Iraq's parliament held an initial discussion on Saturday of a bill that would impose a 35-percent income tax on foreign oil and gas firms working in Iraq, lawmakers said. "Today we held a first reading of a draft to impose tax on foreign oil companies working in Iraq," Haider al-Ebadi, head of parliament's economic committee.
Ebadi and other lawmakers said the 35 percent tax on oil company income, if approved, would cover all types of oil and gas contracts - exploration, production, processing and other activities. The Oil Ministry is scheduled to hold its second major energy auction this year in December, when it will offer up 10 major oilfields for bids from 45 qualified firms. The tax bill will require a second reading in parliament before it can go to a vote, but lawmakers are not expected to vote on the measure before the end of the Ramazan.
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