Entries by H.Bassim

Federal Budget of 2019 Voted

This is an update regarding today’s voting by the Iraqi parliament approving om the approval of government’s 2019 budget at US$88.6 billion which contains one of the largest spending bills; whereby the calculation of revenues from the export of crude oil is set at a rate of $56 per barrel with an export rate of 38.8 million barrels […]

Iraq Visa Issuance in 72 Hours

On 23 October 2018, the Iraqi Ministry pf Interior has issued significant facilitation circular pertaining to visa issuance to the businessmen, investors and directors of major companies operating or willing to operate in Iraq by authorizing the Director General of civil status, passports and residency as well as the Ambassadors and Consuls in (EU, USA, […]

VIP Taxpayers Dedicated Bank Account

The General Commission of Taxes in Iraq “GCT” and to facilitate the depositing of tax payments or settlements thereof, opened two new bank accounts in Al-Rafidain Bank for to receive said payments from VIP Taxpayers (major corporations operating in Iraq) to cover corporate income Tax, employees’ withheld income tax, as follows: Bank Name: Al-Rafidain Bank […]

Effect of General Conditions of Contracts vs. Standard Documents of Tenders

Content of Publications: The current direction of the Iraqi Ministry of Planning in regard to the General Conditions for Engineering Contracting (Civil works version – Electrical, Mechanical and Chemical works versions) was explained via letter No. 714/7505 dated 9/4/2017 by circular to all ministries and contracting departments to consider the General Conditions for Contracting as […]

Tax Exemption

A significant tax circular issued by the Legal Directorate of the Iraqi Ministry of Planning all ministries and contracting agencies in Iraq regarding the application of Decree 767 of 1987 that is now including foreign subcontractors performing development projects in the tax and fees exemption in addition to the foreign prime contractors. Please feel free […]

Tax on Profitability of Foreign Companies 2018

Tax News Update In a recent circular by the General Commission of Tax, a new mechanism was put in force to regulate Tax on Profitability of Foreign Oil Companies Based on suggestions by the Ministry of Oil / Contracts and Licenses Directorate; the summary of the new mechanism is to rely on the foreign companies […]

IRAQI NATIONAL OIL COMPANY

The Iraqi Parliament voted in its regular session on Monday, 5/3/2018, on the draft law of the Iraqi National Oil Company, submitted by the Committee of Oil, Energy, and Natural Resources; The objective of the new State Oil Company is to ensure the exploration, development, production and marketing of oil resources in the fields and […]

Iraq 2018 Federal Budget Law

The Iraqi Parliament voted, on 3 March 2018, on the 2018 Federal Budget Law, as follows: The annual spending budget is amounting to 104 trillion Iraqi Dinars (approximately 88 billion USD). The revenues of the budget are estimated at 91.6 trillion Iraqi dinars, (approximately 77.4 billion USD). The total deficit in the budget is 12.5 […]