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Iraq Business Report

General information
Source: The World Factbook - Central Intelligence Agency
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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, Kurdish

Corruption perception index (Source: Transparency International)
169/180

Very 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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