Iraqi Parliament investigates increased taxes following "Theft of the Century" scandal

Shafaq News/ The parliamentary Economic Committee revealed on Saturday that the General Tax Authority has increased taxes on citizens in an effort to recoup losses from the "Theft of the Century" scandal.

Yasser Al-Husseini, Deputy Chairman of the Economic Committee, told Shafaq News Agency that the committee will summon the head of the Iraqi Tax Authority to inquire further about the increase in tax rates on companies and citizens.

Al-Husseini mentioned that the committee received information indicating that the tax hikes are being used to compensate for the funds lost in the "Theft of the Century" deal. He emphasized that the Economic Committee is committed to investigating this issue and will provide an opinion and report after the parliamentary session with the head of the tax authority.

In October 2022, the "Theft of the Century" case was first uncovered, implicating high-ranking former officials and businessmen. The scandal, involving the disappearance of 3.7 trillion Iraqi dinars (approximately 2.5 billion USD) in tax deposits, sparked widespread outrage in Iraq, which had already seen massive protests in recent years demanding an end to corruption.

The "Theft of the Century" has since become a major topic of discussion in Iraqi political and public circles, even drawing attention from Arab and Western media outlets.

The scandal was uncovered by several concerned entities about two months before the end of former Prime Minister Mustafa Al-Kadhimi's administration. In mid-July 2024, Prime Minister Mohammed Shia Al-Sudani described the Theft as a dark mark in Iraq's history. He pointed out that it was carried out under official cover and revealed that half of the stolen funds had been smuggled out of the country.