American chamber of commerce In Iraq

Regulatory News from Iraq

29 Apr 2019 12:45 PM | Anonymous

BHC Law, the leading Law Firm in Baghdad is pleased to provide AmCham Iraq's members as well as its friends and partners with the following news.

The Government of Iraq has amended certain elements of the requirements/laws regarding a number of different issues such as taxation, regulations for certain professions as well as advice and instructions for companies which are currently not (yet) in compliance with certain laws/regulations:

  1. The Board of Financial Reports Preparation and Audit issued a notification that no financial reports will be approved or certified unless the company has properly prepared its commercial records (bookkeeping records) as per Instruction No.2 of 1985 “Commercial Records Compliance Instructions for Income tax purposes". Consultations with your legal advisor regarding your annual bookkeeping certification are recommended.
  2. Instructions No.1 of 2019 and No. 2 of 2019 have been testified by the Iraqi MoLSA. Instruction No.1 defines the professions considered dangerous and exhausting under Labor Law No. 37 of 2015. These professions have special treatment in the Labor Law including but not limited to the maximum working hours allowed and the annual paid leaves entitlement. Instruction No. 2 of 2019 defines the overtime-exempt professions as per the Labor Law provisions. These two instructions are very important to review and understand and update your company employee handbook to avoid Labor law violation.
  3. The Minister of Labor effected his authority granted to him per Labor Law No. 37 of 2015 with regards to issuing a warning to employers who are in possible violation of the Labor Law instead of referring the employer directly to the Labor Court. This warning will grant employers in violation of the Labor Law up to 10 days to remove the violation and gain compliance with the Law. This is especially beneficial if your company has not obtained the required work permits for its foreign employees. Consult with your legal adviser.

We would urgently advise all AmCham members, friends and partners to look into these issues and consult with their respective legal advisers to ensure that the compliance with local laws and regulations is upheld.

Please feel free to get in touch with BHC Law at any time under Phone: +964 (780) 220-0700 email: info@bhc.iq if you would like to get further information about these important issues.


CONTACTS

management@amcham-iraq.org
+01-202-457-8091

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