House Of Representatives To Exempt Investors From Taxes

[supergirl]

House of Representatives to exempt investors from taxes despite the loss of hundreds of billions

07/07/2013


BAGHDAD / JD / .. Praised for the economy and investment committee in the House of Representatives tax-exempt investors, despite the loss of hundreds of billions, saying it is a step in order to encourage investment in the country.

A member of the Committee on the economy MP Amer Hussein Jassim told / JD / Sunday: that the Commission will submit a draft exemption Iraqi and foreign companies implementing investment projects from taxes and fees for the second reading in order to ratify it in order for the advancement of reconstruction and investment in Iraq
Hussein explained that future projects will include exemption from taxes and customs fees for the materials used for the purpose of completing the project.

The discretion of the imports in the budget in 2013, the form of which 93% oil, with estimated income tax of foreign oil companies 0.25.

The budget in 2013 obtained by the agency / JD / that 93 percent of Iraq's revenues come from oil, while the rest of them, it depends of taxes.

The following Iraq's imports figures.
Max tax 0.29
Taxes and other charges 2.19
Wages for services 0.14
Transferred from public bodies and companies of the state-owned 2.36
Interest Income 0.04
Staff income tax 0.27
Corporate income tax of foreign oil 0.25

The Economic Commission has put forward in its observations on the federal budget, the question about taxes on oil companies.

Said committee member Rep. Nora Albjara in an earlier statement / JD /: Why is the tax rate remained fixed on the oil companies in the budget, despite an increase in production.

She said the agenda income estimates in the budget, according to sources of the year 2013 compared to the year 2012, indicated in paragraph 6 and special income tax of foreign oil companies that have been obtaining the $ 300 billion dinars from companies this year, and will be obtaining the same number in the next year, while contracts for the development of Fields states to begin production volume increases and with it increases the share of companies, this means a further increase in the size of the tax, but the percentage remained unchanged. / End / Mona Fatlawi  

 

 

 

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[Perspective2011]

Can they squeeze in dinar investors to be tax free too??? lol

[supergirl]

Can they squeeze in dinar investors to be tax free too??? lol

 

haha .... i hear ya ... lol

[uncirculd]

Wow, they scare me.  They go from one extreme to another.  No taxes?  

[Perspective2011]

Wow, they scare me.  They go from one extreme to another.  No taxes?  

 

This is a positive sign... it shows that there will be large amounts of revenue generated and that the tax will be considered chump change.  This speaks volumes for where they are headed.  It also opens eyes of anyone else looking to take action in Iraq by offering a powerful incentive.

Edited July 7, 2013 by Perspective2011

[calkid11]

Good post, I like tax free .  How about the dinarvet people??

[zigmeister]

Actually it is pretty smart.  This will be an incentive to bring big corps in who will get a tax break, the big boys love it and Iraq becomes a thriving nation.

[Nadita]

Can they squeeze in dinar investors to be tax free too??? lol

hahaha. they will squeeze you alright.. lol

This is a positive sign... it shows that there will be large amounts of revenue generated and that the tax will be considered chump change.  This speaks volumes for where they are headed.  It also opens eyes of anyone else looking to take action in Iraq by offering a powerful incentive.

So we have chapter 7 release, oil and gas law passed and now tax free.. are they readying for RV..?

Ramadan is their fasting and feasting month.. if it rv's, it will be the best celebration for them and a very happy summer for us

Edited July 7, 2013 by Nadita

[capt.cliff]

Maybe I read it wrong but---the tax on oil companies remains the same while new international companies get a pass for now, this can be changed budget to budget as needed--Big incentive for international companies to invest--pretty smart , doesn't mention domestic companies that I can see to any extent---that break down they show is how the oil taxes are being used internally within the GOI

Domestically I am sure will be addressed latter as sector after sector increase production , they are not going to get away with no taxes for long but they need to stimulate the creation of internal Iraqi businesses also--pretty smart if you ask me

I forgot if you think any of this applies to us here in the good old USA ,please put your hand to your forehead, a thermometer in you mouth or lower -then remember who is in the white house---you are quite possibly running a high fever! LOL!

Edited July 7, 2013 by capt.cliff

[thesjeske]

Can they squeeze in dinar investors to be tax free too??? lol

 

Nobody's gotta know your an investor in anything, especially the gumberment.

[millionaire in training]

This is a positive sign... it shows that there will be large amounts of revenue generated and that the tax will be considered chump change.  This speaks volumes for where they are headed.  It also opens eyes of anyone else looking to take action in Iraq by offering a powerful incentive.

Good point. Great incentive !

[new york kevin]

Hey Captain and crew. To me looks as though Iraq has taken a page out of China's play book. Tax breaks for new companies coming in for  a certain number of years. Doubt it will be for such a short time period as one year, ie from one budget to another. Hopefully it will be for 15, 20, or 25 years at a clip. Does anyone know how long China gives new companies? Such a plan will make them grow big time and give them greater influence in their neck of the woods.

[sandfly]

YEP

[AirBorne]

The best way of growing the economy is to encourage business - not taxation.

[ronscarpa]

Thanks for the article Supergirl...!

[redbaron]

Maybe I read it wrong but---the tax on oil companies remains the same while new international companies get a pass for now, this can be changed budget to budget as needed--Big incentive for international companies to invest--pretty smart , doesn't mention domestic companies that I can see to any extent---that break down they show is how the oil taxes are being used internally within the GOI

Domestically I am sure will be addressed latter as sector after sector increase production , they are not going to get away with no taxes for long but they need to stimulate the creation of internal Iraqi businesses also--pretty smart if you ask me

I forgot if you think any of this applies to us here in the good old USA ,please put your hand to your forehead, a thermometer in you mouth or lower -then remember who is in the white house---you are quite possibly running a high fever! LOL!

 

I found this in another thread here at DV: 

 

Tenth: the first reading of a bill exempting Iraqi and foreign companies implementing investment projects from taxes and fees. (Finance Committee, the Economy and Investment Committee, the Legal Committee). (11 items).

Read more: http://dinarvets.com/forums/index.php?/topic/153672-tomorrows-meeting-agenda-and-the-law-of-the-federal-court-for-july-8-2013/#ixzz2YQPloe97