Iraqi News Saturday AM 8-14-21
Iraqi News Saturday AM 8-14-21
TLM724 Administrator BondLady’s Corner
White Paper Incubator
Saturday 14 August 2021 250 Thamer Alhemis
On the occasion of starting work according to what was stated in the white paper issued by the central government, which we cannot contain in one column, but it does not prevent us from addressing it as it is a practical road map, and in order for the work steps to proceed, according to it, coherently, the executive body should work as an institution with civil society institutions Active or influential, such as unions, associations, federations, and chambers of commerce and industry, but these organizations were and still keep pace with the performance of the executive body with its well-known performance for the past 18 years.
Therefore, it is necessary to have a white paper for these organizations. The leaders have grown old in performance and have become a rollercoaster according to the pressures, except for some of them that have no direct relationship, as these organizations suffer from the same pressure on the official administration (re-elections) and the application of oversight over performance and dealing effectively with what has been accomplished.
And developing work through real conferences for that formation, taking into consideration first that the relationship with the White Paper in the contexts of its work, performance and support, is that of institutions.
The white paper should also take into account that the market and competition components are not provided automatically by the market itself, but rather (through state institutions), that is, by quality standards and technical specifications set by governmental or semi-governmental bodies related to the market.
And if the efficiency of the market is linked to a minimum level of social justice, then the state’s intervention is the only guarantee to redistribute income through mechanisms, including tax policy.
As for state companies that are not self-financed, treating them as an accumulated loss should be quick and essential to ensure a steady pace of the white paper. The active private sector is not among its priorities to address the reality of these companies outside privatization.
Therefore, it is necessary to pass these companies through the restoration of the mixed sector, which will be, after the relevant ministries move as partners in it, to activity in order to be qualified to invest with the private sector in this field, which has been thwarted by many factors. To an external cycle that does not interact with the Iraqi economic cycle, to turn because of that industry into a mere comprador relationship with foreign capital, as is the nature of consumer import, which deepened our rentier economy in its favour.
The mixed sector, after the revival of the frozen one, as distinct models for us, did not flourish or return to its previous activity due to competition and intersection with imports, as well as clothing and food factories.
The cement experiment succeeded in the public and private sectors, so passing through the mixed sector filter and reforming union work, is produced after stopping importing what It can be produced locally, the basic needs of secondary and recreational, which we see in the malls, because import led us to the closure of industry and the scaling back of agriculture, which led to an unprecedented class disparity due to the emergence of social strata outside the contexts,
which we have cultivated for decades, and the violation of pension laws in terms of service and collection My knowledge, but the worst has enacted exceptional laws for it, and it became a difficult number in the budget, which confused the pension fund, as the World Bank warns us, as stated on page 14 of the white paper. Activate the work of the reform paper. LINK
Finance Discusses The Application Of The Tax System With Investment Companies And Businessmen
Ministry of Finance building Money and business Economy News – Baghdad On Saturday, the Ministry of Finance discussed with investment companies and a number of businessmen the implementation of the tax system and its feasibility.
And the official news agency "conscious" stated that "the Ministry of Finance held a workshop under the title (Reform of the Tax System in Iraq) in the presence of Finance Minister Ali Allawi, advisers in the Prime Minister and general managers in the Ministry of Planning and the financial and tax departments, and with the participation of a number of owners of investment companies operating in Iraq and businessmen ".
She added that "the workshop dealt with several topics, most notably the feasibility of applying the tax system and types of taxes." Views 83 Date Added 08/14/2021 https://economy-news.net/content.php?id=25972
A Slight Increase In The Exchange Rates Of The Dollar In The Local Markets
Economie| 10:17 - 14/08/2021 Baghdad - Mawazine News: The dollar exchange rates recorded, on Saturday, a slight increase in the main stock exchange in the capital, Baghdad.
Today, the dollar exchange rate on the Central Kifah Stock Exchange in Baghdad was 148,000 thousand dinars, for each $100 bill.
And the prices of buying and selling the dollar have stabilized in exchange companies and local markets in Baghdad, where the selling price reached 148,500 dinars, for each denomination of 100 dollars, while the purchase prices amounted to 147,500 dinars, for each paper denominations of 100 dollars. Ended 29/A 4 https://www.mawazin.net/Details.aspx?jimare=163757
Last Week, The Iraqi Stock Exchange Traded Shares Worth 3 Billion Dinars
Economie| 12:44 - 14/08/2021 Baghdad - Mawazine News The Iraqi Stock Exchange announced, on Saturday, the circulation of two billion shares, with a financial value of more than 3 billion dinars during the past week.
The market stated in a report seen by / Mawazine News /, that "the number of companies whose shares were traded during the past week amounted to 46 joint-stock companies, while the shares of 38 companies were not traded due to the lack of convergence of the prices of purchase orders with sales orders, while 19 companies continued to be suspended for not providing disclosure out of 103." listed company on the market.
He explained that "the number of traded shares amounted to two billion and 45 million and 415 thousand shares, a decrease of 97.49% compared to the previous session, with a financial value of 3 billion and 410 million and 639 thousand dinars, a decrease of 95.95% compared to the previous session through the implementation of 797 deals."
The market pointed out that "the ISX60 traded price index closed at 580.58 points, recording a decrease of 0.31% from its closing in the previous session."
He pointed out that "the number of shares purchased from non-Iraqi investors for the past week amounted to 55 million shares, with a financial value of 122 million dinars, through the implementation of 73 deals, while the number of shares sold from non-Iraqi investors reached 41 million shares, with a financial value of 135 million dinars, through the implementation of 51 deals. https://www.mawazin.net/Details.aspx?jimare=163778
Allawi Stresses The Importance Of Preparing A New Tax Law And Warns Foreign Companies "Evading"
Finance Minister Ali Abdel Amir Allawi, "Al-Iqtisad News"
Money and business Economy News – Baghdad Finance Minister Ali Abdel Amir Allawi stressed, on Saturday, the importance of preparing a new tax law, while revealing the percentages collected from taxes.
Allawi said in his intervention during the workshop that was held at the Ministry's headquarters to discuss the application of the tax law, that "a draft of a new tax law commensurate with the Iraqi situation must be prepared," noting that "the current Iraqi tax law is a copy of the British tax law issued in 1922 and it must Preparing a draft of a new law to be submitted to the Council of Ministers that is commensurate with Iraqi society,” according to “Conscious.”
Allawi added that "the percentage of taxes collected is 1% of the state's national product during the past year," stressing that "this percentage is small."
He explained that "the property tax rate imposed is 9% of the estimated property price. As for the property transfer tax, it is progressive, ranging from 3 to 6% of the property value, and the income tax rate is 15% of the net profit."
He added that "there are part of the foreign companies that practice tax evasion and the necessary measures will be taken against them."
Views 224 Date Added 08/14/2021 https://economy-news.net/content.php?id=25974
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