Company Zain Iraq] Kuwaiti moans of Ebadi of violating agreement 3/3/2016
Company Zain Iraq] Kuwaiti moans of Ebadi of violating agreement
3/3/2016 0 Comments
An informed source said that Kuwait's Zain to Etisalat, which holds about $ 430 million in frozen bank accounts Aracah- sent a letter to the Prime Minister Haider al-Abadi saying that Baghdad "violated" bilateral investment treaty between the two countries.
And Zain holds a majority stake in Zain Iraq's number one operator for mobile services in the country in terms of number of subscribers, which has 128.82 million Kuwaiti dinars [$ 429 million] frozen in local accounts.
It was freezing at the behest of the Iraqi taxes, which said in 2011 that Zain Iraq city taxes capital gains of $ 185 million on the deal on the acquisition of its rival Iraqna in 2007, which amounted to $ 1.2 billion authorities.
Unusually, the Iraqi government is trying to impose capital gains tax on Zain Iraq, a purchasing company of the asset, not the seller, a Global Telecom, is expected to hold a hearing by an Iraqi court to hear lawsuit against Zain tax on the eighth of March.
The source, who asked not to be named, said the letter which was sent to al-Abadi and several government departments include Zain Iraq complain that the government Antekht several items of investment between Kuwait and Iraq agreement.
He added that Zan- which earned lawsuits against fines and claims in Iraq by about five billion Dolar- still prefer to reach an agreement with the government instead of resorting to international arbitration.
Says Iraqi tax authorities also said that Zain Iraq-which has achieved a net profit of $ 122 million last year, is owed $ 175 million dollars worth of profits taxes unpaid for years until 2010.