Call to amend the mechanisms of action of taxes

Call to amend the mechanisms of action of taxes


1/28/2014 0:00

BAGHDAD - the joy of pumice in order to make way and capital investment companies subject to tax so-called "low-exploitation", called an economist for the amendment of Article (16) of the Companies Act No. 21 of 1997 to achieve the benefit of society and the economy of the country. Economic Advisory Ali Mahmoud urged the importance of a conversion radical and structural mechanisms of action of the General Authority for taxes by giving priority to the tasks of development in the functions of the body before the functions of collection, noting the country's need to develop instructions and legislation tax towards the purposes of development, economic development and technological therein. added Mahmoud "morning", that draws the working mechanisms tax Current based on the side of my rights at the expense of development orientation, so called for the exemption of the shares in kind of corporate capital income tax. And on tax reforms required, expressed expert importance of the amendment of Article (16) of the Companies Act No. 21 of 1997, by adding a new paragraph provides exemption from income tax for the stakes kind of corporate capital when company registered with the Registrar of Companies, considering that the implementation of this The proposed there will be a great boost in investment activity, job creation and reduce unemployment, especially that kind of capital is currently disabled or low and exploitation of real estate and agricultural land and non-agricultural and other fixed assets. As for the investment law, it was stated Mahmud he supports tax exemption as a means to attract and encourage investment, especially as the establishment of an investment project industrial, agricultural or tourist or healthy or otherwise linked to the need to establish and register a company with the Registrar of Companies, said: "The law offers tax breaks as a magnet, but the work of the bodies and registered investment companies are required settling accounts tax in advance, and this is not consistent with the orientations of the Investment Law. "




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