Finance discusses the application of the tax system with investment companies and businessmen

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Finance discusses the application of the tax system with investment companies and businessmen

 

Ministry of Finance building

money and business Economy News - Baghdad On Saturday, the Ministry of Finance discussed with investment companies and a number of businessmen the implementation of the tax system and its feasibility. And the official news agency "conscious" stated that "the Ministry of Finance held a workshop under the title (Reform of the Tax System in Iraq) in the presence of Finance Minister Ali Allawi, advisers in the Prime Minister and general managers in the Ministry of Planning and the financial and tax departments, and with the participation of a number of owners of investment companies operating in Iraq and businessmen ". She added that "the workshop dealt with several topics, most notably the feasibility of applying the tax system and types of taxes."

Views 86   Date Added 08/14/2021

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Allawi stresses the importance of preparing a new tax law and warns foreign companies "evading"

 

Finance Minister Ali Abdel Amir Allawi, "Al-Iqtisad News"

money and business Economy News - Baghdad Finance Minister Ali Abdel Amir Allawi stressed, on Saturday, the importance of preparing a new tax law, while revealing the percentages collected from taxes. Allawi said in his intervention during the workshop that was held at the Ministry's headquarters to discuss the application of the tax law, that "a draft of a new tax law commensurate with the Iraqi situation must be prepared," noting that "the current Iraqi tax law is a copy of the British tax law issued in 1922 and it must Preparing a draft of a new law to be submitted to the Council of Ministers that is commensurate with Iraqi society,” according to “Conscious.” Allawi added that "the percentage of taxes collected is 1% of the state's national product during the past year," stressing that "this percentage is small." He explained that "the property tax rate imposed is 9% of the estimated property price. As for the property transfer tax, it is progressive, ranging from 3 to 6% of the property value, and the income tax rate is 15% of the net profit." He added that "there are part of the foreign companies that practice tax evasion and the necessary measures will be taken against them."

Views 275   Date Added 08/14/2021

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Allawi sponsors a conference to modernize taxes and deductions in Iraq

 

 2021-08-14 08:27

 

Shafaq News/ On Saturday, the Iraqi Minister of Finance sponsored a conference in the capital, Baghdad, aimed at reforming the tax system in the country.

 

The Ministry of Finance said in a statement received by Shafaq News Agency, the work of the tax system reform conference in Iraq was launched today, under the auspices of Minister Ali Allawi, in the presence of a member of the Parliamentary Finance Committee, Sadiq Al-Sultani, the Undersecretary for Finance and Planning, the Prime Minister’s Adviser, a number of general managers in the ministry, experts, engineers, investors, contractors and industrialists. Businessmen and researchers in the tax sector.

 

She explained that "the conference discussed a number of main axes that, in their entirety, constitute the roadmap for implementing the reform and development plan for tax policy, the most important of which are: the feasibility of applying the tax system in Iraq, real estate tax, government contracts tax and direct deduction, in addition to discussing the income tax axis on oil licensing companies and salary tax. Private and public sector employees, mobile phone and business tax, and currency auction taxes.

 

The aspect of tax exemptions on investment projects was also discussed as one of the incentives to attract investors and expand the base of promising development opportunities, according to the statement of finance.

 

And the Minister of Finance indicated, according to the statement, that the conference aims to discuss mechanisms for reforming and modernizing the current tax system by reviewing legislation and tax laws and instructions for their implementation in line with the challenges of the current economic reality, and the impact of the tax sector on the monetary and financial policy in the country.

 

He pointed out that the importance of holding the conference came according to several necessities, the most important of which is that the current tax system does not meet the requirements of economic advancement and does not support the elements of achieving comprehensive and sustainable development.

 

He added that these reforms will have positive repercussions that will provide the necessary revenues to finance the state's public expenditures, activate the investment reality and establish development projects that provide new job opportunities among young people.

 

Allawi stressed that the Ministry of Finance is proceeding towards implementing its reform programs related to tax policy, as it is one of the most important strategic objectives stipulated in the white paper, indicating that the Ministry pays great attention to the field of introducing global technology and modern digital systems by fully automating the tax work and benefiting from international expertise and discreet companies. Specialized in the tax field and providing tax services with high quality and accuracy.

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A parliamentary committee calls for amending the tax system in Iraq

 

 2021-08-15 06:55

 

Shafaq News/ The Finance Committee of the Iraqi Parliament called, on Sunday, to amend the tax system in Iraq in a manner consistent with developments in the country.

 

Committee Rapporteur Ahmed Al-Saffar told Shafak News Agency, "The Iraqi tax system is not in line with the economic, social and political developments in the country."

 

He pointed out that the majority of laws regulating taxes in the country are old and date back to the last century, such as Income Tax Law No. 113 of 1982, calling for a review of those laws.

