Proposal required for tax exemptions for companies

Proposal required for tax exemptions for companies


11/07/2013 12:00 AM

BAGHDAD - Farah pumice regarded economists exempting foreign companies investment fees and taxes due on its projects in Iraq, is a positive step, to attract investment and encourage investors to turn to Iraq, as well as create a legal environment for scientific support for this approach to be no integration. , but this law faces opposition representative, considering him Papa new loss of large sums of money could constitute a large proportion of the revenue income. privileges many economic expert on behalf of Jamil Antoine between the (morning) that the investment law gives a lot of privileges to the investor, as the abolition of taxes and fees are the paragraph contained in it for Certain it is required at the present time. certain period and drew Antoine to the need to provide the investment environment safe and give privileges to suit them, where that investment works according to the integration of the laws, especially as the investment awareness is limited in the country, calling for providing banking facilities and privileges necessary for investors and a certain period and not absolute. economic feasibility and reservation on the application of the law is absolute and non-payment of the investor fee and taxes continuously while providing investment environment is safe, achieves turnout on investment at the required level, and that the areas of work and profits to meet ambitious, noting the importance that there will be a study of the economic feasibility of investment companies wishing to invest in Iraq, through the operation of manpower and yields benefits to the country and stimulate domestic production and reduce the import of foreign, as has to be there fit between all these factors. noted that the Council of Ministers has approved a bill exempting Iraqi and foreign companies implementing investment projects from taxes and fees in May the past, in the interest of the government to support the private investment and economic, private development projects through the granting of privileges and exemptions and facilitating the procedures implemented and work to achieve development projects and encourage companies and contractors to implement these planned projects in the curriculum of investment for the country. Rules sober urged the House of Representatives to conduct a feasibility study of the laws Economic by the competent committees and economic experts, and subject to the Integrated Studies to be laws sober serve the economic development process, as well as the investment bodies attracting investor sober true that invests in the productive sectors of the industrial, agricultural, residential and others. investment volume and saw that the volume of investment real proportion to income the country is a numbers low, where no investments sober and the level required to meet the needs of the country and contribute to the development of the infrastructure of the country, as it needs to be real investment began to work effectively, considering that the basis of the investment is the construction of the project on the ground rather than figures recorded in the records, he says. In turn, drew a member of the Economic Commission parliamentary Nora Bijari in a press statement that the Iraqi investment law office in 2006 included many facilities to investors, describing it بالأكبر at the level of Arab States, and perhaps the world, as it exempted foreign companies from fee introduction of raw materials and machinery and taxes on the proceeds for 15 years. Lama objections Bijari said: it was "centered concerns of some members of Parliament about the new exemptions, which would deprive the state treasury of huge revenues able to utilize them to finance the budget and the implementation of service projects."

[You must be registered and logged in to see this link.]
[You must be registered and logged in to see this image.]