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Professions Commercial Business Regulations for 2023 (2024)

General Commission of Taxes in Iraq began working with the self-assessment method, which means the financial authority agrees in principle to deal with the results included in the financial statements and pay the tax accordingly. Then, a subsequent audit is conducted in accordance with the standards set by the Financial Authority, this self-assessment is considered an advanced method in the field of developing tax work methods that the authority seeks to achieve it, as self-assessment was adopted for the first time in the history of this authority at the wide level of taxpayers, individuals and companies, who are required to submit the financial statements.

The estimated regulations for the fiscal year 2023 (2024) are a guidance for those who carry out the tax calculation process to work according to it, including the direct_deduction_tax.

hinkaiq iraqtax

General Tax

Leveraging our expertise, we explore opportunities for tax offset and settlement. Through careful analysis and strategic planning, we aim to maximize benefits available to clients, optimizing their tax positions and contributing to overall financial efficiency. Our proactive approach ensures that clients can capitalize on opportunities to enhance their financial standing while maintaining compliance.

  • Our adept team simplifies the client registration process, ensuring accurate and proper registration for Corporate Income Tax purposes “CIT” in Iraq. Navigating the regulatory landscape, we streamline the initial registration, saving our clients valuable time and resources.
  • We manage the meticulous preparation and submission of tax returns, a critical component of maintaining compliance. Our dedicated professionals compile and submit all necessary documentation within stipulated deadlines, minimizing the risk of penalties or non-compliance issues.
  • Our team conducts comprehensive tax assessments, meticulously examining financial records and transactions to determine accurate tax liabilities. This process allows us to identify potential areas for optimization and compliance improvement, providing clients with a clear understanding of their tax obligations.
  • Obtaining tax clearance or non-objection letters is vital in various business transactions. We navigate regulatory requirements efficiently to secure these documents, facilitating smooth operations for clients involved in activities such as mergers, acquisitions, and other strategic business endeavors.

 

Contact

info@hinkaiq.com

+964 781 500 1400

+964 751 500 1400

Offices

Iraq: Baghdad , Basra, Erbil , Mosul 

UAE: Dubai

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