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Oil companies are required global tax 35% of the profits
2014-4-14
Follow-up / newspaper rectitude - required the Iraqi Ministry of Oil companies investing in Iraqi fields to pay a tax of up to 35% of the profits earned.
The agent said the oil minister for the liquidation Fayyad Hassan said: "The ministry has contracted with global companies specializing in drilling, transport and construction of reservoirs of oil and other oil operations other to develop its oil fields, because of our inability to raise oil production to more than 500 thousand barrels."
He added that "the contracts signed with international companies reflected positively on the oil sector and economic," noting that "those contracts require companies to pay a bonus to sign and which are different amounts of the contract to another, in addition to the tax implications of each company and by up to 35% of profits the company. "
Hassan pointed out that "investment companies specific ceiling for the disbursement of funds for the specific purpose and can not go beyond that, and in this case exceeded the ceiling The ministry has the right to stop the contract."
He continued, "Every dollar you pay in fees the government service retrieves her by (51.25 cents) of the net profits of the company due to the service provided, and the companies' share shall be (48.75 cents), as well as a partner of government, each holding an investment in an oil or gas, gets 20% of the profits earned. "
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2014-4-14
Follow-up / newspaper rectitude - required the Iraqi Ministry of Oil companies investing in Iraqi fields to pay a tax of up to 35% of the profits earned.
The agent said the oil minister for the liquidation Fayyad Hassan said: "The ministry has contracted with global companies specializing in drilling, transport and construction of reservoirs of oil and other oil operations other to develop its oil fields, because of our inability to raise oil production to more than 500 thousand barrels."
He added that "the contracts signed with international companies reflected positively on the oil sector and economic," noting that "those contracts require companies to pay a bonus to sign and which are different amounts of the contract to another, in addition to the tax implications of each company and by up to 35% of profits the company. "
Hassan pointed out that "investment companies specific ceiling for the disbursement of funds for the specific purpose and can not go beyond that, and in this case exceeded the ceiling The ministry has the right to stop the contract."
He continued, "Every dollar you pay in fees the government service retrieves her by (51.25 cents) of the net profits of the company due to the service provided, and the companies' share shall be (48.75 cents), as well as a partner of government, each holding an investment in an oil or gas, gets 20% of the profits earned. "
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