Minister of Finance emphasizes the importance of adopting a new tax law

Baghdad-INA

The Finance Minister Ali Abdel Amir Allawi stressed the importance of adopting a new tax law, while revealing the percentages collected from taxes.

During the symposium held at the Ministry's headquarters to discuss the implementation of the tax law that is attended by the Iraqi News Agency (INA),  Allawi said a  draft of a new tax law that commensurate the Iraqi situation must be prepared, noting that the current Iraqi tax law is a copy of the British tax law issued in 1922.

Allawi pointed out that the collected taxes ratio is 1% of the state's national product during the past year, stressing that it is a small percentage.

He added that some of the foreign companies engaged in practice tax evasion, affirming that all the necessary legal measures will be taken against them.