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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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    Documentation | Deputy reveals the numbers of private banks evaded tax

    Rocky
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    Documentation | Deputy reveals the numbers of private banks evaded tax Empty Documentation | Deputy reveals the numbers of private banks evaded tax

    Post by Rocky Fri 07 May 2021, 2:15 pm

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    Documentation | Deputy reveals the numbers of private banks evaded tax
    05 May 2021



    Called the Central Bank to clarify its procedures (Facebook)
    Ultra Iraq Editorial Team
    MP Jamal Al-Muhammadawi revealed the number of private banks that had evaded tax accounting for years.   
    According to a document issued by his office addressed to the Minister of Finance, Muhammadawi said, "Ultra Iraq" received a copy of it, "The number of private banks that have not been taxed for the year 2015 and previous years reached (9) banks, and this percentage constitutes (20%) of the total banks registered with The companies division of the General Tax Authority, which numbered (44) banks.  
    He added, "This matter leads to not maximizing the financial resources of the state treasury at the present time, and the administrative assessment has not been carried out despite the presentation of the financial data of those banks that achieved a surplus as a result of their activities in contravention of Article 30 of the amended Income Tax Law No. 113 of 1982."  
    He continued, "The banks are the Iraqi Credit Bank, Al-Economy, Al-Warka, North, Tigris, Euphrates, International Kurdistan, Abu Dhabi Islamic, Standard Chartered and City Bank's representative office."  
    Al-Muhammadawi confirmed, "There are banks that have not submitted their financial data to the tax accounting department although the General Tax Authority has addressed the Central Bank with the necessity to stop dealing with such banks. However, the Central Bank replied that its inclusion as a party to the tasks of other institutions is inconsistent with its law, without taking the necessary measures to urge And the dangers of these banks to impose the submission of financial statements in accordance with Article (27) of the Income Tax Law.  
    He pointed out, "the presence of some notices received by private banks to complete a percentage (3%) for the account of tax trusts for buying foreign currency for the benefit of the importer who does not include adequate details about this taxpayer from whom the trusts were received, for example, the full name of the taxpayer, his address, or the address of the bank, all of which contrary to paragraph 4) From the instructions of the Ministry of Finance / General Tax Authority.   
    Al-Muhammadawi called on "the Central Bank of Iraq to clarify its procedures towards these tax violations, given that the bank is the supervisor of the work of banks in Iraq in accordance with Article (40) of the Central Bank Law No. 56 of 2004 as amended."   
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