An “Exciting” Statement By Al-Sudani: How Will Iraq Double Its Non-Oil Revenues By 200% In Just Two Years?, 20 JAN

 An “Exciting” Statement By Al-Sudani: How Will Iraq Double Its Non-Oil Revenues By 200% In Just Two Years?

Politics/Economy |Today  Baghdad today – Baghdad  Prime Minister Muhammad Shiaa Al-Sudani revealed today, Thursday (January 18, 2024), during a discussion session at the World Economic Forum in Davos, that Iraq has set a goal in a three-year budget to reduce dependence on oil revenues from 95 percent to 80 percent.

Achieving Al-Sudani’s statement requires raising non-oil revenues by 200% within just two years, which are the remaining two years of the tripartite budget, according to a digital analysis of the economic section in the “Baghdad Al-Youm” newsroom, amid questions about how to achieve this.

As of the end of November, Iraq had achieved revenues amounting to more than 121 trillion dinars, of which oil revenues amounted to more than 112.6 trillion dinars, while non-oil revenues amounted to more than 8.5 trillion dinars, which means that the percentage of non-oil revenues constituted about 7% of the total. Revenues.

For oil revenues to be 80% of total revenues, non-oil revenues must be more than 24 trillion dinars, which means doubling them by about 200% from their current number.

The Ministry of Finance’s accounts show that the bulk of non-oil revenues came from taxes on income and wealth, amounting to more than 4.3 trillion dinars, which raises questions about how the government will raise non-oil revenues and whether it will impose certain taxes, which will consequently reduce the percentage Reliance on oil revenues.  LINK