World Bank confirms Iraq's progress in business environment indicators and low taxes

World Bank confirms Iraq's progress in business environment indicators and low taxes



15-11-2017 01:15 PM

The Euphrates -
 
An outlook for the business environment in Iraq next year has made progress in environmental indicators for most sectors, despite a slight decline in Iraq's tax collection, according to an annual World Bank report.

The report, published earlier, showed that there has been a significant improvement in Iraq's business environment indicators for most of the World Bank's 2018 sectors or activities. There are promising opportunities for foreign investment and contracting sectors to work in the country's stability and peace economy.

The World Bank confirmed that, during 2016-2017, Iraq had been able to implement fundamental changes in the domestic regulatory framework in two main areas: starting business and obtaining credit.

"Starting business is easier in Iraq by combining multiple registration procedures and shorter time to register companies. Business owners no longer have to register their companies independently with the General Authority for Taxes, while the time required to register companies has been reduced. Due to increased resources available in the registry and improved electronic registration system '.

"The Doing Business data shows that fragile economies such as Iraq continue to reform and deal with crises as opportunities to improve business systems," said Saruj Kumar Jha, regional director of the Mashreq World Bank. "The Iraqi government has embarked on a fundamental reform agenda based on (2014-2018), which places priority on institutional economic reforms and the development of the private sector.

He noted that the World Bank is committed to supporting the Iraqi government's efforts to implement priority reforms that will enhance the business environment and achieve better growth and opportunities for all Iraqis.

According to analysts, Iraq has improved in six indicators starting in 2017. In the 'start of business', the first indicator of the report, which considers the number of procedures, time, cost and minimum capital paid to start a limited liability company rose, which became more attractive to investors At a time when the war is over, and the world sees Iraq's efforts to reform seriously and have an impact on the ground.

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