Iraqi News Highlights Friday Afternoon 6-16-23
Iraqi News Highlights Friday Afternoon 6-16-23
Tlm724 Administrator Bondlady’s Corner
Parliament Hands Over The Budget To The Presidency Of The Republic In Preparation For Its Approval
political | 06:38 - 06/16/2023 Baghdad - Mawazine News Today, Friday, the General Secretariat of the Parliament handed over the budget law to the Presidency of the Republic, in preparation for its approval. The Parliament's Media Department said in a statement, a copy of which was received by Mawazine News, that "Secretary General of the House of Representatives Safwan Bashir Yunis handed Kamel al-Dulaimi, Chief of the Office of the Presidency of the Republic, Kamel al-Dulaimi, the federal general budget law for the purpose of its approval by the President of the Republic, Abdul Latif Rashid."
Al-Sudani's Advisor Identifies Two Directions For Achieving Tax Reform In Iraq
Economy | 01:31 - 06/16/2023 Baghdad - Mawazine News, Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, stressed today, Friday, the importance of updating non-oil revenue maps, while identifying two directions to achieve tax reform.
Saleh said, "Public finance in our country is in dire need to update non-oil revenue maps, especially from revenue streams belonging to taxpayers whose collection has been completely neglected and without burdening citizens with limited or low incomes in the event that they are widely adopted."
He added, "The subsidy equation in the general budget, which exceeds 13% of Iraq's gross domestic product, and which is ensured by government spending from oil revenues, mostly touches the needs of the poor and the rich on an equal footing without discrimination. It requires an equation of non-oil revenues in return that is very fair and comprehensive.
Non-oil revenues (which are still very low, estimated at about 4 to 5 percent of GDP) come into contact with the evaded revenue pools, which are called (gray-colored) vessels, and they evade, as we mentioned, from paying their financial obligations regarding the state's tasks and tax requirements.
And he continued, "We mean here the activity of mysterious gray-colored individuals, which constitutes 60% to 65% of the total activity of the private sector or the market sector in our country today.
The problems of the rentier economy in our country have generated a culture of ignoring the few or meager revenues, while the world's public finances consist of mountains of resources from the accumulation of scattered financial grains of sand, which are collected from few but widespread and numerous tax and revenue vessels, and at the same time achieve the goals of public budgets in their countries.”
Salih pointed out that "tax reform, on the other hand, has also become an obligatory task inherent in providing financial discipline in Iraq and in two directions, the first:Adopting soft lump-sum taxes on income segments with their various denominations and according to easy collection methods that encourage immediate payment and enhance tax revenue in a transparent manner.
To choose and apply the simplest technical means and the most capable of reaching the taxable bases, which makes the tax or other revenue revenues of fees and service charges and others relative to the gross domestic product at least equal to the subsidy rate in the federal budget itself, and adopting that as a financial goal that should be pursued within the government program,
And that the taxes and fees are wide and comprehensive and imposed fairly without burdens on the shoulders of the taxpayers (mostly), but rather encourage them voluntarily to contribute nationally to supporting public finances in our country, because of the ease and flexibility of collecting their amounts and with high financial governance. https://www.mawazin.net/Details.aspx?jimare=229383
A Slight Decline In Global Oil Prices
Friday 16, June 2023 09:17 | Economical Number of readings: 431 Baghdad / NINA / - Oil prices fell slightly during trading today, Friday, amid expectations of more monetary easing in China and despite concerns about further monetary tightening in the United States and Europe.
UBS expects, in a note, a supply deficit in the market of about 1.5 million barrels per day in June, and more than two million barrels per day in July, and that as soon as that deficit appears in oil stocks, prices may tend to rise.
Data released yesterday showed that the productivity of oil refineries in China increased by 15.4% in May on an annual basis, recording the second highest total level ever.
Brent crude futures for August delivery fell 0.25%, or 19 cents, at $75.48 a barrel, at 08:02 am Mecca time.
US crude futures for July delivery also fell 0.2% to $70.48 a barrel, after rising by about 3.4% in the previous session./End 8 https://ninanews.com/Website/News/Details?key=1059926
Sudanese Consultant Explains Two Mechanisms For Tax Reform
June 14 21:13 Information / Baghdad... The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed, on Wednesday, that
the percentage of non-oil revenues from the gross product reaches 5 percent, and while specifying the percentage of activity of individuals in the private sector related to public finances, he identified two mechanisms for conducting tax reform.
Saleh said to the official agency and his follower, Al-Malooma, that
"the Iraqi financial sector today needs to update the maps of non-oil revenues, especially from revenue vessels belonging to taxpayers who have completely neglected collecting from them, without at the same time burdening citizens with limited or low incomes."
He added, "The government support equation in the general budget today exceeds 13 percent of Iraq's gross domestic product, which is guaranteed by government spending from oil revenues mostly, and it touches the needs of the poor and the rich on an equal footing without discrimination, requiring a very fair and comprehensive non-oil revenue equation."
And he continued, "The proportion of non-oil revenues (which is still very low and is estimated at 4-5 percent of GDP)."
Regarding the money of individuals and the extent of their contribution to the market activity, Saleh explained,
“There is what is known as voluntary vessels, which are called (gray-colored) containers, which evade paying their financial obligations regarding the state’s tasks and tax requirements.
It is the activity of mysterious gray-colored individuals, which constitutes 60-65 percent. Of the total activity of the private sector or the market sector in Iraq today, which are evaded or neglected vessels that are subject to taxes, but are not known before the collection agencies in the public finances. He stated,
"The problems of the rentier economy in our country have generated a culture of ignoring the few or meager revenues collected, while the world's public finances consist of the accumulation of scattered financial grains of sand, which are collected from few but widespread and numerous tax and revenue vessels, and at the same time achieve goals." public budgets in their countries.
And he indicated that "tax reform has also become important and inherent in providing financial discipline in Iraq and in two directions: the
first: the adoption of soft flat taxes on income segments of various denominations according to easy collection methods that
encourage immediate payment and
enhance tax revenue in a transparent manner, and the
second: the use of electronic payment and collection methods for accounting taxpayer in an easy way, provided that each taxpayer carries one tax number.
And he stressed, “This requires cooperation with international financial institutions to choose and apply the simplest technical means and the most capable of reaching the taxable bases, which makes tax or other revenue revenues, such as fees and service wages, and others, relative to the gross domestic product, equal at least to the support rate in the federal budget.”,
as a financial goal that should be pursued within the government program," pointing out, "taxes and fees are broad and comprehensive and imposed fairly without burdens on taxpayers, and encourage them voluntarily to contribute nationally to supporting public finances in our country." ended 25 n
https://almaalomah.me/news/economy/مستشار-السوداني-يوضح-آليتين-لاجراء-الإصلاح-الضريبي
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