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Iraq Business Report
General information
Source: The World Factbook - Central Intelligence Agency
Population
39,192,111 (July 2017 est.)GDP (PPP)
$658.8 billion (2017 est.)Fifth largest economy in the Middle East
GDP growth rate
-0.8% (2017 est.)Recession
GDP (PPP) per capita
$17,000 (2017 est.)Low
Local currency
Iraqi dinar (IQD)Quite stable in the past 5 years
Financial stability (Public debt)
58% of GDP (2017 est.)Medium but shrinking
Inflation
0.1% (2017 est.)Very low
Language
Arabic, KurdishCorruption perception index (Source: Transparency International)
169/180Very high level of corruption
Duties and tax
Source: PwC World Tax Summaries 2017-2018
VAT
A sales tax of 300% is imposed on alcohol and tobacco (cigarettes), 15% on travel tickets, 15% on cars, and 20% on mobile recharge cards and internet. This is in addition to services rendered by deluxe and first class restaurants and hotels, which are subject to a 10% sales tax.
Corporate Tax
15% standard rate 35% for foreign oil and gas companies
Duties
The customs duty rates are specified in the customs tariff and the agriculture agenda that are annexed to the Customs Duty Law.
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