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[ltr]$ 430 million accounts for Zain in Iraq may cause disagreements between Baghdad and Kuwait[/ltr]
[ltr][You must be registered and logged in to see this image.]BAGHDAD - Iraq Press - March 3 / March: Aninformed source said that Kuwait 's Zain to Etisalat, which holds about $ 430 million in frozen bank accounts Aracah- sent a letter to the Iraqi prime minister says Baghdad has violated a bilateral investment agreement between the two countries.
Perhaps the dispute leads to disturb the relations between the two countries after a few months toallow Kuwait to Iraq to postpone a payment of war reparations of $ 4.6 billion through 2017 while helping to ease the pressure on public finances of Baghdad in the wake of falling oil prices.
And Zain holds a majority stake in Zain Iraq , thefirst operator of mobile services in the country in terms of number of subscribers, which has 128.82 million Kuwaiti dinars ($ 429 million) frozen in local accounts.
It was freezing at the behest of the Iraqi taxes , which said in 2011 that Zain Iraq city taxes capital gains of $ 185 million on thedeal on the acquisition of its rival Iraqna in 2007 , which amounted to $ 1.2 billion authorities.
Unusually, the Iraqi government is trying to impose capital gains tax on Zain Iraq , a purchasing company of the asset, not the seller , a Global Telecom. It is expected that an Iraqi court hold a hearing to hear the lawsuit against Zain tax on the eighth of March.
She declined to Zain and officials of the Iraqi Ministry of Communications to comment on the speech , while Global Telecom did not respond to requests for comment.
The source , who asked not to be named , said the letter which was sent to Prime Minister Haider al - Abadi and several government departments Zine includes a complaint that the government Antekht several items of investment between Kuwait and Iraq agreement.
He added that Zan- which earned lawsuits against fines and claims in Iraq by about five billion Dolar- still prefer to reach an agreement with the government instead of resorting to international arbitration.
Says Iraqi tax authorities also said that Zain Iraq-which has achieved a net profit worth $ 122 million last year , is owed $ 175 million dollars worth of profits taxes unpaid for years until 2010. Q ended
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