Baghdad: The Ministry of Finance and the Financial Control Authority have reached an agreement to accelerate tax accounting processes and enhance revenue collection. This agreement was solidified during a coordination meeting between the Ministry of Finance and the Federal Board of Supreme Audit, aiming to address the delays in tax settlements for entities subject to the Board’s audit.

According to National Iraqi News Agency, the meeting focused on entities such as mixed-sector companies, colleges, universities, and private institutes. These discussions align with the government’s strategy to maximize non-oil revenues and ensure the protection of the public treasury’s rights. The Board expressed no objections to the General Authority for Taxes proceeding with tax collections as soon as financial statements are submitted, without waiting for the final audit completion, provided that the Board is notified and receives a copy of these statements.

The meeting highlighted the need for legal actions against entities that delay or refuse to submit their accounts, in compliance with the Income Tax Law and the Law on the Collection of Government Debts. This initiative aims to expedite tax accounting and collection, resolve the backlog of unaccounted years, augment non-oil revenues, enhance public liquidity, and promote fairness among taxpayers, while maintaining auditing and financial oversight according to established principles.