Prime Minister Masrour Barzani chaired a cabinet meeting via video conference to discuss ways to further develop the private sector and improve the tax system.
In the meeting, Prime Minister Barzani spoke about the importance of the private sector in the job market and the necessity to review current laws to pave the way for more development.
Minister of Planning Dara Rashid presented a report on the challenges and opportunities in the private sector. The meeting also highlighted the importance of Public-Private Partnership to develop and support the private sector. The partnership scheme is due to be submitted to the Council of Ministers for approval.
Among other priorities of the Kurdistan Regional Governmet is the revision of the tax system, which is a key part of this cabinet’s agenda to carry out reforms in revenue and expenses.
The Secretary of the Council of Ministers, Amanj Rahim, presented a report on the current tax system, shedding light on the challenges and opportunities facing the system, especially in the sectors of energy, commination networks and residential projects.
Following an exchange of views, the Cabinet decided to revise the tax system in a way that favors the public interest and contributes to public wealth. This is part of the government’s strategy to diversify revenue sources and reorganise non-oil revenues as well as a first step toward the modification of the tax exemption scheme.