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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.

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Oil & Gas

Hinka, a reputable company, boasts its specialized role as an expert provider of tax services uniquely tailored for the intricate domain of Oil & Gas Industry Taxes. Our commitment is to provide unparalleled guidance and strategic solutions that align specifically with the dynamic challenges and opportunities inherent in the oil sector.

  • Armed with industry-specific knowledge, our team ensures that clients receive tailored insights and strategies that address the intricacies of taxes related to the oil and gas sector.
  • We adopt a proactive approach to enhance fiscal responsibility. Going beyond mere compliance, our services emphasize strategic planning to reduce tax liabilities and enhance financial efficiency for businesses operating in the oil sector.
  • Mastering the intricacies of oil & gas industry tax regulations demands a profound understanding of the sector’s unique dynamics. Hinka excels in interpreting and applying intricate tax laws, ensuring our clients remain in compliance while strategically positioning them to leverage industry-specific incentives and exemptions.
  • Acknowledging the diverse nature of enterprises in the oil industry, we deliver personalized tax solutions. Whether it involves upstream, midstream, or downstream operations, our services are crafted to tackle the unique challenges and opportunities inherent in each segment of the oil value chain.
  • With a keen understanding of the inherent risks in the oil & gas sector, our tax services concentrate on efficient risk management and mitigation. We aid our clients in recognizing potential tax-related risks and implementing strategies to safeguard their financial interests within the volatile oil industry environment.

Central to our approach is the exploration of avenues to minimize your tax exposure. By assisting in the understanding and management of crucial tax issues, we empower you to navigate the continually evolving tax landscape effectively. The transformative changes currently underway in the tax arena necessitate proactive planning for companies to maintain a competitive advantage. Our commitment lies in guiding you through this dynamic tax landscape, aiding you not only in meeting compliance requirements but also strategically positioning your organization for continued success.

 

 

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+964 781 500 1400

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