Category: Dinar Daddy

Nearly Half of Kurdish Businesses Pay no Tax

From Rudaw. Re-published with permission by Iraq Business News.

Of nearly 25,000 registered companies in the Kurdistan Region, only around 13,000 of them pay corporate income tax, according to a new report from the Directorate of Taxes and Public Properties in Erbil.

General manager of the directorate, Dr. Kamal Tayyib, told Rudaw the systematic tax evasion by mid-sized and small businesses has deprived the government of “billions of dollars” annually.

“We had nearly 200 billion dinars [$170 million] of tax collection in 2016 despite the fact that one in two companies basically did not pay any kind of taxes,” said Tayyib, who is confident that the revenues will grow this year.

“My prediction is that our total revenue will increase as we have imposed many new ways to oblige business owners to pay taxes,” he said.

Largely dependent on earnings from export of crude oil, the Kurdistan Regional Government (KRG) has not relied on taxes as a sustainable source of revenue.

Although paying taxes are obligatory according to Iraqi law, the extremely low tax rates in the country has stripped the state of valuable financial assets.

The federal income tax rate was below 5 percent in 2016 for middle income households.

Businesses are obliged to pay corporate tax according their revenues, said Tayyib.

“And here the problem is that many of the businesses understate their actual revenues and so far we have had limited access to verify their actual incomes,” he added.

Tayyib said his office has brought charges against 288 companies in Erbil alone for tax evasion and has warned other business owners in the Kurdish capital of similar legal actions if they refuse to comply with tax regulations.

“We have had some success in that regard, but the challenges are far greater than just companies not paying taxes,” Tayyib said, adding that corruption in many tax offices across the country that are linked to his own directorate in Erbil has been a major obstacle to proper collection of taxes.

“We have brought charges also against our own employees across the country for nepotism of different sorts where we had reasons to suspect and often removed head of the offices,” he added.

(Source: Rudaw)

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1 MILLION IRAQI DINAR-IQD, 40-25000 Notes-**UNCIRCULATED-MINT

IRAQI DINAR – IQD 1 MILLION in IRAQI DINAR BANK NOTES (IQD). UNCIRCULATED and AUTHENTIC Currency of Iraq You will receive 40 – 25000 …

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Alfa plam generates highest trading turnover in Belgrade, share indices fall

Alfa plam shares lost 6.19% on Friday in trading turnover of 4.96 million dinars. Civil engineering company Energoprojekt [BEL:ENHL] was the most …

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Central bank to determine new rate of iraqi dinar to dollar

The Dinar Arabic: دينار, [(sign: د.ع; code: IQD) is the currency of Iraq. It is issued by the Central Bank of Iraq and is subdivided into 1,000 fils (ف. Convert …

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Bruce claims we are close.

Bruce WE ARE CLOSE WE HAVE HEARD A LOT HAS HAPPENED BOND TRADES HAVE BEEN TAKING PLACE IN EU AND FAR EAST…WE HAVE HEARD THAT THE PROXIMITY IS VERY NEAR LOOKING FOR AN ANNOUNCEMENT EVEN POSSIBLY TONIGHT [THURSDAY]…STEPPING STONES TAKING US TO THAT THRESHOLD… AND WE KNOW THAT THE ISX WAS OPERATING FOR ABOUT FOUR HOURS TODAY [THURSDAY]…ISX SHUT DOWN AFTER FOUR HOURS OF TRADING = MY UNDERSTANDING THAT ADJUSTMENTS WERE TO TAKE PLACE – AND TO ROLL LATER TONIGHT [THURSDAY]…WE COULD HAVE ANNOUNCEMENTS THAT WE ARE EXPECTING ANYTIME…

 

Tlar talks about Sadr’s job.

Tlar I think Sadr’s job in all this is to pressurize the change putting fear into all those who continue to try to stall this. I think Sadr is on board with Abadi and is taking an active roll in pushing this agenda the only way he can be of benefit to Abadi. By threatening to over run the green zone he has been able to get everyone going the same direction through that fear. Ministers quiting that otherwise might have tried to stay on, antagonistic blocks backing down from pushing to delay, etc. etc. I don’t think under any circumstances would he actually go in and wipe the government out. But he has put the fear of Allah in the corrupt politicians and they aren’t sure if he means what he says. This is why I think Abadi will be able to get this government seated quickly. Sadr is the bulldozer working with Abadi clearing the way for the reforms, while Abadi quickly gets them in place before the SOL and the other corrupt have a chance to organize.

 

Parliament speaker discusses with the Iraqi Ambassador to Saudi Arabia ways to improve relations

Parliament Speaker Salim al-Jubouri, met in his office, on Thursday, with the Iraqi Ambassador to Saudi Arabia Rushdie al-Ani.

A statement by the Office of al-Jubouri said that they discussed, during the meeting the latest developments on the local and regional arenas, as well as the relations between the two brotherly countries and ways of enhancing and upgrading them to serve the common interests ./End

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Sadr calls on the protesters to demonstrate tomorrow

Cleric Muqtada al-Sadr called on his followers and Iraqis in general to the need to demonstrate on Friday in al-Tahrir Square to resist corruption.

Mr. al-Sadr stressed the importance of the stability and steadfastness of the protesters, whether he remained with them or was murdered at the hands of what he described as the enemies of Iraq, the reform and liberation, praising the organization for their support and their obedience . / End

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