ERBIL (Kurdistan 24) – Iraq and the Netherlands inked a double taxation avoidance pact on Monday to develop bilateral economic relations.
The agreement was signed in Baghdad between Iraqi Finance Minister Fuad Hussein and Eric Strating, the Dutch Deputy Head of Mission in Baghdad.
“Avoiding double taxation will improve [the] business environment and help to attract foreign businesses and investments to Iraq,” Hussein wrote on his official Twitter account.
I signed today with DHM of the Netherlands Embassy in Iraq @Eric_Strating an agreement to avoid “Double Taxation” with the Netherlands. Avoiding double taxation will improve business environment, & help to attract foreign businesses & investments to #iraq 🇮🇶. @IraqiGovt. pic.twitter.com/9Nw4WBp3U7— Fuad Hussein (@Fuad_Hussein1) July 1, 2019
Strating described the deal as “an important next step in the development of the bilateral relations between the Netherlands and Iraq.”
In my press statement together with Finance Minister @Fuad_Hussein1, I described the signing of the Tax Treaty as an important next step in the development of the bilateral relations between the #Netherlands 🇳🇱 and #Iraq 🇮🇶 https://t.co/2Dg1CpwHIh pic.twitter.com/xYPauItPzN— Eric Strating (@Eric_Strating) July 1, 2019
The agreement will help reassure companies who are interested in doing business and encourage investments in Iraq, Iraqi Ambassador to the Netherlands Hisham al-Alawi wrote in a tweet.
South Korea’s foreign ministry also recently revealed the imminent signing of a similar agreement with Iraq to improve economic ties between the two nations.
Since 2014, Iraq suffered substantial damage to its economy and infrastructure after years of war against the self-proclaimed Islamic State in the country.
After announcing a military victory against the terror group in late 2017, the central government in Baghdad wants to recover its economy and attract foreign investors.
Editing by Karzan Sulaivany