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Iraq: Business Environment

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Iraq: Business Environment Empty Iraq: Business Environment

Post by claud39 on Wed Feb 27, 2019 8:53 am

http://www.expert-comptable-international.info/fr/fiches-pays/irak/environnement-des-affaires



Iraq: Business Environment Drapeau_irakIraq: Business Environment




Accounting rules

The fiscal yearThe fiscal year begins on January 1 and ends on December 31 of the same year.Accounting standardsIraq's Law No. 21 of 1997 defines declaratory requirements in Iraq. According to the law, all companies must use IFRS or IFRS for small and medium enterprises. 
All IFRS standards must be applied in companies whose securities are listed on the markets, in private banks, in private companies whose capital is open and consulting firms. 
Iraq's Interim Securities Market Law (adopted on April 18, 2004) mandates the use of IFRS for all companies listed on the Iraq Stock Exchange.The account structureBalance sheet and income statement.Publication requirementsRegistered institutions are required to produce annual financial statements, in Arabic and with the accounting currency of the Iraqi dinar, in accordance with the Iraqi Harmonized Chart of Accounts.

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Tax rates

Consumption taxes

The nature of the taxIraq does not apply a Value Added Tax.The standard rateN / AThe reduced rateN / AOther consumption taxesA consumption tax of 300% is applied on alcohol and tobacco, one of 15% on tickets and cars, one of 20% on telephone recharge cards and on the internet. Premium and luxury restaurants and hotels are subject to a 10% consumption tax.
More information on the Globaltrade.net Service Provider in Iraq page , the Directory for International Trade Service Providers.
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Taxes on companies

Corporation tax15%The tax rate for foreign companiesForeign companies are taxed at the same rate as domestic firms. Is taxed at a rate of 35%, the result achieved in Iraq through contracts with foreign oil companies, with their branches or subsidiaries, with subcontractors working in Iraq in the sectors of gas, oil or gas production. related industries.Taxation of capital gainsCapital gains realized on the disposal of assets must be recognized in ordinary income and taxed at the normal rate of corporation tax. Dividends received by an Iraqi entity are generally not subject to tax, if the profits distributed through dividends have previously been taxed in Iraq.Deductions and tax creditsIn accordance with tax law, the losses of a taxpayer well documented according to legal recommendations and corresponding to income to be collected in Iraq, are generally deductible profits from other sources. Donations to charities are generally deductible.Other corporate taxesA 10% base tax is levied on annual income for all real estate and is levied from the owner of the real estate or the long-term tenant (5 years). 
Stamp duty for contracts varies between 0.1% and 3% of the value of the contract. 
The employer has the obligation to collect taxes on salaries and wages paid to its employees, and then to pay them back to the tax authorities.
With regard to social security contributions, employers are divided into many categories with contributions at different rates. Employers in the first category contribute a higher rate (25% employer and 5% employee), while employers in other categories contribute a lower rate (12% from the employer and 5% from the employee).Other useful resourcesVisit the Doing Business site for the amount of taxes and mandatory contributions.

 

International comparison of corporate taxation

[/size][th]Iraq[/th][th]Middle East & North Africa[/th][th]United States[/th][th]Germany[/th][th]Number of tax payments per year[/th][th]Time required for paperwork in hours[/th][th]Total amount of taxes as% of profits[/th]
 
14.017.810.69.0
312.0208.2175.0218.0
27.832.344.048.9
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Source: Doing Business - Latest data available.
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Taxes on people's income

The standard rate

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Personal income taxProgressive rate between 3% and 15%
0 - 250,000 Iraqi dinars3%
250,001 - 500,000 Iraqi dinars5%
500,001 - 1,000,000 Iraqi dinars10%
Above 1,000,000 Iraqi dinars15%
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Deductions and tax creditsIn accordance with tax law, the deductible annual allowances for the wages received are as follows: 100% of the salaries paid by the government, public institutions and local authorities; contributions to a social security system. 
The Iraqi tax office allows a tax exemption on "risk allowances"; in fact, this type of allowance must not exceed 30% of the basic salary.Special schemes for expatriatesIncome taxes paid to a foreign country on income earned in that country may be deducted from taxes paid to Iraq.

