2010-02-16
Presidential Council endorses the law to impose income tax on foreign oil companies contracting for work in Iraq
بغداد ( إيبا ).. BAGHDAD (Iba)
Council approved the Presidency, in its meeting held on Monday 15/2/2010, the Act to impose income tax on foreign oil companies contracting for work in Iraq.
A statement by the Presidency of the Republic received by the independent press (Iba) that the approval was based on what passed the House of Representatives in accordance with the provisions of item (I) of Article (61) and the provisions of paragraph (a) of item (V) of Article (138) of the Constitution.
The law includes income tax rate (35%) of thirty-five percent on income earned in Iraq on contracts with foreign oil companies contracting for work in Iraq or its branches or offices and sub-contractors in the production and extraction of oil and gas and related industries.
The statement noted that the reasons for enactment of the law is for the purpose of supporting the national economy and the submission of income earned in Iraq to foreign oil companies and its sub-contractors in the production and extraction of oil and gas tax income.
(End) / g /.
