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01 February 2016

Iraq issues new tax assessment and payment procedures for oil and gas companies operating under a production sharing contract in Kurdistan

The Kurdistan Regional Government's (KRG) General Directorate of Taxation of the Kurdistan Region of Iraq issued Circular No. 4485 (the Circular) on December 6, 2015, to its Corporate Income Tax (CIT) Directorates that provides new tax assessment and payment procedures for oil and gas companies operating under Production Sharing Contracts (PSCs). This follows the issuance of Decree No. 667 of 2015 by the Council of Ministers on June 30, 2015, which resolved to exempt oil and gas companies from taxation based on the tax provisions of the Ministry of Natural Resources' PSCs.

A Tax Alert prepared by Ernst & Young Jordan, and attached below, provides additional details.

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Document ID: 2016-0221

 

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