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Iraq
Iraq Politics, Economy, and Culture
Iraq is a country in the Middle East, neighboring the Persian Gulf between Iran and Kuwait. Although known more recently as a battlefield for rival forces since the United States ousted President Saddam Hussein in the year 2003, Iraq’s history led to it being named the cradle of civilization. It is believed that the oldest human civilizations began in this region, since the 6th century B.C., including ones that led to literacy and the establishment of the rule of law for organized governance. After an extended rule under the Ottoman Empire, modern Iraq was created by Britain in the early 20th century.
Nowadays, Iraq’s economic growth relies on oil exports, which provides about 85% of the country’s revenue. As a result of its conflict-ridden recent history, Iraq continues to face various challenges such as social stability, a lack of security, an unstable political system, massive corruption, insufficient essential services, and a shortage of skilled labors.
With a population of 39.2 million, Iraq’s major ethnic groups include Arab and Kurdish, with Islam as the predominant religion, with mixed Sunni and Shia followers.
| 2021 | |
| May 1 | Labor Day |
| May 13 | Eid al-Fitr |
| May 14 | Eid al-Fitr holiday |
| May 15 | Eid al-Fitr holiday |
| July 14 | Republic Day |
| July 20 | Eid al-Adha |
| July 21 | Eid al-Adha holiday |
| July 22 | Eid al-Adha holiday |
| July 23 | Eid al-Adha holiday |
| August 10 | Islamic New Year |
| August 19 | Ashura |
| October 3 | Iraqi Independence Day |
| October 19 | The Prophet’s Birthday |
| December 10 | Anniversary of Victory over ISIS |
| December 25 | Christmas Day |
- Limited Liability
- Corporation
- Partnership
- Corporate Tax: 15%
- Income Tax (Lowest Marginal Rate): 3%
- Income Tax (Highest Marginal Rate): 15%
- VAT/GST/Sales Tax: 0-300%
- Rafidain Bank (State Bank)
- Rasheed Bank (State Bank)
- Industrial Bank of Iraq (State Bank)
- Agricultural Cooperative Bank of Iraq (State Bank)
- Real Estate Bank of Iraq (State Bank)
- Bank of Iraq (State Bank)
- Trade Bank of Iraq (State Bank)
- International Development Bank of Iraq (IDB) (Private Bank)
- Ashur International Bank for Investment (Private Bank)
- Albaraka Bank Turkey (Private Bank)
- Kurdistan International Bank (Private Bank)
- Ghana Bank (Private Bank)
- Babylon Bank (Private Bank)
- Bank of Baghdad (Private Bank)
- Basrah International Bank for Investment (Private Bank)
- Commercial Bank of Iraq (Private Bank)
- Credit Bank of Iraq (Private Bank)
- Dar Es Salaam Investment Bank (Private Bank)
- Dijlah & Furat Bank (Private Bank)
- Economy Bank Iraq (Private Bank)
- Gulf Commercial Bank (Private Bank)
- Industrial Union Investment Bank (Private Bank)
- Investment Bank of Iraq (Private Bank)
- Iraqi Middle East Investment Bank (Private Bank)
- Islamic Bank (Private Bank)
- Mosul Bank (Private Bank)
- National Bank of Iraq (Private Bank)
- North Bank (Private Bank)
- Sumer Bank (Private Bank)
- Union Bank of Iraq (Private Bank)
- United Investment Bank (Private Bank)
- T.C. Ziraat Bankasi of Turkey (the Turkish state agricultural bank)
- (Private Bank)
- Bank Mili Iran (the national bank of Iran) (Private Bank)
- Byblos Bank (Lebanese) (Private Bank)
- Arab Banking Corporation (ABC) from Bahrain (Private Bank)
Aadmi can support you with your expansion to Iraq. Our team of experts in country manage every aspect of your expansion from incorporation, accounting, legal, and even administrative concerns. Matched with Global People Strategist’s powerful labor compliance software, your company is in good hands.
Contact us today for more information about how your company can benefit from using Aadmi as your global expansion partner.
