The Iraqi government has approved a bill levying a tax of 35% on foreign oil companies’ profits. It is hoped the measure will provide the government with much-needed tax revenues to offset plummeting oil prices.
The Iraqi government has underlined that the proposal has not been drafted to deter foreign investment, nor impose a draconian burden on its most important sector, but instead to claim rightful revenues from the industry, which are currently collected in the companies’ home countries. Sounds familiar?
The government noted that the growing network of Iraqi double tax avoidance treaties will ensure that appropriately domiciled companies do not pay tax twice.
The proposals will now be forwarded to parliament for approval.
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