Economic Commission: the vote on the corporate exemption from duties and taxes after recess

Posted by on Nov 26, 2013 | Leave a Comment

Consultant Industrial: Investment Act, as amended, protects the investor and offers great incentives
Baghdad – the joy of pumice
in order to support economic development in the country and get rid of the red tape, is heading the House of Representatives to pass legislation exempting the Iraqi and foreign companies from duties and taxes after the legislative recess. though it has divided opinions specialists and the House of Representatives between supporter and dismissive of the bill, since he regarded consultant in industrial development and investment expert Amer Issa that whenever the law has been characterized by transparency and speed of the application whenever they better for the economy. transparent dealings and added Issa (morning) that the country suffers from the existence of legislation are many, but there are considerable constraints to implementation and application, the belief that the development of the country needs to move cross-routine with transparency in dealings and procedures. supported expert exempt companies working on projects related to national development and service projects and implementing major projects that contribute to the reconstruction of the infrastructure of the country from customs duties and taxes, Hada the exception of works on development projects of the obstacles all, not taxes only, but all the facilities in the proceedings. outlet legal and invited specialists to find a port in the new law facilitates the work of the major companies that implement the service and development projects in Iraq, as well as a reference to the law of the implementation of major development projects No. 157 of 1973 , since this law has contributed to accelerate the implementation of projects in the mid-seventies transparently clear and acceptable to some extent. investor protection and saw that the investment law, as amended, protects the investor and exempt him from taxes and customs duties, and give him incentives, saying that the problem is not to bring in investment as it pertains to the incentives and exceptions, calling in at the same time to be instructed (a bill to exempt companies from taxes) is flexible and able to accelerate the implementation of projects in the country. law aims to exempt foreign companies implementing investment projects from taxes and fees to support development projects through the granting of privileges, exemptions and simplify the implementation and the achievement of development projects and encourage companies The contractors for the implementation of planned projects in the curriculum investment. funding sources other hand, objected to a member of the parliamentary Economic Committee MP Qusay F on the new law and because it exempts companies from taxes and customs duties while the country needs to alternative sources of the budget is the oil, he says. between the Law may be read in two readings the first and second, and is still under discussions and studies as it currently exists at the parliamentary finance committee for the purpose of thorough study of the law, likely it will be submitted to the Presidium of the parliament after the legislative recess current in order to vote on it. said Friday that there are attempts at trying not to pass the law through the remainder of the current legislative session, arguing that it does not serve the country and its impact negatively on the national economy, especially as the proposals of the relevant committees it is divided into several views of which encourages investment, calling for building a modern state, as in the rest of the world that impose taxes and fees customs.

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