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KRG imposes taxes on Oil and Gas companies

Category: Economy

Date: 2021-05-10T17:51:47+0000
KRG imposes taxes on Oil and Gas companies
Shafaq News/ The coordination and Follow-up Directorate in Kurdistan submitted today, Monday, a report about tax reforms to the Kurdistan Parliament.

A statement of the Directorate said that the general headings revolve around reforming the tax system, taking all legal and administrative measures to prevent tax evasion, and create new mechanisms and standards. 

The Prime Minister instructed imposing 70% tax on imported and 40% on exported oil, fuel, and petrochemical products, which was put into action on 3/5/2021.

The government decided to halt the proceedings of any oil company that does not settle its taxation issue, including the tax estimated by the Ministry of Natural Resources. 

The statement added that the importing companies shall register at the Ministry of Natural resources, the general directorate for registering companies, the Ministry of Agriculture and Industry in Kurdistan. 

 The statement indicated that collecting taxes from foreigners working in the oil and gas sector has come into effect on 1/17/2021.

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