Prime Minister Mohammed Shia Al-Sudani stressed the importance of tax reforms in supporting the non-oil economy.
A statement by the Prime Minister’s Office stated that Al-Sudani chaired today, Thursday, a meeting of the Supreme Committee for Follow-up on the Implementation of Tax Reform, during which what has been accomplished according to the relevant Cabinet decisions packages, or the steps undertaken by the Supreme Committee to implement them, and the most prominent digital indicators were reviewed, including the increase in tax revenues by (22%) for the current year until the beginning of August, over the same period last year, after the government took a series of reform measures that contributed to increasing growth indicators and its sustainability.
Al-Sudani stressed that the economic reform adopted by the government as part of its program, understood the importance of implementing tax reform as a strategic option, within a comprehensive development vision for the non-oil economy, and for managing t
he state’s public funds and resources, indicating that it is a mistake to consider it an outlet that the government resorts to whenever oil prices are disturbed, or the revenues of the oil economy decline.
The meeting discussed what was implemented within the framework of expanding the tax base, and including economic activities using the self-assessment method, and within exemptions approved by the decisions of the Council of Ministers, and also discussed implementing steps to address the problems of taxpayers, and the accounting of private banks.
The attendees presented to the Prime Minister the efforts to prepare a new draft law for income tax in Iraq with the German Cooperation Organization (GIZ), and by adopting international standards that are friendly to the business environment, and supportive of the private sector, in order to achieve tax justice, as well as the steps to prepare a new draft law for sales tax in Iraq, and prepare a draft amendment to the real estate transfer tax law. In addition to
what has been accomplished in the field of tax accounting for extractive oil companies within the licensing rounds, and establishing a mechanism for collecting income tax from their activities.
Source: National Iraqi News Agency