Forget Tomorrows Elections Meet Iraq's New Gov't

Privatize, Privatize, Privatize

Forget tomorrow's vote in Iraq and any " newly established Government" that the consumer news will discuss ad nauseam. Iraq is now a corporate wet dream and the vultures are swooping in to dine on the carrion of the planned chaos.

Bremer's Order No. 39 carries an economic wallop: "(1) privatization of Iraq's 200 state-owned enterprises; (2) 100 percent foreign ownership of Iraqi enterprises; (3)'national treatment' -- which means no preferences for local over foreign businesses; (4) unrestricted tax-free remittance of all profits and other funds; and (5) 40-year ownership licenses."


CPA Order No. 49 imposes an income tax of 15% on corporations and individuals (including nonresident individuals). Foreign employees and foreign contractors and subcontractors are not liable “to pay any tax on income or similar charges on income from foreign sources” or on income paid from or on behalf of MNF-I or foreign governments. MNF-I, foreign governments, international organizations, and Non-governmental Organizations registered pursuant to CPA Order No. 45 are also exempt from the income tax. CPA Order No. 84 extends the 15% tax rate to expatriated dividends. Order No. 49 also suspends the 25% levy on company profits. Most other taxes are suspended. However, the hotel tax, the real property transfer tax, the car sale fee, and the petrol excise tax remain in force. Order No. 49 also subjects state employees, including employees of SOEs, to tax, but these individuals are exempt from tax for 2004.


CPA Order No. 94 promulgated Iraq’s new banking law. This law allows, among other things, the establishment of private sector banks in Iraq that are wholly owned by foreign banks. Foreign branches and domestic subsidiaries of foreign banks must be given treatment equal to that of domestic banks, except as otherwise stated in the Order.

http://www.export.gov/iraq/bus_climate/overview_cpa.html

Here's Iraq's New Gov't:
http://www.cpa-iraq.org/regulations/#Orders
 

right here in the US? Only I think it would be no tax on corporations.

It's called privatization here.

Camp Shell and Camp Exxon

sure, they will try, but I do not believe the Iraqis will ever let this happen. Think it is bad now? With only 40 % of Iraqis saying it is ok to shoot Americans. Wait until more learn of this, and that goes up to 60% or 80% of the population.

CPA Order No. 64 (Amendment to Company Law No. 21 of 1997) eliminates the most restrictive barriers to forming companies, amends the law to allow foreign shareholders, and removes most vestiges of the centrally planned economy. Order No. 64 also provides greater flexibility for private companies with regard to share ownership and membership on the board of directors, and allows for mixed companies to become private companies through sales of government shares.

Among its notable changes to Company Law No. 21 of 1997, Order No. 64:
• permits individuals to form single-member limited liability companies;
• permits Iraqi companies to have foreign companies as shareholders;
• eliminates conformity with state planning goals as a condition for approval under the company law;
• streamlines the company registration process;
• eliminates the requirement to have trade union representatives on the board of private companies;
• prohibits the decapitalization of a company in anticipation of insolvency; and
• strengthens conflict of interest provisions applicable to company officials.