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Iraq

Iraq Flag

Country: Iraq
Region: Middle East
Currency: Dinar (IQD)
Languages: Arabic, Kurdish
Time Zone: UTC +3

Phone Code: +964

Communications: Good

Formation Cost: 100 - 300 USD$
Formation Time: 30 - 70 days
Maintenance cost: 0 USD$

Executive Summary: Iraq is situated in the Middle East between Iran and Syria with a small coastline on the Persian Gulf next to Kuwait. Iraq’s total land area is 437,000 sq km and its population was an estimated 35.5m in July 2014. Arabic and Kurdish are the official languages. Foreign investment has been helping to spur economic activity, particularly in the energy, construction, and retail sectors. Broader economic development, long-term fiscal health, and sustained improvements in the overall standard of living still depend on the central government passing major policy reforms, however, and the recent deterioration in the security situation is a cause for concern, indeed it threatens the territorial integrity of the country itself. Iraq's largely state-run economy is dominated by the oil sector, which provides more than 90% of government revenue and 80% of foreign exchange earnings. The Investment Law provides tax holidays and exemptions from import and export taxes. There are three free zones at Ninevah, Khor-al-Zubair and Al-Qa'im.

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Vehicle Types: Limited liability companies, joint liability companies, joint stock companies, sole proprietorships and general partnerships

Capital primary business districts: Baghdad

Good Relationships: Iran, Turkey

Bad Relationships: Israel, Kuwait

Tax Burden - Business: Light

Tax Burden - Individual: Light

Headline tax rates: CIT 15%, PIT 15%, VAT 0%

Treaty Jurisdictions: Egypt, Jordan, Libya, Mauritania, Palestine, Somalia, Sudan, Syria, United Arab Emirates, Yemen

TIEA Jurisdictions: None

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Important Notice: Wolters Kluwer TAA Limited has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.

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