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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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    The new income tax law..will it achieve national justice?

    Rocky
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    The new income tax law..will it achieve national justice? Empty The new income tax law..will it achieve national justice?

    Post by Rocky Sun 22 Sep 2024, 6:50 am

    The new income tax law..will it achieve national justice?

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    Economy News - Baghdad
     
    [rtl]Last Thursday witnessed a national event with a prominent title: “Achieving Justice” in Imposing Income Taxes According to International Standards, as the Prime Minister’s Office received a draft of the new Income Tax Law prepared by the Higher Committee for Tax Reform and the General Tax Authority with the advice and supervision of experts from the German Agency for International Cooperation (GIZ). This draft represents the first strategic change in the world of taxes in Iraq following 6 decades of the 1959 Law.[/rtl]
     
    [rtl]The head of the Supreme Committee for Tax Reform, Dr. Abdul Hussein Al-Anbaky, said that “the draft of the new income tax law represents a breakthrough in the field of tax legislation, as Iraq still relies until now on Income Tax Law 112 of 1982, which is based primarily on the 1959 law, i.e. more than sixty years ago.”[/rtl]
     
    [rtl]He pointed out that "the legislation related to income tax is old legislation in light of the major developments and changes in terms of the emergence of new professions and others that have disappeared, and therefore it was necessary to take into consideration these changes and prepare a new income tax law."[/rtl]
     
    [rtl]He noted that "this law is characterised by three main points; one of which is that it is consistent in terms of calculating taxes with the international standards adopted in calculating taxes and the issue of double taxation between countries, and this matter was taken into consideration, and the other point is that the law achieves tax justice, as the scope of allowances has been expanded in raising the minimum income exempt from tax due to inflation and rising prices, as the previous allowances are no longer sufficient, so the ceilings of allowances for taxes have been raised."[/rtl]
     
    [rtl]Al-Anbaky explained that “many weak segments will not be subject to tax, and progressive taxes will be imposed on those with high incomes, higher than those with low incomes, to achieve tax justice. As for the third point, the income law will be friendly to the business environment, because there is transparency and self-assessment of income, especially for the income of companies, individuals and major taxpayers. It will be friendly to the business and investment environment, and thus it will attract investments and take into account the ease of procedures and dealings. In the end, this law will be a major shift in the field of tax reform.”[/rtl]
     
    [rtl]The Prime Minister's Advisor for Economic and Financial Affairs, Dr. Mazhar Mohammed Saleh, explained: "According to the precise legislative rules, the tax is not issued or cancelled except by law, and the work of the Tax Reform Committee is to achieve what is called (tax justice), which aims to subject new categories of taxpayers to all taxes so that their tax contributions become within the scope of tax control, which is called (the comprehensiveness of the tax base and expanding its scope), by removing the ambiguity from the evasive tax bases."[/rtl]
     
    [rtl]He added, "It is noted that due to the high rent in the economy, the contributions of those subject to taxes in their direct and indirect forms constitute only less than 2 percent of the gross domestic product, which is the lowest percentage on the scale of international standards, while their contributions to public revenues within the paragraphs of (non-oil revenues) should reach the targets specified in the (government program) and not be less than 20 percent of total revenues during the next few years, i.e. raising it to double its current percentage of 10 percent of total revenues."[/rtl]
    [rtl]"General".[/rtl]
    [rtl]He explained that “one of the advantages of the objectives of the Tax Reform Committee is to eliminate the phenomenon of so-called ‘tax free riding’, which refers to the situation in which an individual or company benefits from public goods or services provided by the government with tax funding without contributing fairly to covering the cost of these services through paying taxes.” Saleh pointed out that “this happens when a person or entity evades paying taxes or takes advantage of loopholes in the tax system, allowing it to benefit from public benefits that are funded by the contributions of others.”[/rtl]
    [rtl]For his part, the rapporteur of the Parliamentary Finance Committee for the fourth session, Dr. Ahmed Al-Saffar, explained that “amending or legislating a new income tax law is an important step, but it is not sufficient if all direct and indirect taxes are not included in the reform, and new laws are not legislated to replace the old laws due to the occurrence of comprehensive changes at the economic, social, administrative, financial and other levels, and therefore the old laws are not consistent with current dealings and the technological and practical development that is taking place in general.”[/rtl]
    [rtl]Al-Saffar explained that “this law can support the state’s non-oil revenues if actual tax reform is achieved from the legal, administrative and financial side, to be an important source and second only to oil revenues.” He noted that “if the financial authority is able to accurately limit the tax bases and collect all tax revenues and succeed in reducing the rate of evasion and financial corruption in tax departments, it may contribute tax revenues with other non-oil public revenues to perhaps reach more than 35 percent of the total public revenues and more than 50 percent of the total revenues.”[/rtl]
    [rtl] "Oil".[/rtl]


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