Iraqi News Highlights and Points to Ponder Sunday Afternoon 12-31-23

On The Last Day Of The Year.. The Dollar Rises In Baghdad And Erbil With The Closure

Market  Economy News – Baghdad  The prices of the US dollar against the Iraqi dinar closed on Sunday with an increase in Baghdad and Erbil.  Dollar prices recorded an increase with the closure of the main Kifah and Harthiya stock exchanges in Baghdad, recording 152,450 Iraqi dinars per 100 dollars, while this morning it recorded 152,150 Iraqi dinars per 100 dollars.

Selling prices increased in banking shops in local markets in Baghdad, as the selling price reached 153,500 dinars per 100 dollars, while the purchase price reached 151,500 dinars per 100 dollars.

In Erbil, the dollar also recorded an increase, as the selling price reached 152,300 dinars per 100 dollars, and the purchase price reached 152,200 dinars per 100 dollars.

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Parliamentary Finance Reveals The Reasons For The “Fluctuation” Of Dollar Prices At The End Of The Year

Economy |Baghdad today – Baghdad   Today, Sunday (December 31, 2023), member of the Parliamentary Finance Committee, Moeen Al-Kadhimi, revealed the reasons for the recent fluctuation in the exchange rates of the dollar against the Iraqi dinar in local markets.

Al-Kadhimi said in a statement exclusively to “Baghdad Today” that “the exchange rates of the dollar against the Iraqi dinar on the black market have their reasons, including speculators,” noting that “there are unreal prices raised by stock exchange owners on social media for the purpose of benefiting.”

The member of the Finance Committee pointed out that “part of the dollar’s ​​decline is the small withdrawal by traders coinciding with the end of the year 2023.”

He added, "The Central Bank of Iraq provides 150-200 million dollars daily at the official exchange rate of 1,320 Iraqi dinars."

Today, Sunday (December 31, 2023), the exchange rates of the dollar against the dinar recorded a slight increase in the local markets in the capital, Baghdad .

The "Baghdad Today" correspondent said, "Selling prices in money exchange shops in the local markets in the capital, Baghdad, amounted to 153,000 dinars for every 100 dollars ."

He added, "The purchase price amounted to 151,000 dinars per 100 dollars."

For more than a year, and specifically since the Central Bank began operating the electronic platform and the international financial transfer system “SWIFT , ” the dollar exchange rates in Iraq have not witnessed stability despite the attempts of the government and the Central Bank to control the exchange rate in the parallel markets .

The exchange rate in the parallel markets is still recording a significant increase compared to the official rate, which amounts to 1,320 dinars per dollar.  LINK

A Representative From Dhi Qar Asks: Where Did The Governorate’s Money Go?

Information/Baghdad..  Today, Sunday, the representative of Dhi Qar Governorate, Nissan Al-Zayer, asked about the fate of the money spent on the governorate over the past three years.

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Al-Zayer said in an interview with Al-Maalouma, “Dhi Qar Governorate received approximately one and a half trillion after it was voted afflicted by the previous House of Representatives and it received the Reconstruction Fund.”

She pointed out that "the money did not know its destination in light of the lack of tangible change in the service, urban and even health conditions in Dhi Qar Governorate."

Al-Zayer continued, “The fund’s money was spent on projects that exist on the surface but are riddled with corruption on the inside, most of which are fragile projects.”

She pointed out that "Dhi Qar Governorate has not witnessed a financial and urban revolution since the 1970s that had to change its reality, but unfortunately it is still "dust" as she described it.

Dhi Qar Governorate suffers from many crises, lack of services, and a very poor standard of living, despite granting it huge financial budgets during the past two years and forming its own reconstruction fund.    LINK

Specialists: The Existence Of A Balanced Tax System That Achieves Economic And Social Justice

Economical  12/31/2023  Baghdad: the mainstay of the emirate  The tax system represents an important economic foundation that will achieve the principle of justice and equality among people, in addition to its role in supporting financial budgets, distributing income, and reducing corruption operations, which has called on many specialists in economic affairs to stress the importance of carrying out broad tax reforms that are compatible with...

The economic reality in the country, indicating that taxes do not currently play a major role in maximizing non-oil revenues or in redistributing income.

Iraq seeks to make a broad shift in tax work, by implementing a number of reforms that were revealed during the tax reform conference held recently in Baghdad, in which the Prime Minister, Muhammad Shiaa Al-Sudani, confirmed that “economic reform, which was identified as a basic priority in the government program, It was not a slogan, but rather 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,”

explaining 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, and reforming Regulations and legislation, and rehabilitating institutional building, to be more attractive to investment, production and operation.”

