Post by Iraqbound on Feb 8, 2014 15:01:16 GMT
The General Manager of the Income Tax Department and Higher Commission in the Ministry of Finance have approved and introduced the ‘self-assessment’ method to the following companies in Iraq:
Private Sector Companies
Mixed Companies
Foreign Oil & Gas Companies (and their sub-contractors) who are subject to Law No. 19 of 2010 and Instructions No. 5 of 2011.
The tax department will accept the tax amounts paid based on the results of the financial statements. The tax payer has the right to obtain all necessary documents (including the non-objection letter required for the purchase of assets, land, property etc.) in order to continue with its the daily business operations.
The Tax Audit Committee and Audit Bureau will conduct the annual tax audit based on the sampling method and based on Article 32 of the Income Tax Law No. 113 of 1982 (as amended). Penalties and interest will be applied on any discrepancies found.
Private Sector Companies
Mixed Companies
Foreign Oil & Gas Companies (and their sub-contractors) who are subject to Law No. 19 of 2010 and Instructions No. 5 of 2011.
The tax department will accept the tax amounts paid based on the results of the financial statements. The tax payer has the right to obtain all necessary documents (including the non-objection letter required for the purchase of assets, land, property etc.) in order to continue with its the daily business operations.
The Tax Audit Committee and Audit Bureau will conduct the annual tax audit based on the sampling method and based on Article 32 of the Income Tax Law No. 113 of 1982 (as amended). Penalties and interest will be applied on any discrepancies found.