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Cougar: Three Options for Imposing Income Tax on Employee Payroll

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Cougar: Three Options for Imposing Income Tax on Employee Payroll Empty Cougar: Three Options for Imposing Income Tax on Employee Payroll

Post by claud39 Mon Jan 04, 2021 7:49 pm

Cougar: Three Options for Imposing Income Tax on Employee Payroll




01/04/2021





Cougar: Three Options for Imposing Income Tax on Employee Payroll 25291





Economy News - Baghdad



A member of the Finance Committee, Jamal Cougar, revealed that the House of Representatives will conduct the first reading of the draft federal budget bill for the year 2021, and that there are three options for imposing an income tax on employee salaries.

Cougar said, in a statement reported by Rudaw and seen by Al-Iqtisad News, that the Iraqi parliament will resume its sessions next week, and the first reading of the draft federal budget bill for 2021 is scheduled to take place, after all MPs received a copy of the draft Law".

And on imposing an "income tax on employee salaries" in the 2021 budget, he pointed out that "there are three options for imposing an income tax on employees' salaries."

Cougar explained that "the first option is to approve what was stated in the budget bill presented by the federal government to the House of Representatives, and the second is to refuse to impose this tax as happened with the salaries of retirees, and the third is to amend the amount and percentage of the tax."

The draft Iraqi federal budget law for 2021, which was approved by the Iraqi Federal Council of Ministers on (December 21, 2020) and submitted to the House of Representatives, imposes income tax on the salaries of all salary recipients in Iraq, excluding those whose total monthly income is 500 thousand dinars or Less.

10% is deducted from everyone whose monthly income ranges between 500 thousand and one million dinars (but the first 500 thousand are not taxed) and it is imposed by 20% on those who earn a salary of between one million and one and a half million Iraqi dinars and 30% for everything that exceeds 1.5 million dinars .

This tax includes civilian and military retirees, at the same rates. It also imposes a flat 10% tax on retirement benefits and end of service benefits.





https://economy-news.net/content.php?id=23454
claud39
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