October 20, 2015
BAGHDAD / Center Brief for the Iraqi Media Network (IMN) - a member of the governing body of the Association of Iraqi economists Akram Abdel Aziz said, that the legislation of the Income Tax Act No. 113 of 1982 will contribute to the recovery of economic development movement.
And he proceeded to the House of Representatives at its session on Monday, Act to amend the Income Tax Act No. 113 of 1982, and included, or the right to dispose of property the value of which in accordance with the provisions of the law estimate of the property value and benefits of No. 85 for the year 1978.
It Abdul Aziz's (IMN) "The approval of the law will ease the burden on the citizen and provide him expanse of income to act in order to serve its purpose, as well as its contribution to the recovery of economic development movement and encourage other sectoral joints," pointing to "the need to adhere to the implementation of the paragraphs of the law and not be ignored to provide additional financial resources of the federal budget. "
And it stated that "the law will be treated the tenant treatment owner when property lease, which came at his disposal contract Musataha and progressive tax is calculated by the value of the property."
The text of the law that are exempt from the tax, first - a - fifty million of the estimated or suit the property value of this amount and distributed to companies according to their shares if the property is owned in common, and is subject to the tax Mazad on the amount of the exemption provided for in (a) of this Paragraph according to the rates of 3% up to fifty million dinars, and 4% Mazad fifty million dinars and up to a hundred million dinars, while the proportion of 5% imposed on Mazad than a hundred million dinars and up to a hundred and fifty million dinars, while rising to 6% is increased to one hundred and fifty million dinars.
Article III of the law and indicated that he canceled the dissolved Revolutionary Command Council Resolution No. 120 in 27/6/2002, and Article IV explained that the Finance Minister may issue instructions to facilitate the implementation of the provisions of this law.
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