Iraq and Switzerland have signed a preliminary agreement to prevent double taxation, aiming to enhance trade and economic ties. The Iraqi Ministry of Finance noted the benefits of attracting Swiss investment to drive economic growth. This follows a similar agreement with Oman, reinforcing Iraq’s commitment to fostering a favorable investment climate.
Iraq has entered into an initial agreement with the Swiss Confederation aimed at preventing double taxation and tax evasion on income and capital. This move is intended to bolster economic cooperation between the two nations. The negotiations were led by Iraq’s Director General of the Legal Department, Mohammad Hamza Mustafa, who was accompanied by senior officials and financial experts.
The agreement is designed to foster a favorable investment climate by alleviating tax burdens on Swiss firms and investors. By attracting Swiss capital—one of the significant investment sources in the Middle East—the partnership aims to enhance Iraq’s economic development. The Iraqi Ministry of Finance emphasized the importance of Switzerland’s tax collection expertise in achieving these goals.
On a related note, Iraq signed a similar agreement with Oman on February 21, which aims to eliminate double taxation and remove barriers for investors. This series of agreements highlights Iraq’s efforts to enhance its investment landscape and economic ties with other nations.
In summary, Iraq’s recent agreement with Switzerland signifies a strategic effort to eliminate double taxation, thereby improving the investment environment. By leveraging Swiss expertise in tax matters, Iraq hopes to attract more foreign investments. Alongside a similar agreement with Oman, these initiatives mark a pivotal step towards boosting Iraq’s economic development and regional cooperation.
Original Source: shafaq.com
