Iraq Economic News and Points to Ponder Wednesday Evening 12-6-23
Iraq Economic News and Points to Ponder Wednesday Evening 12-6-23
Tlm724 Administrator Bondlady’s Corner
Al-Sudani: Tax Reform Represents An Important Message To Local And Foreign Investors About The Government’s Seriousness In Restoring The Business Environment / Expanded
Wednesday 06, December 2023 | Political Number of readings: 131 Baghdad ( NINA) - Under the patronage of Prime Minister Muhammad Shiaa Al-Sudani, the conference on reforming the tax system in Iraq began this Wednesday morning.
In his speech, Al-Sudani welcomed those responsible for preparing this important and qualitative conference devoted to tax reform.
He also praised the research papers presented by the relevant officials, businessmen and international organizations, stressing that economic reform, which was identified as a basic priority in the government programme, was not a slogan, but rather a slogan. An interim goal that came from a realistic reading and inevitable result of the problems and challenges facing Iraqi society, most of which have economic roots.
Al-Sudani explained that tax reform represents an important message to local and foreign investors, companies and international organizations, regarding the government’s seriousness in restoring the business environment, reforming regulations and legislation, and rehabilitating institutional building. To be more attractive for investment, production and operation.
He stressed that tax reform was present in all meetings with businessmen and local and foreign investors, noting that implementing the reform requires persistence, determination, diagnosing the defect, and making bold decisions.
He added that despite the difficulties that appear on the medium and long-term level, we will reach a stage where the producer, consumer and investor will feel a state of acceptance and satisfaction, after justice has been achieved.
He continued: We hope that the conference’s recommendations will support legislation and infrastructure, and adopt a controlled and automated system that will eliminate extortion.
He stressed that the phenomenon of extortion represents one of the factors that deter taxpayers from fulfilling their tax obligations, pointing out that the concept of tax needs work, awareness and education. He added that
tax revenues should be reflected in service projects that improve the living conditions of citizens, and make taxpayers feel that they are contributors to development, stressing that
a large part of the problems of banking and financial reforms is represented by the evasion and fraud of some merchants and businessmen from the tax system.
He explained that businessmen go to the illegal market for foreign currency, and leave the official price and the electronic platform in order to avoid the tax, pointing out that
some of the reasons for tax evasion are related to the origin of the tax system and its legislation, and some are related to the tax culture and the spread of evasion.
He announced that the total imports, according to data from the Ministry of Planning, indicate imports worth 42 billion dollars, of machinery, goods and products. Data from the Central Bureau of Statistics also indicate imports worth 16 billion dollars, which means that 26 billion dollars were not subject to customs duties and taxes.
He stressed that tax evasion has disastrous effects on industry and trade, and hinders development projects. Al-Sudani explained:
We have taken practical steps in banking and financial reform, land administration, electronic payment systems, and support for industrial cities, which is an integrated package that requires reform of the tax system. He concluded:
We hope that the House of Representatives will prioritize legislation related to the tax sector based on the outcomes of this conference. /https://ninanews.com/Website/News/Details?key=1093957
Integrity Announces The Inclusion Of Party Leaders And Founders In The Campaign “Where Did You Get This From?”
Political| 05/12/2023 Mawazine News – Baghdad The head of the Integrity Commission, Haider Hanoun, announced today, Tuesday, the creation of the “Inspection Department” in the ministries, while indicating that the second amendment to the Integrity Law will combat corruption by 90 percent, and the campaign (Where did you get this from?) will include the heads and founders of parties.
Hanoun said, in an interview followed by Mawazine News, that “there is a second amendment that will be presented to the Integrity and Illicit Gain Commission law, in a conference that will be held soon,” indicating that
“the amendment will include the establishment of a new department called (the Inspection Department), which includes inspection and research in ministries before "The crime occurs."
He pointed out, "The authority supports the legislation related to access to information, as it was voted on in the Council of Ministers, as well as the law on recovering the proceeds of corruption." Hanoun confirmed,
“The Integrity Commission proposed legislation for the second amendment to the Integrity and Illegal Gain Commission Law, which is supported by the Council of Ministers.
If implemented, it will give the Integrity Commission the ability to combat corruption by 90 percent, as it will go toward recovering the money that was stolen from Iraq since 2003 and returning it to the people.”.
He also pointed out that "the application of the campaign (Where did you get this from?) on illegal gain will not only apply to employees and officials, but will include the heads and founders of parties, governmental and non-governmental organizations, and civil society organizations."
