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Find out moreWe are excited to share the latest edition of the Law Update, beautifully and appropriately titled “Sustainable Horizons: The Saudi Arabian Vision.” Giving special honor to the Kingdom’s 2030 vision, this update focuses on a collection of both informative and inspiring articles.
For those in construction, you can learn about how the tendering environment impacts risk-pricing for contractors, the updates on the legal framework of the construction industry and how contractors can protect themselves against financial difficulties.
There is good news too from the kingdom’s banking sector, from which the practice of “Open Banking” is being pushed for! But what is open banking? We’re answering that too.
Also . . . Are there any women trail blazers in Saudi Arabia you can name? We’ll help you with that. We cover how the Middle East has been making strides in empowering women in the entrepreneurial space,most notably in STEM fields.
Read the full editionIraq’s newly passed amnesty law on tax penalties according to law No. 9 for 2019. This law is effective from the date of publication in the official gazette (Iraqi Official Gazette) on 19 August 2019. This law includes releasing legal and normal people obliged to pay income tax according to the Iraqi Law for the violation of Income Tax Law No. 113 for 1982, Real Estate Tax No. 162 for 1959, Companies’ Tax Law No. 26 for 1962 and all related procedures in those laws. These exceptions were stated as an exclusive list. This Law is effective on crimes with no litigation, crimes with no final judicial judgment, crimes with conciliatory settlement. The Law stated that the case proceedings shall be seized against the taxpayer when covered by the provisions of this law in any stage before the issuance of the final judgment.
The Law stipulated to be covered by amnesty that the violated taxpayer to submit a request to tax authority within one year of the entry into force of this Law as of 19 August 2019 and to pay the tax amount related to it. This law is effective on crimes occurred before the issuance of this law.
According to this law, the General Commission for Taxes issued on 27 August 2019 to all its departments and branches to act in accordance with the said law and clarify its wording.
Jawad Khalaf
Partner, Litigation
j.khalaf@tamimi.com
Shiraz Khan
Head of Taxation
s.khan@tamimi.com
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