Deloitte, the world’s largest professional services firm based in the United States, has launched a business guide to understand the tax situation in Iraq, noting that the Iraqi authorities have not fully implemented the self-assessment system for taxes.
According to press sources, “Deloitte” issued a new report on the tax environment in Iraq under the title “Iraq’s Commercial Guide - Understanding the tax situation in Iraq,” to guide companies and support to customers and stakeholders in Iraq. The report aims to shed light on the key areas requiring consideration, both for companies that are looking to invest in Iraq for the first time, and those with experience and currently working in Iraq. The General Authority for Taxation, following the appointment of a new general manager, that one of its main goals quickly dealing with tax assessments and collection of tax revenues in most ways.
“The Iraqi authorities have not fully implemented the self-assessment system for taxes, and the process is still affected by the Commission’s review of the tax return requests,” said Jane Stokes, director of tax at Deloitte Middle East in Iraq. “However, there is a perception in the Commission that taxpayers are not doing enough to participate effectively in the discussion with the IRS.”
The Deloitte report provides companies with significant tax considerations for doing business in Iraq and highlights the most important factors affecting their operations, such as regulatory, economic, and market developments. The guide also addresses the sectors that attract investment and rich opportunities and considerations to enter the market, in addition to the procedures necessary to establish companies in Iraq.
The partner in charge of international tax services at Deloitte Middle East Alex Lo said that Iraq “despite the complexities in this area, still provides investment opportunities for foreign companies But in the light of the approach adopted by the General Authority for Taxation, it is important for taxpayers, Or those with sophisticated business activities in Iraq, to take proactive steps from the outset to ensure their compliance with the obligations of tax filing in Iraq. “