13 December 2016 Iraqi Tax Authority limits ability to use 2011 retained withholding taxes after December 31, 2016 The Iraqi General Commission for Taxes (GCT) has been urging taxpayers to conclude their tax audits before the end of the current year (December 31, 2016), especially if the taxpayers intend to claim the withholding taxes remitted to the GCT in 2011. This is especially relevant to taxpayers that have suffered withholding taxes in 2011 (five years ago) because Article 45 of federal Iraq's General Accounts Procedure Law No. 28 of 1940 (as amended) provides that if a taxpayer fails to take action to claim withholding taxes held in trust with the GCT within five years from the year the tax was deposited, such amounts would expire and be transferred to the Iraqi treasury as final government revenue. Document ID: 2016-2124 |
