The parliamentary committees of economy, investment and finance discussed with the specialists in the sectors of banks and insurance, businessmen and investors files relating to the laws of tax exemption and insurance and government banks, during a workshop organized by the Iraqi National Business Council, while a member of the Finance Committee in the House of Representatives Haitham Jubouri the importance of the inclusion of Iraqi investors exemptions provided For foreign companies.
“We visited the Iraqi National Business Council today and discussed two important laws related to the first exemptions from taxes and fees for contractors and companies that carry out investment projects,” Jubouri said in a statement on Thursday.
“Iraq is going through an exceptional situation and there must be exceptional laws that are compatible with the current stage and with the security situation and the political situation. There must be temptations for investors and contractors to implement investment projects.”
He pointed out that “there is an old exemption for foreign companies.” He went on to say, “It is better to exempt the son of the investor country and the contractor from these fees, which is the right of others to implement these projects and to be equal with foreign companies operating in Iraq.”
“We support this trend and will hold a joint workshop between us and the brothers in the Iraqi National Business Council in the House of Representatives for the purpose of preparing a final version of this law.”
For his part, Chairman of the Iraqi National Business Council Daoud Abdul Zair said that a workshop was held today with the parliamentary financial and economic committees in the presence of the heads of the committee Mohammed al-Kanani and Mohamed Tamim to discuss the preparation of the last reading for the law exemptions from duties and taxes and amend the mandatory insurance law and amend the law of government banks.
In turn, the economist said, “If the banking law developed in line with the developments in the era of the banking institutions in the world, it will make the implementation of projects in Iraq is easy so we can overcome the obstacles of financial financing where there will be financial savings fast.”
With regard to the tax sector, he said: “We need some legislative procedures for taxes because the tax environment has been subjected to great tragedies, including the phenomenon of tax evasion, as well as the file of insurance.
“We found it important to add some comments on the law of private government banks, including the powers of selecting the employees of the bank to be experienced and competent,” said General Manager of Industrial Bank Bilal Sabah al-Hamdani.
“The insurance sector is one of the neglected sectors and it is necessary to amend the existing legislation to support this sector,” said Yasser Sabri, the managing director of the Red Insurance Company.