 

He added that it is not a matter of one law, but that the country needs to legislate new tax laws that are consistent with the economic, financial, administrative and political situation and reflect the financial and economic policy.

 

Al-Saffar stressed the need for the laws related to taxes to be flexible and change according to the country's economic conditions, whether in the state of prosperity and recovery or vice versa.

 

He concluded by saying, "The tax system must be looked at as a whole, and all taxes need to be changed and modified so that they are consistent with the country's financial and economic situation."

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The Parliamentary “Finance” in Iraq reveals a joint plan with the private sector to maximize revenues

archival

 August 14, 2021 11:43 PM

 

 

Mubasher: The Parliamentary Finance Committee in Iraq revealed, today, Saturday, a joint plan between the committee, the Ministry of Finance and the private sector, which will be developed to address some points that will maximize revenues, strengthen the economy and solve its problems.

Committee member, Deputy Sadiq Al-Sultani, told the Iraqi News Agency (INA), that "after the approval of the 2021 budget law, observations were made in the private sector after the increase in the Iraqi dinar exchange rate against the dollar, as prices changed in the markets in addition to changes in the local economy in the sector. special when comparing this change with tax deductions that included several paragraphs.

Al-Sultani added that "a joint workshop was held between the Finance Committee and the Ministries of Finance and Planning to find out the problems that hinder the work of the economy, businessmen and the private sector and how to address these points in the next year's 2022 budget."

He pointed out that "the workshop also discussed the reform paper developed by the Ministry of Finance, in addition to many discussions," stressing that "joint committees will be formed before approving the 2022 budget, between each sector, whether at the level of the private sector for energy or some agricultural and industrial sectors, to come up with results and data. A mission that marks in the next budget in order to advance the service and economic realities in the country."

Speaking about the parliament’s amendments to the text of the current year’s budget, he pointed out that “many paragraphs of the 2021 budget have been amended, in order to maximize tax revenues, and if we compare today to what was 8 months ago, we find that a qualitative leap has been achieved in the amounts of tax revenues.”

He noted that "the private sector suffers from these taxes, and when the state and its institutions increase them in order to advance revenues for the public interest, there is an objection from the private sector because the matter could cause an increase in prices."

He continued: "Therefore, a joint plan will be developed between the private sector, the Ministry of Finance and the Finance Committee in order to identify these points that may lead to a weak economy and weak taxes, and the results that lead to an increase in revenues will be addressed through these committees," noting that "the budget numbers It is subject to its completion before the elections by government institutions.”

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Discuss employee payroll tax.. Finance hosts a conference on taxes and deductions

2021-08-14 | 08:19

https://www.alsumaria.tv/news/اقتصاد/393428/ناقش-ضريبة-رواتب-الموظفين-المالية-تحتضن-مؤتمراً-حو

 

Today, Saturday, the Tax System Reform Conference in Iraq discussed a roadmap for implementing the reform and development plan for tax policy.
 

The Ministry of Finance said in a statement, received by Alsumaria News, that "the work of the conference on reforming the tax system in Iraq was launched today, under the auspices of Finance Minister Ali Abdul-Amir Allawi, and in the presence of a member of the Parliamentary Finance Committee, Sadiq Al-Sultani, the Undersecretary of Finance and Planning, Adviser to the Prime Minister, a number of general managers in the ministry, experts and engineers." Investors, contractors, industrialists, businessmen and researchers in the tax sector.
The conference discussed, “a set of main axes that, in total, constitute a roadmap for implementing the reform and development plan for tax policy, the most important of which is the feasibility of applying the tax system in Iraq, real estate tax, government contracts tax, and direct deduction, in addition to discussing the income tax axis on oil licensing companies and employee salaries tax.” The private and public sector, the mobile phone company tax, business and currency auction taxes."

They also discussed, according to the statement, "the aspect of tax exemptions on investment projects as incentives to attract investors and expand the base of promising development opportunities."

 

In his speech, the Minister of Finance indicated that "the conference aims to discuss mechanisms to reform and modernize the current tax system by reviewing legislation and tax laws and instructions for their implementation in line with the challenges of the current economic reality, and the tax sector's impact on the monetary and financial policy in the country."

He pointed out that "the importance of convening the conference came according to several necessities, the most important of which is that the current tax system does not meet the requirements of economic advancement and does not support the elements of achieving comprehensive and sustainable development."

Allawi added, "These reforms will have positive repercussions that will provide the necessary revenues to finance the state's public expenditures, activate the investment reality and establish development projects that provide new job opportunities among young people."

The Minister of Finance stressed that "the ministry is moving towards implementing its reform programs related to tax policy, as it is one of the most important strategic objectives stipulated in the white paper, and that the ministry pays great attention to the field of introducing global technology and modern digital systems through the complete automation of tax work and benefiting from international expertise and discreet companies." Specializing in the tax field and providing tax services with high quality and accuracy.