More Iraqi News Saturday PM 4-17-21
More Iraqi News Saturday PM 4-17-21
TLM724 Administrator BondLady’s Corner
Deduction Or Raising The Exchange Rate ?!
Mohammed Fakhry Al-Mawla117 2021-04-17 Muhammad Fakhry Al-Mawla ||Happy news, I cheer up the employees and the ruling expenses, not deductions from your salaries!
Of course, the employee is from the usual career ladder for the general staff. We reduce it to you. Half of the service dreams in a million dinars, and the other half you dream that you keep this number or dreams start to double this number at the end of the service.
What I'm talking about is not a riddle, it is the salary equation for the career ladder.
So, a big dream for an honest and patient employee to preserve his monthly income in the midst of the ruling spending, a living, generating electricity, water, sick rent, the events of the predecessor schools, and if we add the rent for housing, the picture is complete.
So the employees are happy and thank the government for not touching them
In the exhibition of the conversation, those we are talking about are the ruling expenditures, about 8 million people, and if you add their dependents to double the number.
A summary of the leaked deduction numbers starting from 25 twenty-five thousand to be at 150 hundred and fifty thousand dinars or a little more.
With the grace of God and the great support from all the executing agencies, the matter was completed
But the surprise that stunned everyone in the shape of the ruling expenses, Ray launched under the clause of filling the government deficit according to the vision of raising the exchange rate.
Everyone agrees that there is a deficit, and most of the specialists have diagnosed that the treatment of the deficit is by addressing the failure in the financial and economic management of Iraqi resources.
But the loudest voice for those who wanted to raise the exchange rate, given that the godparents of this project are certain that the layers above will not be damaged and will supply the treasury with large sums.
The biggest surprise was that it did not provide the Treasury with large additional imports
On the contrary, there are assurances that the ruling classes will not be affected. Rather, the matter has expanded so that all classes of the people are under influence
The prices of all materials increased without exception, and the monetary value decreased in comparison with hard currency
Losses or differences will be at least for all segments by 200 thousand dinars up.
Simply, if they remain on deductions, have mercy.
He who was not satisfied with cutting 25 thousand now takes from it 200 thousand by several names
In conclusion, the planners are caring and look good at the society and do not look so that the simple employee and the simple citizen will be the biggest loser. http://burathanews.com/arabic/economic/390540
Exports And Investment Fill The Annual Budget Deficit
Saturday 17th April 2021 91 Baghdad: the pillar of the emirate Serious work to adopt mechanisms that reduce the financial deficit, by controlling expenditures, canceling and eliminating unnecessary expenditures, and working to stimulate the policy of supporting exports and directing towards investment in the real sector.
Academic d. Qusay Al-Jabri stressed that «the problem of deficit that accompanies the country's public budgets during the past years, requires the adoption of effective measures to reduce it, the most important of which is serious work to diversify sources of income or public revenues so that the Iraqi economy is not dependent on fluctuations in crude oil prices and the policy affecting the global oil market, from Through stimulating export support policy and investing in the sector Real".
Production base
He stressed "the importance of reinvesting part of the financial surpluses achieved from foreign investment at home to finance other investment projects, so that this investment would be a catalyst for diversifying the productive activity and developing the production base, thus reducing pressure on the general budget."
Operating expenses
On the treatments of controlling public expenditures, especially operational, and financial reform between the professor of public finance, Dr. Imad Al-Ani, that «increase the allocation of government resources through administrative control systems to control and reduce the resources allocated to non-productive operational spending, or the so-called spending outside the budget, and this is what is meant by public spending technology, that is.
Using modern technology and advanced methods to distribute money better by measuring the returns from this spending, and then transferring money from non-productive public spending to productive spending with economic and social returns, which achieves the well-being of society, as well as linking commitment to providing support for goods and services to specifically needy groups, And work to improve the level of social services and the way they are provided, as well as pay attention to human development and infrastructure ».
Government spending
Al-Ani pointed out that “reducing unnecessary public expenditures will in turn reduce the fiscal deficit, and government spending represents a significant proportion of the total demand, and an attempt to reduce and rationalize this spending will free the government from great burdens that were confusing its financial and economic activity and its role in providing public services. The level of satisfaction of public needs, as well as that this process will reduce the deficit in the public budget, and thus the government can partially get rid of the size of the debt. LINK
Saleh: 72% Of State Companies Are Losing Money, And 400,000 Workers Receive Salaries Without Working
Economie| 09:14 - 04/17/2021 Baghdad - Mawazine News, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, said, on Saturday, that out of the 173 public or state-owned companies, only 28% work and make a profit, and the rest 72% are losing companies, pointing to the presence of nearly 400 thousand workers in those companies They receive monthly grants in the form of salaries without performing productive work.
