Iraq Economic News and Points To Ponder Tuesday Morning 8-27-24
The Prime Minister's Advisor announces the imminent launch of new tax reform packages
Balsam Hameed Today, Monday, Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Saleh, announced the most prominent government steps in maximizing non-oil revenues, while indicating the imminent launch of new tax reform packages.
Saleh said, to the official agency followed by (Al-Oula News):
“One of the basic principles that came in the government’s approach to financial reform and which was approved by the House of Representatives in October 2022 is to maximize non-oil resources in the general budgets of the Republic of Iraq, for which goals were set.”
An amount in order for its contribution to the total revenues generated by non-oil economic activity to increase to 20 percent instead of its historical rates, which do not exceed 10 percent in the best cases.”
He added, “Diversifying sources of non-oil revenues and maximizing them in public budgets is one of the biggest reform challenges in the financial and economic fields in the country.”
He pointed out, “These challenges come from two main factors:
The first is the degree to which diversification of budget resources is linked to the success of diversification in the country’s gross domestic product, especially the three agricultural, industrial, and service sectors.”
He stated, “The oil production sector still dominates a percentage of the components of that gross domestic product, which sometimes reaches 60 percent, which gives the national economy a rentier character and direct coexistence on the financial flows provided by the oil resource mostly alone.”
He added, “The second factor among these challenges is related to non-governmental activity in generating gross domestic product, and we specifically mean market activity or the private sector.”
He continued, “The majority of the economic forces that generate income and wealth within market activity carry out their economic activities within the framework of the so-called (shadow economy), which are (gray) markets that are irregular and not known to the regulatory, tax and banking bodies as is known, and their percentage amounts to about 70 percent.” Of the total private sector activity in the country.
He stressed that “gray or shadow markets are one of the most important basic factors causing the decline in non-oil revenues in the country’s general budget.”
He pointed out that “the first step taken by the current government in maximizing non-oil revenues began by adopting a new approach to tax reform,” noting that
“the Council of Ministers approved earlier this year 8 new packages to reform the tax system in the country, led by the principle of expanding tax bases.”
“Especially those vessels that hide, evade, or neglect the annual tax accounting.”
He stressed by saying: “Two tax reform packages have been launched, and the
rest of the packages will be launched sequentially and gradually
within the government’s reform policy in the financial field and maximizing the state’s resources from sources of income and wealth from outside the oil sector, as this is accompanied by
administrative and legislative reform and high-precision digital governance of tax institutions in areas of appreciation and collection with high transparency and efficiency.” https://www.awla.news/مستشار-رئيس-الوزراء-يعلن-قرب-إطلاق-حزم/
Minister of Finance stresses the importance of completing plans to regulate the work of the government banking sector
Money and business Economy News – Baghdad Finance Minister Taif Sami stressed, on Tuesday, the importance of completing plans to regulate the work of the government banking sector.
A statement by the ministry, seen by Al-Eqtisad News, said that "Minister of Finance Taif Sami chaired a coordination meeting with the international auditing and oversight firm Ernst & Young to follow up on the ongoing technical plans to merge and organize the work of Rafidain and Rasheed banks and insurance companies."
It added, "During the meeting, which was attended by a number of the ministry's general managers and formations, a report was presented by the auditing firm on the final stages of its work regarding organizing the work of the government banking sector, in addition to discussing the proposed plans and final implementation stages in line with the priorities of reform and development."
The Minister of Finance stressed - according to the statement - "the importance of implementing these procedures to contribute to enhancing confidence in the banking system and providing a stable financial environment that supports economic growth, which is positively reflected on the national economy in general and achieving sustainable development and stimulating growth in various sectors."
Sami explained, "The importance of benefiting from the expertise of solid international companies such as Ernst & Young in the field of regulating and restructuring financial institutions, as the ministry aims to make Iraqi banks internationally and locally acceptable to provide better services to citizens.
The auditing company's expertise will also contribute to improving the efficiency and effectiveness of financial institutions, as it is expected that merging and regulating financial institutions will improve the quality of banking services provided and enhance investor confidence in the Iraqi economy."
The statement continued, "Iraq is witnessing transformations in the government banking sector through the adoption of ambitious work programs to restructure government banks, aiming to enhance the efficiency of these banks and improve their services provided to citizens and companies and strengthen financial suitability by increasing capital and diversifying sources of income,
in addition to improving governance by applying high standards of transparency and accountability and adopting the latest banking technologies to provide more efficient services, as well as increasing confidence in the banking sector and thus attracting foreign investments." 32 views 08/27/2024 - https://economy-news.net/content.php?id=46822
Dollar Prices Continue To Decline Against The Dinar In Baghdad
Stock Exchange Economy News – Baghdad The US dollar exchange rate fell on Tuesday morning in Baghdad markets.
The dollar prices witnessed a decline with the opening of the Al-Kifah and Al-Harithiya stock exchanges, recording 149,000 Iraqi dinars for every 100 dollars, while yesterday, Monday, it recorded 149,350 dinars for every 100 dollars.
The selling prices in the exchange shops in the local markets in Baghdad recorded a decrease, as the selling price reached 150,000 dinars, while the purchase price reached 148,000 dinars for every https://economy-news.net/content.php?id=46792
Al-Araji From Brussels: NATO's Mission In Iraq Is Advisory, Not Combat
Tuesday 27 August 2024 17:51 | Politics Number of readings: 75 Baghdad / NINA / National Security Adviser Qasim Al-Araji reiterated the Iraqi government's confirmation that NATO's mission in Iraq is an advisory mission and not a combat mission.
The National Security Advisory said in a statement: "Iraq and NATO held, today, Tuesday, the first session of the High-Level Partnership Dialogue at the alliance's headquarters in the Belgian capital, Brussels."
According to the statement, a high-level official Iraqi delegation headed by National Security Adviser Qasim Al-Araji participated in the dialogue, while the side representing NATO was headed by Assistant Secretary-General for Operations and Special Coordinator for Counter-Terrorism Tom Govas, and the Secretary-General's Representative for Southern Neighborhood Affairs Javier Colomina.
The dialogue, which came at the invitation of NATO, discussed ways to enhance the partnership between Iraq and the alliance, including completing the capacity building of Iraqi security forces and other issues related to border security, combating drugs and terrorism, and the file of the Syrian Al-Hawl camp.
During the dialogue, Al-Araji reiterated the Iraqi government's emphasis that NATO's mission in Iraq is an advisory mission and not a combat mission, stressing: "The long-term partnership with NATO is to achieve Iraq's interests, fight terrorism, and develop and rehabilitate the capabilities of the Iraqi forces," stressing the importance of continuing dialogue and partnership with NATO, to achieve Iraq's interests, security and stability.
In a speech on the sidelines of the dialogue, the National Security Advisor referred to Iraq's position rejecting the killing and starvation taking place in the Gaza Strip, and that there is no security or safety except with the existence of an independent Palestinian state, stressing the importance of adopting the principle of dialogue and diplomatic channels as a way to resolve international crises and conflicts.
For their part, NATO representatives praised Iraq's pivotal role and its importance in enhancing the security and stability of the region, expressing the alliance's readiness to increase cooperation and enhance the defense capacity building package agreed upon between the two sides.
Al-Araji also extended an official invitation to NATO representatives to hold the second session of the High-Level Partnership Dialogue in the capital, Baghdad, next year. /End9 https://ninanews.com/Website/News/Details?key=1150108
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