ROMANIA

Tax legislation

There are four types of tax in Iraq. These are: corporate tax (15 percent), personal income tax (raging from 3 percent to 15 percent), real estate gains tax (10 percent of annual revenue) and leased land tax (2 percent of the land value).

There are several tax incentives and subsidies for investments in Iraq. Investments exceeding $250,000 or its equivalent in IQD (Iraqi dinars) receive a tax exemption from fees and taxes for 10 years, beginning with the date of the start of the project. This period is renewable. Exemptions are also applied to office furniture and assets for expanding and modernising the project. The exemption period may be extended up to 15 years if the project complies with further requirements.

Repatriation in hard currency of profit and capital brought into Iraq is a major guarantee of the government.

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