He continued, "Some of the non-governmental organizations work with international organizations and receive grants," noting that "the Commission will address international organizations to reveal these funds paid." https://www.mawazin.net/Details.aspx?jimare=239007
Government Recommendations Regarding Procedures For Tracking The Entry Of Imported Goods Into Local Markets
Economy| 08:34 - 04/12/2023 Mawazine News – Baghdad The Ministerial Council for Economy recommended, today, Monday, studying procedures for tracking the entry of imported goods into local markets.
The media office of the Ministerial Council for the Economy stated in a statement received by Mawazine News, that,
“Today, Deputy Prime Minister and Minister of Foreign Affairs, Fawad Hussein, chaired the thirty-seventh session of the Ministerial Council for the Economy, in the presence of the Deputy Prime Minister, Minister of Planning, the Ministers of Trade, Agriculture, Industry, Labor, and Social Affairs, and the Secretary-General of the Council.” Ministers, the Prime Minister’s Advisor for Legal Affairs, and the Undersecretary of the Ministry of Oil, and the Council discussed the items on its agenda and took the appropriate decisions regarding them.”
He added, "The Council discussed the recommendations of the Import Policy Implementation Committee and executive procedures, including studying mechanisms and procedures for tracking and
controlling the entry of imported goods into local markets and obligating importers and producers to have a tracking system for goods covered by the decisions of the Central Agency for Standardization and Quality Control (pre-inspection certificate) and
obtaining an enhanced Iraqi quality mark certificate." using a bar code, organizing the standard specifications (name of the importer, distributor, agent, label and all product details) and determining the materials included in the import trade according to a well-thought-out plan.
The Council also decided to increase the cost of the infrastructure implementation project in the New Mishraq district in Basra Governorate.” https://www.mawazin.net/Details.aspx?jimare=238967
Conclusion Of The Course On Personal Skills And The Art Of Dealing With Others - Soft Skills
December 06, 2023 In the presence of the Director General of the Erbil Branch, today, December 5, 2023, the Development and Training Department of the Central Bank of Iraq concluded the training course on (Personal Skills and the Art of Dealing with Others - Soft Skills) for employees of the Central Bank of Iraq, Kurdistan Region Branch in Erbil.
The General Manager of the Branch stressed the importance of holding training courses on an ongoing basis for Central Bank employees with the aim of raising the level of employees and building their capabilities and the importance of communication that helps in providing distinguished service due to the nature of work in the bank.
The course included several training topics, including understanding the rules of human behavior and its impact on building human relationships, and the art of dealing with others - Soft Skills.
The concept of the art of etiquette and job work and its importance in the field of work and how to manage the art of communication and communication, as well as clarifying the importance of dealing with various situations and developing conflict management skills within the field of work and job.
In conclusion, certificates of appreciation were distributed to the course participants.
Decrease In The Dollar Exchange Rate In Baghdad
Economy Wednesday, December 6, 2023 Baghdad/National News Center Dollar prices fell today, Wednesday, against the Iraqi dinar in Baghdad markets. The Kifah and Harithiya central stock exchanges recorded an exchange rate of 157,000 Iraqi dinars for 100 US dollars.
While the dollar exchange rates in banking shops and local markets recorded the selling price at 158,000 dinars, while the purchasing price reached 156,000 dinars for every 100 dollars. https://nnciraq.com/239895/
The Iraqi Stock Exchange Closed Up By 1.11%
Market Economy News – Baghdad The Iraqi Stock Exchange closed today, Wednesday, up by 1.11%.
The session traded shares of 28 companies, with the number of shares traded reaching more than 1.2 billion shares, with a value of more than 2.1 billion dinars. Al-Mansour Bank shares rose by 12.6%, followed by Sumer Bank by 7.1%, and Modern Tailoring by 7.1%. Al-Mansour Hotel shares fell by 5.3%, followed by Al-Iqtisad Bank by 5.2%. 12/06/2023 https://economy-news.net/content.php?id=38229
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Provoking Points To Ponder on Difficulty:
Difficulties show men what they are - In case of any difficulty God has pitted you against a rough antagonist that you may be a conqueror, and this cannot be without toil -- Epictetus
Our energy is in proportion to the resistance it meets -- We attempt nothing great but from a sense of the difficulties we have to encounter; we preserve in nothing great but from a pride in overcoming them -- Hazlitt
There are difficulties in your path - Be thankful for them -- they will test your capabilities of resistance; you will be impelled to persevere from the very energy of the opposition -- But what of him that fails? - what does he gain? Strength for life -- the real merit is not in the success but in the endeavor and win or lose -- he will be honored and crowned -- W M Punshon