The general agency for taxes that belongs to the Iraqi ministry of finance announced the addition of new methods to collect taxes. In this context, the general manger of the agency, Talib Mohsein, said that the main objective of this procedure is to create some type of confidence and transparency in dealing with local companies.
He also revealed, according to <i>Almanar</i> newspaper, that there would be a "deduction method", which means that the agency will deduct any taxes paid by the company in a foreign country.
He disclosed that the current system does not suit international standards. He affirmed that the agency will let any Iraqi company estimate its taxes based on its business activities, and the agency will approve it after checking the accuracy of the information.
© 2005 Mena Report (www.menareport.com)
