Exempting From Taxes, Impacts Financial, Economic Conditions
According to the chairman’s statement, the decision will impact the past and future procedures, as well as impacting completing plans by time.
ERBIL (Kurdistan 24) –The Chairman of the Kurdistan Board of Investment Dr. Mohammed Shukri, on Wednesday July 24th, confirmed that the Prime Minister's decision about exempting certain businesses and services from taxes will affect the market and mitigate the burden on public and investors.
Read More: PM Barzani orders exemption of certain taxes in Kurdistan Region
In addition, Dr. Shukri advised through Kurdistan 24 – tv channel section that the primer's decision of untaxing businesses will include investment and non-investment projects.
He underlined “We had a big issue with the both of Ministry of Finances and General Directorate of Tax at collecting taxes on unoccupied lands from investors. As such meant from issuing a permit for designated lands to the final phase the project would reach."
Furthermore, he gave compliments to that step which will be fairer, especially, with digging up the details for example to get a project or plan completed, perhaps takes years, also taking tax from a vacant land dated back to an old Iraqi article.
The Premier’s order is to suspend the taxation law for some limited small businesses.
According to the chairman’s statement, the decision will impact the past and future procedures, as well as impacting completing plans by time.
Such decision, said to lift up any financial burden on public and investors. Dr. Shukri highlighted the issue of taxing the five-star hotels and restaurants were in the queue; job opportunity rate went down significantly and tourism decreased.
He believed "The decision will directly affect investment, economic circumstances and public’s small businesses. It will also increase jobs in the future, therefore since yesterday we welcomed the decision" he said. "The Prime Minister's decision will take placed immediately because it came from the Kurdistan Regional Government’s office, and thus the Kurdistan Regional Tax Directorate announced that matter".
