By Iraq-Localize
Baghdad, Iraq – In response to numerous requests from various companies, the Iraqi Ministry of Finance has issued a Circular Letter extending the deadline for the submission of financial statements. This decision aims to facilitate companies in providing accurate and timely financial documentation, considering the current economic challenges faced by the Iraqi economy.
The delay in passing the state’s federal budget has prompted the Ministry of Finance to take this step, acknowledging the difficulties companies are facing. The extension is granted in accordance with the powers vested in the Ministry, as outlined in Clause 3 of Article 27 of the Income Tax Law No. 113 for 1982, as amended.
The Circular Letter addressed to the Departments and Branches of the General Commission for Taxes emphasizes the importance of enabling companies to fulfill their financial reporting obligations given the exceptional circumstances. The new deadline for submitting financial statements and reports is extended until June 30, 2023.
This extension offers much-needed relief for businesses navigating economic uncertainties, providing them with additional time to compile and submit their financial data accurately. The Ministry encourages companies to take advantage of this extended timeframe to ensure compliance with regulatory requirements.
For further details and inquiries, companies are advised to reach out to the relevant Departments and Branches of the General Commission for Taxes in Baghdad and all provinces.
As Iraq continues to navigate economic challenges, the Ministry of Finance remains committed to supporting businesses and fostering an environment conducive to financial transparency and compliance.
