Ministry of Finance and Economy

It is a 5% of net income deducted from the salaries of the public and private sector employees on a monthly basis. Only employees making over one million Iraqi Dinars (1,000,000) are liable to this income tax.

It is the tax that all active companies in the Kurdistan Region, including the sole propriety firms, are liable to its settlement. It is a flat rate of 15% of the taxable income.

Preparing certified cheques required in lieu of cash for the citizens or residents to process formal transactions at the government institutions. This type of check is required during services such as passport renewal or issuing cheque books.

Any company or contractor winning a tender for any project implementation, must provide a Letter of Guarantee equal to the total project cost from one of the Public Sector Commercial Banks. This can be done through depositing cash or in kind guarantee.

Any company would like to open a bank account at one of the Governmental Commercial Banks is eligible to open an account and obtain cheque books in order to deposit or withdraw funds.

Any individual is eligible to open a personal account at one of the Governmental Commercial Banks and can obtain cheque books in order to deposit or withdraw funds.