Economic Commission : the vote on the corporate exemption from duties and taxes after recess

11/25/2013 0:00

Industrial consultant : Investment Act , as amended, protects the investor and offers great incentives
BAGHDAD - Farah pumice

In order to support economic development in the country and get rid of the red tape , is heading the House of Representatives to pass legislation exempting the Iraqi and foreign companies from duties and taxes after the legislative recess . Though it has divided opinions specialists and the House of Representatives between supporters and dismissive of the bill , since he regarded consultant in industrial development and investment expert Amer Issa that whenever the law has been characterized by transparency and speed of the application whenever the best for the economy.

Transparency of transactions
Added Issa (morning) that the country suffers from the existence of legislation , but there are many significant barriers to implementation and application , believing that the development of the country needs to move cross- routine with transparency in dealings and procedures.

Supported expert exempt companies working on projects related to national development and service projects and implementing major projects that contribute to the reconstruction of the infrastructure of the country from customs duties and taxes , Hada exception of work on development projects of obstacles all , not taxes only , but all the facilities in the proceedings .

Port legal
He called on specialists to find a port in the new law facilitates the work of the major companies that implement service and development projects in Iraq , as well as a reference to the law of the implementation of major development projects No. 157 of 1973 , since this law has contributed to accelerate the implementation of projects in the mid-seventies transparently clear and acceptable to somewhat .

Investor Protection
He believed that the Investment Law , as amended, protects the investor and exempt him from taxes and customs duties, and give him incentives , saying that the problem is not to bring in investment as it pertains to the incentives and exceptions , calling at the same time to be instructed ( a bill to exempt companies from taxes) is flexible and able to accelerate the implementation of projects in the country .

The law aims to exempt foreign companies implementing investment projects from taxes and fees to support development projects through the granting of privileges , exemptions and simplify the implementation and the achievement of development projects and encourage companies and contractors for the implementation of planned projects in the curriculum investment .

Sources of funding
On the other hand , objected to a member of the parliamentary Economic Committee MP Qusay F on the new law and because it exempts companies from taxes and customs duties while the country needs to alternative sources of the budget is the oil , he says. Between that law may be read in two readings the first and second , and is still under discussion and studies as it exists currently in the parliamentary finance committee for the purpose of thorough study of the law , likely it will be submitted to the Presidium of the parliament after the legislative recess current in order to vote on it . said Friday that there are attempts at trying not to pass the law during the remainder of the current legislative session , arguing that he did not serve the country and the negative impact on the national economy , especially as the proposals by the competent committees are divided into several views of which encourages investment , calling for building a modern state , as in the rest of the world that impose taxes and customs duties .


http://www.alsabaah.iq/ArticleShow.aspx?ID=58943