7 Hrs
Source:
وكالة بغداد اليوم الاخبارية
400 billion dinars at risk from tax exemption
Deputy Mohamed Al-Khafaji revealed that 39 oil companies operating within licensing rounds have not been fully taxed, resulting in the loss of approximately 400 billion Iraqi dinars. The contracts with these companies stipulate a 35% share of profits, but the current mechanism relies on estimates, which has led to financial losses due to the discrepancy between the actual profits due and the estimated amounts. By 2024, only two companies had been taxed, while three companies had not been subjected to any taxation at all, and some of them may no longer be in operation. The relevant authorities have been notified to follow up on the outstanding amounts and the calculation mechanisms to enhance non-oil revenues and protect public funds.
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