Al-Sudani pointed out that “tax reform was present in all the meetings with businessmen and local and foreign investors, and that implementing the reform requires persistence, determination, diagnosing defects and making bold decisions,” indicating that “despite the difficulties that appear at the medium and long-term level, we will reach A stage in which the producer, consumer, and investor feel a state of acceptance and satisfaction, after justice has been achieved.

We hope that the conference’s recommendations will support legislation and infrastructure, and adopt a controlled and automated system that will eliminate extortion.”

During the conference, the Prime Minister revealed that “data from the Ministry of Planning indicate imports worth $42 billion, including machinery, goods, and products, but data from the Central Bureau of Statistics show imports worth $16 billion, which means that $26 billion was not subject to customs and tax duties.” ».

The conference came out with a number of recommendations at the time, the most prominent of which is “striving to encourage local companies to pay all the taxes owed related to these companies by extinguishing the fines and interest accrued by them, provided that they pay the original tax due, and submitting a proposal to extinguish 50% of the fines and interest accrued by foreign companies, especially companies.”

Oil Company, provided that the original taxes due are paid as an important basic step, to follow the policy of zeroing out problems, as well as seeking to solve the problem of similarity of names, which is an existing and previous problem, by canceling all the binary names that were previously provided to the General Tax Authority, and returning them to the official authorities to complete them and add The full name, mother’s or wife’s name, or date of birth.

Academic and economic researcher, Dr. Abdul Karim Al-Issawi, pointed out during his speech to “Al-Sabah” that “the Iraqi economy is characterized by completely absolute rentierism, as oil revenues dominate 96 percent of the state’s total revenues. In contrast, non-oil revenues represent the smallest portion of total revenues. It depends on taxes and fees, and therefore they are secondary and at low rates.”

Al-Issawi believes that “the dominance of oil revenues over the general budget is primarily the result of economic policies and what they included in opening the door to importing goods and services from abroad and canceling customs duties, in addition to the pluralism of the tax system in Iraq in terms of direct and indirect taxes, which is characterized by stagnation. “There is also difficulty in determining the tax base, which leads to an increase in evasion.”

Al-Issawi continued that paying taxes is a national responsibility that the taxpayer must undertake when he is subject to its controls, and the national duty requires the citizen to pay tax on the nature of the work he carries out through annual disclosure and accounting, and when a country has a balanced and comprehensive tax system, social and economic justice is achieved. By maximizing the marginal utility of income.

For his part, the specialist in economic affairs, Dr. Adnan Bahia, said in an interview with “Al-Sabah”: “Taxes are an important source of revenues for many countries in the world, especially countries that adopt the principle of market economy or capitalist systems, as tax revenue is the main financier of services and construction.”

Infrastructure and entertainment for citizens,” indicating that “the basic principle of taxes is that they are based on payment for the service that the citizen receives in exchange for the taxes he pays, so the government must be transparent in the taxes it collects and the tangible services it provides on the ground, such as Infrastructure and municipal services, the construction of streets and parks, water and electricity, or intangible services such as encouraging the national product or increasing and diversifying job opportunities, economic diversification, etc., in addition to taxes being an important source of development.

Bahia explained, “Taxes are a double-edged system. If they exceed their usual limit, they may lead to a contraction in the market and the economy later. However, if they are abolished or their imposition fails, the economy can also be severely harmed due to the dumping of goods in the markets due to the lack of taxes that balance the price of goods.” The local product and the price of the foreign product.

https://alsabaah.iq/89618-.html

Provoking Points To Ponder on Greatness:

To do great things is difficult, but to command great things is more difficult.  - Friedrich Nietzsche

Great men too often have greater faults than little men can find room for.  - Walter Savage Landor

The highest and most lofty trees have the most reason to dread the thunder. - Charles Rollin

Great and good are seldom the same man. - Thomas Fuller

Born of the sun they travelled a short while towards the sun And left the vivid air signed with their honour.  - Stephen Spender

If I am a great man, then a good many of the great men of history are frauds.  - Bonar Law

You cannot fly like an eagle with the wings of a wren.  - William Henry Hudson

Great men hallow a whole people, and lift up all who live in their time. - Sydney Smith

The greatest truths are the simplest, and so are the greatest men. - J. C. and A . W. Hare

Famous Quotes and Authors, Famous Quotations for all Occasions