Tax Instructions & Reforms

Tax Instructions & Reforms Earlier this year, #Iraqi_Cabinet Resolution No. 24074 was issued, which included a set of new #tax instructions and reforms. The most prominent of these reforms is extending the exemption period from fines and interest on due taxes, which was initially set until 31/7/2024. These steps come within the framework of the government’s ongoing efforts to implement tax reforms that are still under completion and work. Following the meeting of the Supreme Committee concerned with following up on the implementation of these reforms, and based on what was stated in the income and #exemptions paragraph of the aforementioned resolution, a decision was issued to extend the period for writing off the due #interest and #fines on taxpayers, whether individuals or companies starting from 1/9/2024 to continue until 31/12/2024. This extension comes within the framework of providing an additional opportunity for #taxpayers to settle their tax status and benefit from the exemptions granted.

Minimum Daily Wage Kurdistan

Minimum Daily Wage Kurdistan Kurdistan Regional Government #KRG has announced its decision to establish the minimum monthly #wage for #unskilled_workers at 450,000 IQD; while the minimum daily wage for #daily_workers has been set at 15,000 IQD. Additionally, the total monthly wages for workers shall not be less than the specified monthly minimum wage for unskilled workers.

Tax Announcement

Tax Extension Announcement General Commission of Taxes – #Iraq announced a One-Month extension of the deadline for submitting the financial reports and statements for fiscal year 2024 for natural and legal persons, ending on 30 June 2025. Therefore, income taxpayers should follow up with the Tax authorities to complete their tax accounting before the expiration the deadline to avoid imposed fines under Article 56/4 of the Income Tax Law.