Articles & Insights

Iraq — Income Tax

How Do You Object to and Appeal a Tax Assessment in Iraq?

Taxpayers may object to an assessment within 21 days, appeal to the Review Committee, then seek cassation if the tax exceeds 10,000 dinars.

2026-09-29

Iraq — Income Tax

What Are the Penalties for Late Income Tax Payment in Iraq?

Iraqi law adds a 5% surcharge on late tax that doubles if the delay continues, plus fines of 10% to 25% for other violations.

2026-09-29

Iraq — Income Tax

When Must a Tax Return Be Filed in Iraq?

Iraq's income tax return must be filed before June 1 of each assessment year, or before July 1 in the Kurdistan Region.

2026-09-29

Iraq — Income Tax

What Is the Tax Withholding Rate on Contractors' Dues in Iraq?

Iraqi law caps tax withholding on contractors' dues at 10%, while a specific instruction sets 7% for oil-sector subcontracts.

2026-09-29

Iraq — Income Tax

What Are the Income Tax Exemptions Under Iraqi Law?

Iraqi law exempts agricultural income, real estate income and retirees' income, and grants personal allowances for the taxpayer, spouse and children.

2026-09-29

Iraq — Income Tax

How Is Salary Income Tax Calculated in Iraq?

Iraq's Income Tax Law imposes a progressive tax on resident salaries at 3%, 5%, 10% and 15% based on income brackets after allowances.

2026-09-29

Iraq — Income Tax

What Is the Corporate Income Tax Rate in Iraq?

Iraq's Income Tax Law sets a flat 15% rate on limited and joint-stock companies, while foreign oil companies pay 35% under Law No. 19 of 2010.

2026-09-29

Public Sector — IPSAS 42

When Is a Social Benefits Liability Recognized Under IPSAS 42?

IPSAS 42 recognizes a social benefits liability when the beneficiary actually satisfies the eligibility criteria, applying from January 1, 2023.

2026-09-29

Public Sector — IPSAS 24

What Budget Information Must Be Presented in Financial Statements Under IPSAS 24?

IPSAS 24 requires a budget-to-actual comparison and an explanation of material differences in the financial statements, applying from January 1, 2009.

2026-09-29

Public Sector — IPSAS 41

How Are Financial Assets Classified Under IPSAS 41?

IPSAS 41 classifies financial assets into three measurement categories based on the management model and cash flow characteristics.

2026-09-29

Public Sector — IPSAS 33

How Long Is the Transition Period for First-Time Adoption of Accrual Basis IPSAS?

IPSAS 33 allows up to a three-year transition period for first-time adoption of the accrual basis; the 2025 edition applies from January 1, 2028.

2026-09-29

Public Sector — IPSAS 43

How Are Leases Recognized by a Lessee Under IPSAS 43?

IPSAS 43 requires a lessee to recognize a right-of-use asset and a lease liability at commencement, exempting short-term and low-value leases.

2026-09-29

Public Sector — IPSAS 45

How Are Property, Plant, and Equipment Measured Under IPSAS 45?

IPSAS 45 allows the historical cost model or the current value model for measuring property, plant, and equipment, applying from January 1, 2025.

2026-09-29

Public Sector — IPSAS 47

How Is Revenue Recognized in the Public Sector Under IPSAS 47?

IPSAS 47 recognizes revenue based on whether a binding arrangement exists, and applies to periods beginning on or after January 1, 2026.

2026-09-29

Public Sector — IPSAS 1

What Financial Statements Does IPSAS 1 Require?

IPSAS 1 requires seven components in a complete set of financial statements, from the statement of financial position to a budget comparison and notes.

2026-09-29

Public Sector — IPSAS

What Is the Difference Between the Cash Basis and Accrual Basis in IPSAS?

Accrual basis recognizes transactions when they occur, not when cash changes hands; numbered IPSAS use it, unlike the separate cash-basis standard.

2026-09-29

Public Sector — IPSAS

What Are IPSAS and Who Issues Them?

IPSAS are the international public sector accounting standards, issued by the IPSASB under IFAC for non-profit-oriented public sector entities.

2026-09-29

IFRS Accounting Standards — Share-Based Payment

How Is Share-Based Payment Measured Under IFRS 2?

Equity-settled share-based payments are measured by reference to equity instruments' fair value; cash-settled ones at the liability's fair value.

2026-09-29

IFRS Accounting Standards — Earnings per Share

How Is Basic Earnings Per Share Calculated Under IAS 33?

Basic EPS equals profit attributable to ordinary equity holders divided by the weighted average number of ordinary shares outstanding, per IAS 33.

2026-09-29

IFRS Accounting Standards — Foreign Exchange Rates

What Is the Difference Between Functional Currency and Presentation Currency Under IAS 21?

Functional currency is the entity's primary economic environment currency; presentation currency is the currency statements are shown in, per IAS 21.

2026-09-29

IFRS Accounting Standards — Consolidated Financial Statements

What Are the Criteria for Control Over an Investee Under IFRS 10?

Under IFRS 10, control requires three elements together: power over the investee, exposure to variable returns, and ability to affect them.

2026-09-29

IFRS Accounting Standards — Business Combinations and Goodwill

How Is Goodwill Calculated in a Business Combination Under IFRS 3?

Under IFRS 3, goodwill equals consideration transferred plus non-controlling interest, less net identifiable assets acquired and liabilities assumed.

2026-09-29

IFRS Accounting Standards — Events After the Reporting Period

Adjusting vs Non-Adjusting Events After the Reporting Period (IAS 10)

Adjusting events reflect conditions existing at period end and require adjustment; non-adjusting events do not, under IAS 10.

2026-09-29

IFRS Accounting Standards — Presentation of Financial Statements

What Is IFRS 18 and How Does It Change the Presentation of the Income Statement?

IFRS 18 is a new presentation Standard requiring income and expenses to be split into five categories, effective from 1 January 2027.

2026-09-29