Earlier this year, Cabinet Iraqi issued its Resolution No. 24074, introducing a series of new tax directives and reforms. Among the key changes is the extension of the exemption period from penalties and interest on outstanding taxes, which was initially set to end on July 31, 2024. These procedures are part of the government’s efforts to implement tax reforms, which are still in progress.

Following the meeting of the Supreme Committee tasked with overseeing the implementation of these reforms, a decision was made, based on the income and exemptions section of the resolution, to extend the period for waiving interest and penalties on taxpayers, whether individuals or companies. This extension will now run from September 1, 2024, through December 31, 2024, providing taxpayers with additional time to resolve their tax obligations and take advantage of the exemptions offered.