October 24, 2021 | finance & economy

An Economist Stresses The Necessity To Oblige Foreign Companies To Pay Taxes On Their Work In Iraq

Baghdad / NINA / - The specialist in managing economic crises at the American Harvard University, Ali Jabbar Al-Fariji, stressed: 'The need to compel foreign companies to pay taxes on their work in Iraq.'

Al-Fariji said in a statement to the National Iraqi News Agency / NINA /: 'There was an opportunity to redraft the details of the service contracts (licensing rounds 2009), in 2016 and 2017, through the 2016 budget law, Article 38, and Article 48 in the 2017 budget law, which foreign companies are obligated to pay tax to Iraq, 'referring to the disappearance of these paragraphs in the budgets for the following years, and that the preparation of budgets for recent years was devoid of obligating foreign companies from the procedures for obtaining tax values for companies operating in Iraq.'

He added: 'Iraq has paid 20 billion dollars in debts and dues to foreign oil companies operating in these contracts.'

Al-Fariji explained, 'As is well-known, foreign companies do not submit their data to the Iraqi government, and Iraqi governments do not monitor the profit rates and partner discounts, and most importantly, the tax rates are collected from the profits of foreign companies under the pretext of the investment law and exemptions once and other arguments again, which are supposed to be at rates varies according to production costs and the percentage of shares.


Top News

finance & economy

Dubai-based Arcab raises seed round, eyes regional expansion
December 7, 2021
UAE and Kurdistan to consider enhancing ties
December 7, 2021
TK Elevator takes first place in ESG rating by Sustainalytics
December 7, 2021