Iraq’s individual and corporate income tax rates are 15 per cent. Oil and gas companies pay a corporate tax of 35 per cent. There are few other taxes. Taxation remains erratic and poorly enforced. Most government revenue comes from hydrocarbon rents. Government expenditures equal 43.3 per cent of domestic output and public debt is equivalent to 31 per cent of gross domestic product.
Tax Exemption for approved projects
Austrade works in conjunction with the Australian Taxation Office (ATO) to administer the income tax exemption available under section 23AF of the Income Tax Assessment Act 1936 (Tax Act). Section 23AF should assist the international competitiveness of Australian companies and governmental organisations competing to win international tenders. Further information on section 23AF is available from tax exemptions for approved overseas projects.