View Full Version : A proposal to limit the tax breaks for companies

Hue Mi
11-06-2013, 08:33 PM
A proposal to limit the tax breaks for companies (http://www.alsabaah.iq/ArticleShow.aspx?ID=57913)

07/11/13, 12: 00 am
Baghdad Farah pumice

Economists said foreign investment firms exempted from duties and taxes on its projects in Iraq, positive step, to attract investment and encourage investor demand to Iraq along with creating a legal environment supportive of this scientific approach to integration.

However, the parliamentary opposition, considering him a new door for lost huge amounts can constitute a significant proportion of the national income revenues.

Many privileges

Beautiful name Economist Antoine between (morning) that investment law gives a lot of advantages for investors, as the abolition of taxes and fees is provided for certain required at present.

Certain period

Antoine drew the need to secure investment environment died giving the privileges commensurate with the investment works in accordance with the laws, particularly the integrity awareness of investment in the country to provide banking facilities and privileges necessary for investors and for a certain period and is not absolute.

Economic feasibility

And reservation to the absolute law, non-payment of duties and taxes investor continuously until a secure investment environment, to achieve the desired level of investment, employment and profits meet ambitious,

noting the importance of the study of feasibility of investment companies wishing to invest in Iraq through labour and returns to the country and stimulate local production and reduce foreign imports, as there must be a proportionality between all these factors.

the Cabinet has approved a Bill to exempt companies Iraqi and foreign investment projects implemented tax and duty in may, in the interest of the Government to support private sector investment and economic development, particularly through the granting of privileges and exemptions and easier implementation and work on development projects and encourage companies and contractors to implement such projects in the country's investment approaches.

Solid laws

He urged the House to conduct a feasibility study of economic laws by the competent committees and economic experts, and integrated studies for solid laws serve the economic development process, as well as investment to attract investor real sober investing in productive sectors, industrial, agricultural, residential, etc.

Investment size

The real investment to the country's income is low, where there are no numbers investments sober and level required to meet the needs of the country and contribute to the development of the infrastructure of the country, it needs to invest the real work actually began,

adding that the investment is the construction project on the ground and not the numbers recorded in the records, he said.

In turn, she is a member of the parliamentary Economic Committee, Nora albegari in a press release that the Iraqi investment law headquarters in 2006 include many facilities to investors, calling the largest Arabic States, and possibly the world, foreign companies are exempted from fees for entry of raw materials and machinery, and taxes on the proceeds for 15 years.

the objections she albegari: "focus on the concerns of some members of Parliament about the new exemptions which would deprive the Treasury of substantial proceeds to be used to finance the budget and implementing service projects.