandum of understanding to purchase oil
Yesterday at 6:36 am by Rocky
» Bribes increased from 3,000 to 50,000 dollars.. What is the condition of alcohol in Iraq after the p
Yesterday at 6:34 am by Rocky
» Presence movement: Sunnis and Kurds while the Americans remain in Iraq
Yesterday at 5:31 am by Rocky
» A deputy reveals the contents of the first water strategy in Iraq
Yesterday at 5:29 am by Rocky
» Soon...the second reading of the proposed red card law
Yesterday at 5:28 am by Rocky
» The discovery of 10 new oil and gas fields in the Anbar desert
Yesterday at 5:27 am by Rocky
» A bloc announces to “Al-Ma’louma” the date of the parliamentary speaker’s election session
Yesterday at 5:26 am by Rocky
» Parliamentary Finance explains the mechanism for amending the retirement law
Yesterday at 5:24 am by Rocky
» Sovereignty accuses Al-Halbousi of obstructing the election of a Speaker of Parliament
Yesterday at 5:23 am by Rocky