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Established in 2006 as a Community of Reality

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Tax reforms and international partnerships to support the private sector

Hkp1
Hkp1
Interacting Investor
Interacting Investor

Posts : 3118
Join date : 2012-12-19

Tax reforms and international partnerships to support the private sector Empty Tax reforms and international partnerships to support the private sector

Post by Hkp1 on Thu 20 Dec 2012, 12:12 am

2012/12/19 (23: 00)



Tax reforms and international partnerships to support the private sector



Baghdad/writer




A
number of economists to support and strengthen the private sector takes
place through an integrated tax reform based on the need for a radical
and structural transformation in the working mechanisms of the General
Commission for taxes to give the development task in the tasks of the
Commission, and not merely a task collection.

Economic
expert said on alfkiki (range) that there is an urgent need to design
tax legislation and legislative help to keep pace with the demands of
economic and technological development in the country, including tax
reforms required was to amend the companies Act No. 21 of 1997, by
adding an additional paragraph to the paragraphs of the article (16) of
the Act, the new paragraph on income tax exemption of capital from
equity when the registration of the company to the Registrar of
companies.

Alfkiki said that the implementation
of this proposal would be a major impetus for investment activity and
create new jobs and reduce unemployment, and in-kind capital currently
disabled or underutilized as required of real estate and agricultural
and non-agricultural land and machinery and equipment will find their
way to invest and raise rates.

He said
that there was a need to review the taxes and fees on housing and real
estate sector in order to promote the construction of housing and
building problem leaching, small real estate investors in the private
sector contributed effectively and continuously throughout the era of
the 1940s to the 1980s, working in housing projects, but the halt in the
1990s and until now, because of taxes and fees imposed on this sector
and the property transfers and fees and other genus patch of real
estate, which is still valid so far Despite the
disappearance of reasons imposed in the 1990s, and then to be reviewed
in this topic and the abolition of all taxes and charges in this sector
if there is a genuine will to the private sector to resume its role in
building a greater economic and social problem facing Iraq.

And
that despite the enactment of the investment and the provision of tax
exemptions and facilities of importance and role, but that is not enough
to attract the investment effectively to Iraq, so must be the rest of
the legislation, regulations and procedures and appropriate concepts and
perceptions of objectivity, as infrastructure (Infrastructure) is a
critical factor added to provide an attractive investment environment, a
concept not only to roads, electricity, water and communications, but
the broad concept of talk, including all social and political factors,
physical and mentalities, perceptions and situations

Producers
of parts and inputs and high side industries and management skills of
government bureaucracy and macroeconomic management, including interest
rates and banking system and the tax system, and levels of education and
training and the country's reserve of educated, engineers, technicians
and demographics, and political system in the country.

The
Economist said Tawfiq mana to support the private sector and improve
the environment and the investment climate in Iraq requires the
establishment of a Coordination Council for the improvement of the
investment environment in the country, with the task to propose
legislation and actions needed to improve and to stimulate and develop
activities and monitor progress in this area, in addition to
contributing to overcome the problems and difficulties faced by local
and foreign investors, through the intervention of Government organs and
agencies in the country.


And
manei added be functions of this Board and this establishment and
implementation of the mechanism of action by which relief is reviews of
government departments and reduce administrative approvals demands in
their requirements, and performance measurement systems in these areas
into the desired functions of the Council, and in the medium term or
long term must take the initiative to form (Investment Advisory Council
in Iraq), which consists of executive managerial level of multinational
corporations, and the tasks entrusted to the Council recommendations
shall be implemented To improve the investment
environment in Iraq, in addition to the design of economic policies in
accordance with a global perspective through communication with
investors.

He noted the
importance of allocating land and sites for investors, and the
importance of providing solutions to the problems and difficulties faced
by investors in providing investment sites meet the requirements of the
investment projects, and to stimulate and accelerate the work on the
planning and management of land allocation and locations required for
investment in all sectors, as well as developing and improving the
competitiveness of SMEs, there is an urgent need to deal with small and
medium-sized enterprises in the form of totals, through the development
of policies for each group or class and encourage Clustering for the
development community

The reality of
competitiveness, with the need to have more bilateral investment
agreements leading to the flow of capital and technology to the country.

He
pointed to the need for concluding bilateral agreements on avoidance of
double taxation, to prevent that cash returns twice, in achieving
revenue and in the country of nationality of the investor, and other
achievements for the convening of such conventions is the protection of
foreign investor for more than tax levels on local investors like him.

And
manei said that there was a need in Iraq for further progress in
reducing inflation through careful implementation of the
inflation-targeting regime, and through progress in financial reforms
lead to a reduction in the proportion of the amount of debt in the
amount of GDP, and the consolidation of efforts in the area of
restructuring expenses to find area required for private investment,
particularly in infrastructure, with the need to support and promote the
work of innovation and invention and transfer of technologies and the
use of quality standards and specifications by projects through
strengthening mechanisms Work in the
area of innovation with the strengthening of links between enterprises,
universities and research centres, to convert the results of research
and development into products and services. He
said the need to increase levels of investment in people through
education and upbringing and training, in particular the proportion
engaging in primary education in Iraq is 54%, while the proportion in
Turkey for example is 96%, and 35% in secondary education while in
Turkey 87%, underscoring the need for the establishment of an agency or a
body specializing in the work and policies of the base and promote the
movement and investment in Iraq, with the aim of raising investment
ability.

He hinted that the State
support and research and development projects, and support the
activities of environmental protection and assistance to private
enterprises to participate in local and international trade fairs,
assistance in market research and marketing and the role of commercial
attaches in Iraqi embassies in easily and open areas of export to Iraq's
industrial products, requiring commercial attachés in Iraqi embassies
in the preparation of studies and surveys on absorptive capacity and for
Iraqi products in those countries.



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