Snip ~ She added that the new tax tariff will be compatible with economic policy and objectives, and must be approved by the World Trade Organization, because Iraq is close to joining the organization ...

September 29, 2011

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Iraq studying tax reform and the allocation of corporate

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Baghdad - Naseer Goldfinch - Dar Al-Hayat,

The Economic Commission decided to entrust the Iraqi High Economic Advisers to the Prime Minister to prepare a paper tax reform in the country, the adoption of the systems in place in developed countries, in addition to starting a project to allocate state-owned companies , central reservations close to the government for fear of turning the ownership of these companies to be in force.

The Commission on Economic Affairs in a meeting chaired by Deputy Prime Minister Rosnora Shaways and the membership of the ministers of planning, trade and industry and minerals, agriculture, and the President of the National Investment Commission, mandated the advisers in the Office of the Prime Minister delivered a paper tax reform «a way as to simplify procedures and avoid the red tape, in coordination with the ministries of trade and money.

And confirmed the economic adviser of the Council of Minister Salam Sumaisem told «life», that the paper the new tax reform will focus on the preparation of instructions for the tax systems on the basis of a modern and in the form reflects the view of the state, its economic and social.

She added that the new tax tariff will be compatible with economic policy and objectives, and must be approved by the World Trade Organization, because Iraq is close to joining the organization.

She added that the Iraqi Planning Ministry asserts that the rate of per capita income in Iraqs 500 thousand Iraqi dinars (410 dollars)», pointing out that 40 percent of the income of the Iraqi family is allocated to secure the energy sources of fuel, electricity and other.

The decision of the Finance Committee parliamentary deputy Ahmad electrodes for the «life», that the Iraqi tax system is backward and traditional, adding that «this system is supported for decades.

In regard to the powers of government in the preparation of tax system and work on it, said electrodes that the adoption of the new tax system needs to legislate a new law eliminates the previous laws, and this is the responsibility of the Finance Committee in Parliament, which will raise their paper tax reform through the Higher Economic Committee, for consideration and then presented for approval into law a new Parliament.

He stressed that the plan will examine the impact of the proposed tax on the citzen, and positive and negative impacts in the economy of the country as a whole, and will reject the Parliament any new legislation detrimental to the interests of the citizen, who still needs more support.

In the framework of meetings of the Economic Commission Higher chaired the technical agent of the Ministry of Labour and Social Affairs Hassan Rashid Dara Iraqi Special Meeting of the road map for restructuring public companies owned by the ministries, to discuss the form the comprehensive survey to employees of companies.

Smeisim explained: We fear the allocation of companies to transfer ownership to the influential people, and that means the destruction of the productive sector of the country. Increased: We hope the application of advanced experiences of countries such as France, by offering the shares of each company to the employees of the company's first, and then in the market for securities Iraq.

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