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Kurdistan imposes taxes on oil and gas companies
Shafaq News / The Media and Information Department of the Kurdistan Regional Government announced, on Monday, that the government has sent its report in the field of tax reform to the Kurdistan Parliament, indicating that the report included a number of new procedures and mechanisms in tax dealings with oil production companies.
A statement by the department received by Shafaq News stated that the Regional Government's Coordination and Follow-up Department has sent its reform report in the field of taxes to the Kurdistan Parliament.
The statement stated that the regional government’s general guidelines center around reforming the tax system in a fair manner in collecting taxes, taking all legal and administrative measures to prevent tax evasion and creating new mechanisms and standards for tax regulation.
He indicated that the regional government has taken, in this context, a number of measures; Foremost among which are the Prime Minister's orders to impose income tax on petroleum products, fuels, and chemicals for oil production and fuel waste, which came into effect on 3/5/2021, which is a 70% tax of the value during import and 40% during export.
The statement added, the second measure is not to proceed with the treatment of any oil or gas company if it does not settle its tax position. The procedures also included checking the amount of the estimated tax by the Ministry of Natural Resources.
Among those measures is to oblige all supplier companies to register with the Ministry of Natural Resources and the General Directorate of Company Registration in the Ministry of Trade and Industry in the regional government.
The statement indicated that collecting taxes from foreign workers in the field of oil and gas has come into effect as of 1/17/2021.
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