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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    ECLAC: vote to exempt companies from fees and taxes after Parliament's recess

    Rocky
    Rocky
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      ECLAC: vote to exempt companies from fees and taxes after Parliament's recess Empty ECLAC: vote to exempt companies from fees and taxes after Parliament's recess

    Post by Rocky Mon 25 Nov 2013, 9:21 am

    ECLAC: vote to exempt companies from fees and taxes after Parliament's recess       
     
     

    25/11/13, 12: 00 am


    Industrial consultant: investment law and its amendments protects the investor offers great incentives
    Baghdad-Farah pumice
    In order to support economic development in the country and get rid of the red tape, the House passed a law exempting Iraqi and foreign companies from fees and taxes after the legislative recess, though it has split opinions of specialists and the House between supporters and proponents of the Bill, said the industrial development advisory and investment expert Amer Issa said that the more transparent laws and speed application whenever they are better for the economy.

    Transparency of transactions
    He said Issa (morning) that the country suffers from many legislation but there are considerable constraints to implementation and enforcement, believing that the country needs to move to the routine with the transparency of transactions and procedures.
    He supported exempting companies working on projects related to national development and services projects and implementing the prey that contribute to rebuilding the country's infrastructure from customs duties and taxes, inciting an exception to work on development projects and all the constraints are not taxes, but all the facilities.

    A legal port
    And invited the experts to find a port in the new law facilitates the work of the major companies that implement service projects in Iraq, as well as the reference to the law on the execution of major development projects no. 157 of 1973, this law helped accelerate the implementation of projects in the mid-1970s, transparently and fairly acceptable.

    Investor protection
    The investment law, as amended, protects investors and exempt from taxes, customs duties and give him the incentives, saying that the problem was not brought in so much investment incentives and exemptions, while at the same time be instructed (the Bill exempted businesses from taxes) is flexible and able to accelerate the implementation of projects in the country.
    The law aims to exempt foreign companies executing investments from taxes and fees to support development projects through the granting of privileges and exemptions and simplification of implementation and realization of development projects and encourage enterprises and contractors in the implementation of projects planned in the curriculum.

    Sources of funding
    On the other hand, opposed the parliamentary Economic Committee member Rep. Qusai wed the new law because it exempts companies from taxes, customs duties, while the country needs alternative sources of non-oil budget. the law was read the first and second readings, and is still in discussions and studies as it is currently in the parliamentary Finance Committee to study the law, adding that it would be submitted to the Presidium of the Parliament after the current legislative recess in order to vote, said Friday that there were attempts to not pass During the remainder of the current legislative session, arguing that it does not serve the country and the negative impact on the national economy, in particular the proposals of the committees it divided into several views, including encouraging investment to build a modern State, as in other countries of the world which imposes customs duties and taxes.


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