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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

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    Parliamentary bloc: Passing an agreement to avoid double taxation with Kuwait will deprive Iraq of m

    Rocky
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    • Post n°1

    Parliamentary bloc: Passing an agreement to avoid double taxation with Kuwait will deprive Iraq of m Empty Parliamentary bloc: Passing an agreement to avoid double taxation with Kuwait will deprive Iraq of m

    Post by Rocky Sat 29 Apr 2023, 6:57 am

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    [size=52]Parliamentary bloc: Passing an agreement to avoid double taxation with Kuwait will deprive Iraq of millions of dollars[/size]

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    2023-04-29
    The “National Approach” bloc in the Iraqi parliament considered, on Saturday, that proceeding with voting on the agreement to avoid double taxation with Kuwait would deprive the country of revenues estimated at tens of millions of dollars annually.[/size]
    [size=45]The House of Representatives had included on its agenda in today's session to vote on the draft law.[/size]
    [size=45]"We call on parliament not to vote on the agreement to avoid double taxation between Iraq and Kuwait, because it will deprive the public treasury of revenues of tens of millions of dollars annually," said the head of the bloc, Ahmed al-Rubaie, during a press conference held in the parliament building.[/size]
    [size=45]He added, "According to this agreement, the Kuwaiti companies investing in Iraq will be exempted from paying the tax resulting from their profits that they obtain from their investment and commercial activity in Iraq. Examples of this are the (Kuwait-Energy) operating company, as well as the case in the Kuwaiti companies operating in the mobile phone license. Its profits tax will be waived according to this agreement.”[/size]
    [size=45]Al-Rubaie also indicated that, “Kuwait Airways companies that operate inside Iraq and derive profits from this work, they will not pay tax on their profits if the actual management center of that company is in Kuwait.”[/size]
    [size=45]He continued by saying that “one of the side privileges provided by the law, which is in the interest of nationalities other than Kuwaiti, can benefit from enacting the law at the expense of Iraq’s economic interests is that the Kuwaiti Law of the National Labor Support Tax No. 19 of 2000, which equates citizens of the Gulf Cooperation Council with Kuwaiti citizens Any Gulf citizen whose company headquarters is located in Kuwait and carries out an economic activity in Iraq is exempted from paying tax on the profits of his economic activity to the Iraqi authorities and pays it to his country, meaning that Saudi, Emirati and Qatari investors will benefit from the privileges of this agreement even if their countries have not concluded similar agreements with Iraq. ".[/size]
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    Rocky
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    • Post n°2

    Parliamentary bloc: Passing an agreement to avoid double taxation with Kuwait will deprive Iraq of m Empty A parliamentary warning against voting to abolish double taxation with Kuwait... costing the country

    Post by Rocky Sun 30 Apr 2023, 4:35 am

    [rtl]A parliamentary warning against voting to abolish double taxation with Kuwait... costing the country millions of dollars in losses[/rtl]

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    [rtl]Baghdad - Iraq today:

    The former head of the National Approach (Virtue) bloc, Ammar Tohme, warned, on Saturday, against voting on the "avoidance of double taxation" agreement with Kuwait, as it would waste tens of millions of dollars annually in revenues.

    Tohme said in a statement, “Notes about the agreement, as follows: –  

    1- We warn parliament against voting on an agreement to avoid double taxation between Iraq and Kuwait because it will deprive the public treasury of revenues of tens of millions of dollars annually, and according to this agreement, Kuwaiti companies investing in Iraq will be exempted from Paying the resulting tax from their profits that they obtain from their investment and commercial activity in Iraq. An example of this is that the (Kuwait Energy) company operating in the oil licensing rounds is supposed to pay (35%) of its profits to the Iraqi state, and with the parliament voting on this agreement, tens of millions of dollars will be lost by the Iraqi state, and the same is the case with Kuwaiti companies operating with a mobile phone license, the tax on its profits will be decreased in accordance with this agreement.

    2- A person who derives income from sources in the other country or own funds located there, if he manages his business without residing in Iraq, even through an agent, then all his money and the resulting profits are excluded from being included in the tax simply because he did not establish himself in the State of Iraq. .

    3- If a Kuwaiti natural or legal person contracts to manage a project that generates large profits for him and he pays tax to the Iraqi authorities on their profits, then he can, after the State of Kuwait imposes taxes on his activities after the implementation of this agreement, collect exemption from paying the tax on those profits.

    4- If a Kuwaiti airline company operates inside Iraq and derives profits from its work, it does not pay tax on its profits if the actual management center of that company is in Kuwait.

    5- According to the Kuwaiti Law for the National Labor Support Tax No. (19) of the year 2000, which equates the citizens of the Cooperation Council countries with Kuwaiti citizens, any Gulf citizen whose company headquarters is located in Kuwait and carries out an economic activity in Iraq is exempted from paying tax on the profits of his economic activity to the Iraqi authorities and pays it for his country, meaning that the Saudi, Emirati and Qatari investors will benefit from the privileges of this agreement even if their countries have not concluded similar agreements with Iraq.

    6- When the non-Iraqi investor is given the advantage of not paying the tax inside Iraq, this will make the Iraqi investor's competition with them weaker, given that his profits are affected by paying the tax, while the non-Iraqi investor does not pay such a tax.[/rtl]
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    [/rtl]
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