Financial Expert To Nina: Iraq Must Take Several Steps To Transform Its Economy From A Rentier To A Multi-Revenue Economy
Wednesday 23 October 2024 | Economic Baghdad / NINA / Financial and economic expert Safwan Qusay confirmed today, Wednesday, that the transformation of Iraq's economy from a rentier oil economy to a multi-revenue economy requires several steps that must be followed by the authorities responsible for developing the Iraqi economy.
Qusay said in a statement to the National Iraqi News Agency / NINA / that "the current tax reform process must be consistent with the necessity for the investment law to be compatible with the tax law, indicating that Iraq inherited a set of tax laws related to the central economy, so the process of updating them is related to the requirements of global investment that will increase the ability to attract investments and requires stability in these laws."
He added that "Iraq does not need a process of reviewing the rates, but rather needs to comply with international financial reporting standards so that the values appearing in the financial statements are the reality of income, and we need to expand the tax base and review tax allowances in a manner consistent with the purchasing power of the income earner..
We need a process of twinning between local and international laws with direct supervision of what the investor desires, which can restore the tax law sector so that Iraq has an attractive investment opportunity away from the process of subjecting these indicators to laws that are not characterized by sustainability."
He pointed out that "supporting the local product can be done by providing production subsidies and not by imposing taxes on the investment sector. We need to transform the informal market into a formal one because this will pave the way for building a non-oil economy." /End 8 https://ninanews.com/Website/News/Details?Key=1163877
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