Export subsidy program renewed. IDAL asked to add Iraq to export destinations

The Council of Ministers extended for an additional year the maritime transport export subsidy program managed through Investment Development Authority (IDAL).

The $14 million program expired in March. IDAL is the public entity responsible for the disbursement process.

Exporters use the program to send their products through two ports, Aqaba in Jordan, and Duba, in Saudi Arabia. IDAL requested adding Iraq to export destinations.

A year after the export program was approved,...

Article details

Life insurance to be taxed at ten percent. Decision needs more clarification according to insurance association

The Ministry of Finance has issued a decision to tax profits and revenues from life policies. The tax is set at ten percent.

The tax should be paid one month following profit registration or distribution. The decision does not include heirs of the policyholder. Heirs are subject to an accession tax.

Carla Abdo, Chairperson of the Life Committee at the Association of Insurance Companies (ACAL), said: "This decision is unclear and might create problems between the tax administration ...

Article details