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Double taxation agreements

Countries with which a double taxation agreement has been signedIraq is a signatory to a treaty of the Council of the Arab Economic Union; however, in fact, it does not seem to be fully applied. Hungary is the only EU country with which Iraq has signed a tax treaty.
Withholding taxesDividends - Iraq does not levy a dividend tax on dividends. 
Interest - Anyone who makes interest payments or similar payments from Iraq to a foreign lender is subject to a 15% exit tax. 
Royalties - Iraq does not levy a specific release tax on royalties.Bilateral agreementsIraq and France are not bound by a double taxation convention.

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Sources of tax information

Tax authoritiesIraqi General Tax Commission

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More information on the "Taxes and Accounting in Iraq" page of Globaltrade.net, the Directory for International Trade Service Providers.

Intellectual property

The relevant national bodiesMinistry of Culture - Intellectual Property Council


Department of Industrial Property
The relevant regional bodiesIraq is member of the World Intellectual Property Organization (English World Intellectual Property Organization or WIPO).
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Legal framework

The independence of justiceThe independence of the judiciary is guaranteed by Article 87 of the 2005 Constitution . However, according to Human Rights Watch, abuses by the criminal justice system are a major problem in Iraq and the criminal justice system is poisoned by its opacity and arbitrariness.Fairness of treatment for foreignersForeign citizens engaged in criminal proceedings in Iraq have the same rights as those granted to Iraqi citizens. Specific rights are also granted to them, such as the possibility of seeking judicial cooperation from their country in respect of proven or suspected crimes that they have (or are alleged to have) perpetrated. In fact, this equality may not be respected.The language of justiceThe official languages ​​of Iraq are Arabic and Kurdish.The use of an interpreterForeigners may request an interpreter.Sources of law and legal similaritiesThe Council of Representatives (or Chamber of Deputies) and the Council of the Federation hold the legislative power in Iraq.On-line law consultationDatabase of Iraqi laws

More information on the Globaltrade.net "Lawyers and Legal in Iraq" page , the Directory for International Trade Service Providers.
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Standards

Standards bodiesCentral Organization for Standardization and Quality Control (COSQC)
Inclusion in the international standardization networkThe Central Organization for Standardization and Quality Control ( COSQC ) is a member of the International Organization for Standardization ( ISO ) and the International Electrotechnical Commission (International English). Eletrotechnical Commission or IEC ).Classification of standardsIRQ 368Consultation of on-line standardsSee the ISO catalogCertification bodiesCentral Organization for Standardization and Quality Control (COSQC) 

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Business practice

Days and opening hoursThe offices of the administration are open from Saturday to Thursday, from 8am to 14h. 
Banks are open from Saturday to Thursday from 8h to 12h30 (until 12h on Saturdays). 
Shops and shopping centers are open from 9am to 6pm. 
The offices of private companies are open from 8h to 17h, with lunch breaks of one or two hours. 
During the month of Ramadan, work schedules are commonly reduced.

 

Holidays

The exact dates of the Islamic Calendar are based on the appearance of the moon, so holidays can occur each year on different dates of the Georgian calendar.
New Year's DayJanuary 1st
Army DayJanuary 6, 2018
NarouzMarch 21, 2018
Labor DayMay 1, 2018
Feast of Eid al-FitrJune 15, 2018
Feast of Eid al-FitrJune 16, 2018
Feast of Eid al-FitrJune 17, 2018
Feast of the RepublicJuly 14, 2018
Feast of Eid al-AdhaAugust 22, 2018
Feast of Eid al-AdhaAugust 23, 2018
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Periods during which companies are generally closed

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Eid al-AdhaAccording to the Islamic calendar

 
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claud39
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