Cabinet approves foreign firms’ income tax bill

BAGHDAD / IraqiNews.com: The Iraqi Council of Ministers approved the foreign firms income tax bill, to ensure Iraq’s right to tax foreign companies that work in the country on oil extraction, production and industries, the Iraqi government’s official spokesperson said on Wednesday. “According to the act, taxing amount is at least 35 percent of those firms’ profits accomplished through working in Iraq,” Ali al-Dabbagh said in a release received by IraqiNews.com news agency. “The Oil Ministry demanded to legislate this law, and the Finance Ministry drafted it,” he said. MH (P)/ SH   2