Saleh said, "Since 2003, the production activity of the government sector has been subjected to stoppage and neglect. Among the 173 public or state-owned companies, none of them are actually working at the present time and only 28% are profitable, while the remaining 72% are losers," he revealed. Noting that "more than 20% of those companies were removed from existence due to the war operations that took place in the second Gulf War and led to the demise of the former regime."
He pointed out that "the profitable public companies are those that are linked to the rentier activity of the oil sector and that enjoy quasi-monopolistic advantages in obtaining raw materials and marketing the product and prices, which make them profitable and they are profitable operations surrounded by a lot of support," indicating that "there are about 400 thousand workers who receive grants." Monthly in the form of salaries without performing productive work for eighteen years.
He stressed, "The fault is not the fault of these workers and employees, but the reason is due to the negligence and negligence in the economic policy based on oil and neglect of any other resource."
Saleh pointed out that "technical expertise has diminished due to the lack of accumulation of human capital, on-the-job learning, technology transfer, or the renewal of production lines that have become technically obsolete."
He added that "the Ministry of Finance made an attempt to support the operation of these companies and their factories by providing them with operating capital (after it guaranteed them with government bank loans), but unfortunately nothing was achieved on the ground and the money went in vain." Trillion dinars. "
And that "those loans and funds were unable to move the wheels of production, raise productivity and maximize production efficiency, especially in industrial companies that exceed 80% of state-owned companies."
And he added that "these loans remained, because of their sovereign guarantee by the Iraqi government, an integral part of the current government debt and calculated with it until the moment."
The financial advisor to the prime minister explained, “Based on the white paper adopted by the government of the Republic of Iraq in the year 2020 as an economic reform approach, those losing state-owned companies that are suspended or lagging behind should be transformed into profitable and productive companies, to increase the diversity of GDP.
To Iraq and reduce the heavy losses incurred by the national economy, in addition to raising its financial burdens and transferring them to maximize the diversity of non-oil revenues in the sources of the federal budget. " https://www.mawazin.net/Details.aspx?jimare=149955
Mazhar Saleh: 72% Of Soes Are {Losing}
Saturday 17th April 2021 113 Baghdad: Hazem Muhammad Habib
The financial advisor to the Prime Minister Mazhar Muhammad Salih said that out of the 173 public or state-owned companies, only 28% work and make profits, and the rest 72% are losing companies, pointing out that there are nearly 400,000 workers in these companies who receive monthly grants in the form of salaries from Without performing productive work.
Saleh said to Al-Sabah: “Since 2003, the production activity of the government sector has been subjected to stoppage and neglect. Out of the 173 public or state-owned companies, none of them actually works at the present time and achieves a profit of only 28%. While the remaining 72% are losers, "revealing that" more than 20% of those companies were removed from existence due to the war operations that took place in the second Gulf War and led to the demise of the previous regime.
"Profitable public companies are those associated with the rentier activity of the oil sector, which enjoy quasi-monopolistic advantages in obtaining raw materials and marketing the product and prices, which makes them profitable, and they are profitable operations surrounded by a lot of support, "noting that" there are about 400 thousand workers who receive monthly grants in the form of salaries from Without performing productive work for eighteen years.
Saleh pointed out that “technical expertise has diminished due to the lack of accumulation of human capital, learning during work, transfer of technology, or renewal of production lines that have become technically obsolete,” adding that “the Ministry of Finance has attempted to support the operation of these companies and their factories that their duration is with operating capital (after that I guaranteed them with government bank loans) but unfortunately nothing was achieved on the ground and the money went in vain, explaining that “these loans are estimated with a loss of interest at about 16 trillion dinars.”
And that “these loans and funds were unable to move the wheels of production, raise productivity and maximize efficiency. Production, especially in industrial companies that exceed 80% of state-owned companies, "and added that" these loans remained, because of their sovereign guarantee by the Iraqi government, an integral part of the current government total debt and calculated with it until the moment. "
Ministers, that "According to the white paper adopted by the government of the Republic of Iraq in the year 2020 as an economic reform approach, those losing state-owned companies that are suspended or lagging should turn into profitable and productive companies, to increase the diversity of Iraq's GDP and reduce the heavy losses incurred by the national economy. As well as raising its financial burdens and shifting them to maximize the diversity of non-oil revenues in the sources of the federal public budget. LINK
This Is What The International Coalition Forces Have Contributed To Secure The Iraqi Borders
a wish| 02:49 - 04/17/2021 Baghdad - Mawazine News The Security Media Cell reported, on Saturday, that the International Coalition Forces have contributed to securing the Iraqi borders.
