Economist: Non-Oil Revenues To Achieve Significant Growth In 2024
Wednesday 27 November 2024 | Economic Number of readings: 141 Baghdad / NINA / Economic expert Manar Al-Obaidi, a member of the Political Economic Center, announced that the non-oil revenues of the Iraqi state grew during the first nine months of 2024 by 198% to reach the 12.3% barrier of its contribution to the total revenues of the Iraqi state.
Al-Obaidi said in a statement that the total non-oil revenues of the Iraqi state during this period amounted to 14 trillion Iraqi dinars, up from the same period in 2023, which was about 4.7 trillion dinars.
Despite the decrease in the value of revenues resulting from taxes on income and wealth by 17%, the increase in commodity taxes by 275% and the increase in the budget's share of public sector profits by 243% contributed to this significant increase.
He explained that for the first time since 2003, non-oil revenues constituted 12% of total revenues and the contribution of oil revenues decreased to reach 88% of total revenues.
He added that the total revenues until September 2024 amounted to 114 trillion Iraqi dinars, an increase of 19% compared to the same period in 2023, which amounted to 95.85 trillion Iraqi dinars.
The improvement in non-oil revenues is due to the reforms made in the tax and customs file, in addition to encouraging profitable public companies to increase their contribution to government revenues. It is expected that non-oil revenues in 2024 will reach the barrier of 18 trillion Iraqi dinars. Despite the increase in this number,
it is still far from the planned number in the budget, which amounts to about 28 trillion Iraqi dinars. However, this improvement in these revenues reflects the success of the reforms made in the field of collection and work to increase payment through electronic outlets. / End 9 https://ninanews.com/Website/News/Details?key=1171400
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