• Sunday, 14 July 2024

Kurdistan Region Approves Tax Reforms and Economic Measures

Gulan Media February 21, 2024 News
Kurdistan Region Approves Tax Reforms and Economic Measures

Kurdistan Region Prime Minister Masrour Barzani chaired a pivotal meeting of the Kurdistan Regional Government (KRG) Council of Ministers on Wednesday, focusing on significant tax reforms and economic development strategies aimed at fostering entrepreneurship and investment.

At the forefront of the meeting agenda was a crucial draft decision aimed at simplifying fees, wages, and expenses associated with company registration within the Kurdistan Region. The primary objective is to stimulate entrepreneurship, trade, and investment by slashing costs, reducing processing times, and modernizing administrative procedures through digitalization. Particularly, there is an emphasis on alleviating the challenges faced by young entrepreneurs, including tax facilitation for new businesses and the protection of intellectual property rights.

After extensive deliberations, the Council of Ministers approved the new fee schedule for company establishment and registration, which will be enacted upon publication in the Kurdistan Gazette.

Subsequently, attention turned to the tax sector within the Kurdistan Region, where Kamal Warti, Director General of Taxes in the Ministry of Finance and Economy, delivered a comprehensive report detailing the current tax landscape. He underscored ongoing reforms aimed at restructuring the tax sector to ensure fairness, combat evasion, eliminate unjust exemptions, and transition towards digital services.

Recognizing the pivotal role of taxes in revenue generation and fiscal stability, the Council emphasized the necessity of continued reform efforts to bolster economic development and effectively serve the citizens of the Kurdistan Region. The Ministry of Finance and Economy received directives to persist in its endeavors to revamp tax collection procedures, implement new mechanisms to curb evasion, and ensure equitable taxation across all projects and companies.

These measures reflect the Kurdistan Regional Government's commitment to creating an enabling environment for business growth, fostering investment opportunities, and advancing economic prosperity across the Kurdistan Region.