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Law to impose income tax on foreign oil companies on Mon Jan 25, 2010 12:42 pm
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Law to impose income tax on foreign oil companies
Monday, January 25, 2010
Behalf of the people
Presidential Council
Based on what passed the House and endorsed by the Presidency Council, based on the provisions of Article (61 / I) and Article (138 / V - a) of the Constitution.
Issued the following law:
No. () for the year 2010
Law to impose income tax on foreign oil companies
Contracting for work in Iraq
Article 1 --
Impose income tax rate (35%) of thirty-five percent on income earned in Iraq on contracts with foreign oil companies contracting for work in Iraq or its branches or offices and sub-contractors in the field of oil and gas production and related industries.
Article -2 --
The provisions of the Income Tax Act No. (113) for the year 1983 the rate in each unless otherwise is stipulated in this Law.
Article 3 --
The Minister of Finance in coordination with the oil minister instructed to identify the contracts covered by the provisions of this law and to facilitate the implementation of its provisions.
Article 4 --
This law shall be the date of its publication in the Official Gazette.
Reasons
For the purpose of supporting the national economy and the submission of income earned in Iraq to foreign oil companies and its sub-contractors in the production of oil and gas tax income.
Initiated this law.
Monday, January 25, 2010
Behalf of the people
Presidential Council
Based on what passed the House and endorsed by the Presidency Council, based on the provisions of Article (61 / I) and Article (138 / V - a) of the Constitution.
Issued the following law:
No. () for the year 2010
Law to impose income tax on foreign oil companies
Contracting for work in Iraq
Article 1 --
Impose income tax rate (35%) of thirty-five percent on income earned in Iraq on contracts with foreign oil companies contracting for work in Iraq or its branches or offices and sub-contractors in the field of oil and gas production and related industries.
Article -2 --
The provisions of the Income Tax Act No. (113) for the year 1983 the rate in each unless otherwise is stipulated in this Law.
Article 3 --
The Minister of Finance in coordination with the oil minister instructed to identify the contracts covered by the provisions of this law and to facilitate the implementation of its provisions.
Article 4 --
This law shall be the date of its publication in the Official Gazette.
Reasons
For the purpose of supporting the national economy and the submission of income earned in Iraq to foreign oil companies and its sub-contractors in the production of oil and gas tax income.
Initiated this law.