The cell stated, in a statement that Mawazine News received a copy of, that "the international coalition forces have provided a number of materials that contribute to the border control process, especially the Iraqi-Syrian border."
And she added, "Where it was granted" barbed wire and wire barriers, "this is the first batch in a series of payments that the Iraqi security forces will receive." https://www.mawazin.net/Details.aspx?jimare=150011
Al-Rafidain Raises The Interest Of Saving Accounts For Depositors Their Money
Time: 04/17/2021 10:10:32 Read: 3,822 times {Baghdad: Al Furat News} Today, Saturday, the Rafidain Bank announced that the interest rate for citizens' savings accounts will be raised to 4.5 percent.
The bank’s media office said in a statement that Al Furat News received a copy of, that “based on the bank’s policy aimed at maximizing revenues in order to attract cash and encourage customers to save their money instead of hoarding it at home, the bank decided to increase the interest rate on savings accounts to 4.5 percent".
The statement added that "the bank decided to increase the interest rate on deposits for a period of six months to become 4.5 percent, and to increase the interest rate on fixed deposits for a year to be 5.5 percent, in addition to increasing the interest rate on deposits for a period of two years to become 6.5 percent."
The statement indicated that "the bank decided to pay interest for fixed deposits to be granted in advance, provided that the citizen undertakes not to break it and withdraw it. Otherwise, the interest granted will be deducted from the principal amount of the deposit, and this will be the basis for the comparison between the deposit and the savings account and the customer." LINK
Government Source: No Additional Taxes On Employees
Saturday 17th April 2021 124 Baghdad: Muhannad Abdul-Wahhab On Friday, a government source denied the existence of any government decision or direction to impose additional taxes on the salaries of employees and retirees.
The source clarified, in an interview with "Conscious", that "Prime Minister Mustafa Al-Kazemi has indicated on more than one occasion the need to pay attention to the income of the poor classes and to spare them the effects of fluctuations and economic crises."
Earlier, the Ministry of Finance issued an explanatory statement regarding the tax withholding.
A statement by the ministry stated that it “is working to implement all the decisions and texts contained in the General Budget Law for 2021 that the House of Representatives voted on, and that the book bearing the signature of Minister of Finance Ali Abdul Amir Allawi regarding tax deduction came in implementation of the provisions of Article 34, paragraph (c) of the Budget Law General Included (The House of Representatives cancels all customs and tax exemptions and exceptions granted by cabinet decision unless stipulated by the laws in force).
The ministry affirmed that it "applies the law in paying tax on all income, including the nominal salary and allocations, and the exemption from the Council of Ministers was exceptional," noting that "the proposed tax deduction does not include the lower classes, and the Council of Ministers has the power to cancel it."
The letter, sent from the Ministry of Finance to the General Secretariat of the Council of Ministers, in which it demands that taxes be deducted from the employee’s total monthly income, was met with a "large parliamentary rejection," and lawmakers considered it a reflection of the confusion in the state administration and the lack of coordination between the fiscal and monetary policies.
The head of the Parliamentary Finance Committee, Haitham al-Jubouri, said: In his response to the ministry’s statement: “We have reviewed the Ministry of Finance’s statement that they are based on Article 34 C of the Budget Law to reinstate Law No. 113 of 1982 regarding the tax on the salary of the total employee.”
He added, in a statement, that "the use of this article is inaccurate and does not give the right to what the ministry went to in its published book because the intention of the legislator in this article is to cancel customs and tax exemptions related to the import of goods and goods issued by decisions of the Council of Ministers, and it has nothing to do with the income tax related to the income The employee or His salary. "
In addition, a member of the Finance Committee, Magda Al-Tamimi, said: "It is not permissible for the employee to suffer a double reduction during a period not exceeding four months from the devaluation of the dinar against the dollar, in addition to the tax deduction."
Al-Tamimi indicated in a statement that "this decision is nothing but a reflection of the confusion in the state administration and the lack of coordination between the financial and monetary policies," calling on the Minister of Finance to "retract this decision, otherwise we will have to host him and then question him soon."
Regarding the appeals facing the 2021 budget, MP Asaad Al-Morshedy confirmed, to Al-Sabah, that "the budget approved by the House of Representatives has many problems and obstacles." Out by the judiciary. "LINK
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