Deloitte launches Business Guide for Iraq
5 July, 2017 – Deloitte has launched itslatest report “Doing business guide – understanding Iraq’s tax position" to guide businesses through the complex and constantly evolving Iraqi landscape. The report looks to highlight key areas of consideration both for those businesses who are looking to invest in Iraq for the first time, as well as those who are more experienced in operating in Iraq.
Following the appointment of a new Director General of the General Commission for Taxes (GCT), the GCT has affirmed that one of their key objectives is to close out tax assessmentsand to maximize collection of tax revenues.
“Iraq has not fully implemented a self-assessment system of taxation and the assessment process is still very much driven by the tax authority’s review of the submitted tax filings,” explains Jayne Stokes, Director, Iraq Tax, Deloitte Middle East. “However, there is a perception within the GCT that taxpayers are not making sufficient effort to actively engage in discussion with the tax authority.”
The Deloitte report provides businesses with key tax considerations for doing business in Iraq, and highlights significant government, economic, market and legal drivers which can impact their operations. The guide also covers the industries of opportunity and key considerations for entering the market and the indicators and procedures for starting a business in Iraq.
“Despite the complexity of this jurisdiction, Iraq still offers investment opportunities for foreign businesses,” says Alex Law, Partner in charge of International Tax Services at Deloitte in the Middle East. “However, in light of the approach we are seeing taken by the GCT, it is important for taxpayers – both those new to Iraq and those with more developed operations in Iraq – to take proactive steps from the outset to ensure that they remain compliant with respect to their tax filing obligations in Iraq.”
To view the full report, please go to the following link
© 2024 Deloitte & Touche (M.E.). All rights reserved.
In this press release references to “Deloitte” are references to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”) a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see deloitte.com/about for a detailed description of the legal structure of DTTL and its member firms. The information contained in this press release is correct at the time of going to press.
About Deloitte & Touche (M.E.) LLP:
Deloitte & Touche (M.E.) LLP (“DME”) is the affiliate for the territories of the Middle East and Cyprus of Deloitte NSE LLP (“NSE”), a UK limited liability partnership and member firm of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”).
DME is a leading professional services firm established in the Middle East region with uninterrupted presence since 1926. DME’s presence in the Middle East region is established through its affiliated independent legal entities, which are licensed to operate and to provide services under the applicable laws and regulations of the relevant country. DME’s affiliates and related entities cannot oblige each other and/or DME, and when providing services, each affiliate and related entity engages directly and independently with its own clients and shall only be liable for its own acts or omissions and not those of any other affiliate.
DME provides audit and assurance, consulting, financial advisory, risk advisory and tax, services through 29 offices in 15 countries with more than 5,900 partners, directors and staff.
About Deloitte:
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”), its global network of member firms, and their related entities (collectively, the “Deloitte organization”). DTTL (also referred to as “Deloitte Global”) and each of its member firms and related entities are legally separate and independent entities, which cannot obligate or bind each other in respect of third parties. DTTL and each DTTL member firm and related entity is liable only for its own acts and omissions, and not those of each other. DTTL, NSE and DME do not provide services to clients. Please see www.deloitte.com/about to learn more.
Deloitte provides industry-leading audit and assurance, tax and legal, consulting, financial advisory, and risk advisory services to nearly 90% of the Fortune Global 500® and thousands of private companies. Our professionals deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way toward a stronger economy, a more equitable society and a sustainable world. Building on its 175-plus year history, Deloitte spans more than 150 countries and territories. Learn how Deloitte’s approximately 415,000 people worldwide make an impact that matters at www.deloitte.com.
Press contact(s):
Bassel Barakat
External Communications | PR and Media
