Iraq has formalized an agreement with the Swiss Federal Union aimed at preventing double taxation and curbing tax evasion concerning income and capital taxes. This agreement marks a significant step towards fostering economic collaboration between the two nations.
According to a statement from the Iraqi Ministry of Finance, the negotiations were led by Muhammad Hamza Mustafa, the Director General of the Legal Department and the Director General of the General Tax Authority. The discussions included contributions from various financial and legal experts, as well as a representative from the Iraqi Foreign Development Fund.
The primary objective of this agreement is to create a favorable investment climate while alleviating tax burdens imposed on Swiss enterprises and investors. Such initiatives are expected to bolster trade and enhance economic ties between Iraq and Switzerland. Furthermore, the Ministry highlighted Switzerland’s status as a developed nation renowned for efficient tax collection practices, which is anticipated to attract significant Swiss capital—an essential component for investment in the Middle East. This influx of capital is expected to significantly contribute to Iraq’s economic development.
