March 12, 2011
Iraqi Government Cut Taxes for Housing Project Investment
Baghdad, (AKnews) – The Prime Minister’s legal adviser said on Thursday that the Iraqi government has decided to reduce taxes on of housing investment projects from 20% to a maximum of 5%.
Fadel Mohammed Jawad told AKnews that the move is part of a bid to facilitate investment in the housing construction sector in order to address the country’s housing crisis.
“The reduction decision came at the request of the National Investment Commission to facilitate the entry of investment companies and stimulate economic development in the country.” He said.
The Ministry of Construction and Housing have announced that the housing crisis will be resolved by 2020, according to the National Housing Policy which was launched in early October last year.
The Ministry announced earlier this month its intention to build one million housing units across the country in accord with the National Housing Policy, and in cooperation with the National Investment Commission.
More than 27 residential complex projects are already underway in different parts of Iraq, representing more than 13,600 units.
Iraq suffers from a dilapidated infrastructure as a result of 30 years of successive wars and two decades of economic sanctions imposed by the UN in 1990 following the Iraqi invasion of Kuwait.
The former Iraqi parliament approved to the National Investment Commission in 2006 a new investment law which gives the commission exclusive responsibility for federal investment project strategy, while the regional and provincial boards are responsible for investment planning and granting investment licenses in their regions.
http://www.aknews.com/en/aknews/2/224130/
Iraqi Government Cut Taxes for Housing Project Investment
Baghdad, (AKnews) – The Prime Minister’s legal adviser said on Thursday that the Iraqi government has decided to reduce taxes on of housing investment projects from 20% to a maximum of 5%.
Fadel Mohammed Jawad told AKnews that the move is part of a bid to facilitate investment in the housing construction sector in order to address the country’s housing crisis.
“The reduction decision came at the request of the National Investment Commission to facilitate the entry of investment companies and stimulate economic development in the country.” He said.
The Ministry of Construction and Housing have announced that the housing crisis will be resolved by 2020, according to the National Housing Policy which was launched in early October last year.
The Ministry announced earlier this month its intention to build one million housing units across the country in accord with the National Housing Policy, and in cooperation with the National Investment Commission.
More than 27 residential complex projects are already underway in different parts of Iraq, representing more than 13,600 units.
Iraq suffers from a dilapidated infrastructure as a result of 30 years of successive wars and two decades of economic sanctions imposed by the UN in 1990 following the Iraqi invasion of Kuwait.
The former Iraqi parliament approved to the National Investment Commission in 2006 a new investment law which gives the commission exclusive responsibility for federal investment project strategy, while the regional and provincial boards are responsible for investment planning and granting investment licenses in their regions.
http://www.aknews.com/en/aknews/2/224130/
