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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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Setting up in Dubai

Initial Consultation: Expert firms begin with a thorough consultation to understand the client’s business objectives, financial goals, and operational needs.

Strategic Planning: Based on the consultation, they develop a tailored strategy for establishing the holding company, ensuring alignment with the client’s long-term goals.

Entity Formation: Assistance with selecting the appropriate legal structure, whether it be a Limited Liability Company “LLC”, Free Zone Establishment “FZE”, or other entity types.

Documentation Preparation: Preparation and submission of all necessary documents, including Memorandum of Association (MOA), Articles of Association “AOA”, and shareholder agreements.

Licensing and Permits: Guidance through the process of obtaining the required business licenses and permits from relevant authorities.

Bank Account Setup: Assistance with opening corporate bank accounts, ensuring compliance with local banking regulations.

Tax Advisory: Expert advice on tax planning and compliance, helping to optimize tax obligations in line with UAE laws.

Office Space Solutions: Provision of physical office space or virtual office solutions, depending on the client’s needs.

Secretarial Services: Ongoing administrative support, including corporate secretarial services, to ensure smooth daily operations.

Annual Filings: Management of annual report filings and other statutory requirements to ensure continuous compliance.

Audit Services: Coordination with auditors to perform annual audits, ensuring financial transparency and regulatory adherence.

Contact

info@hinkaiq.com

+964 781 500 1400

+964 751 500 1400

Offices

Iraq: Baghdad , Basra, Erbil , Mosul 

UAE: Dubai

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