Iraq to slap foreign oil firms with 35% corporate tax

Iraq’s cabinet has approved a bill that will slap foreign oil firms with a minimum 35 percent corporate tax in a bid to boost revenues, government spokesman Ali al-Dabbagh said on Wednesday.

“The Council of Ministers decided to approve the draft law on income tax on foreign oil companies based on the provisions of two constitutional articles,” he said in a statement.

“It takes into account the recommendation of the State Consultative Council to add an article for the income tax law of 1982 of not less than 35 percent.
AFP