Taxes Knock on the Doors of Electronic Payment Ports in Iraq (Document)
The General Tax Authority, affiliated with the Iraqi Ministry of Finance, began operations on Thursday towards electronic payment outlets across the country, days after a decision by the Central Bank that sparked widespread controversy regarding closing these outlets or merging them with exchange companies.
A document issued by the Authority, obtained by Shafaq News Agency, was addressed to the Central Bank of Iraq, in order to provide it with a database of electronic payment outlets, in order to register them and collect taxes from them.
Last Monday, the Association of Financial Outlets for Electronic Payment in Iraq ended a strike that it had started that morning, in protest against the decision of the Central Bank of Iraq to close outlets or merge them with exchange companies.
However, the Central Bank later denied issuing any directive or statement regarding the closure of exchange outlets, stressing in a statement that the goal is to expand the spread of financial outlets through ATMs and licensed electronic payment companies. link
I'm not trying to give you a date...Iraq can only change their rate on a Sunday. The rate will change on what is their Sunday morning before or by the time their banks open. Their banks open Sunday morning 8am their time...
Here's the unknown variable in this. Does Iraq need something like a holiday to legitimately suspend or pause their currency auction on a Sunday allowing them to change the rate? That's a question none of us can answer. We don't know...
Prime Minister confirms Iraq's aspiration for more cooperation with the Arab Monetary Fund
Prime Minister Mohammed Shia Al-Sudani called on the Arab Monetary Fund to cooperate in building bridges with its financial institutions.
A statement from his media office received by "Al-Eqtisad News" stated that "Al-Sudani received the head of the Arab Monetary Fund, Mr. Fahd bin Mohammed Al-Turki."
He stressed "the government's support for the tasks of the Arab Monetary Fund, of which Iraq is a founder and the second largest contributor, after the Kingdom of Saudi Arabia."
Al-Sudani pointed out that "Iraq looks forward to further cooperation with the Fun
d, and that the effects of its work will be reflected on the Iraqi scene, through its contribution to financing the reconstruction and development campaign that the government has embarked on, especially in the field of infrastructure, as well as the desire for the Fund to work on expanding the contribution of Iraqi cadres in its work, and building bridges with Iraqi financial institutions."
He stressed "the importance of the Fund contributing to strengthening Arab ties, by regulating financial, monetary and trade relations, in a way that enhances common interests between them."
For his part, the Chairman of the Board of the Arab Monetary Fund stressed the Fund's keenness to support Iraq and participate in its development programmes, in a way that contributes to enhancing constructive cooperation in the field of financial and financing sectors. link
FIREFLY:Mr Sammy says when [Amendment 12 of budget] passes...then the next step will be that the budget table will be going to parliament...Once that passes a new rate will show before the tables go to parliament because the budget table line items need that rate.
FRANK: Thank you for that understanding. I really appreciate it. I'm going to rule out the 15 days and focus only on the accomplishment of the Amendments that will expose the new budget and the new rate.
President of the Republic: Our relationship with America and Iran is good, and we are not under the control or will of any country
The President of the Republic, Abdul Latif Jamal Rashid, confirmed that Iraq is now free of terrorist operations, while describing the relationship with the United States of America and Iran as “good” and that we are not under the control or will of any country.
Rashid said, in an interview with Asharq Al-Awsat newspaper, followed by {Al-Furat News}, that: “Trump’s return is an important step to resolve conflicts in the world and the Middle East, and Iraq is now free of terrorist operations, and what remains of terrorism does not exceed a few pockets.”
He added, "Our relations with the United States of America are good, and we thank the American position for standing by our side in fighting the terrorist organization ISIS," noting that "the American forces are present under bilateral agreements, and at the request of the Iraqi government and in coordination and consultation with the political forces in Iraq."
Rashid continued, "The factions are now under the control of the government according to procedures that the relevant authorities are working on, to reach a situa
tion that ends any combat activity in these circumstances," stressing "the importance of the state of Iran as a state and our relations with it are good; but we are the decision-makers in Iraq, and we are not under the control or will of any state."
He added, "Our region is a historical and civilized region, and is considered one of the most important regions. It is rich in natural resources more than any region of the neighboring countries. Therefore, we must enjoy our wealth, enjoy security and peace, and work to solve the problems of the neighboring countries."
Rashid added, "We tried to contribute to finding solutions to settle the situation in Syria during the era of Bashar al-Assad's regime, several times. Syria is an important country in the Middle East, and it shares borders with a number of countries in the region, but Bashar's regime unfortunately did not invest in our attempts. We supported Syria's return to the Arab League, and we tried to bring the views of the former Syrian regime and the various factions closer together."
"We wish the new administration in Syria success in improving the situation, but things are not very clear yet," he added, explaining, "We share a long border with Syria, and the fact is that there are a large number of terrorist organizations on the Iraqi-Syrian border, and that worries us. The international community must work to find radical solutions to the crisis of terrorists in detention camps who hold different nationalities."
Regarding the water crisis, Rashid said, “The water crisis exists at the present time, and its solutions also exist. The solutions, in my opinion, are easy if there is a real and serious intention to solve this problem. There are three main factors that contribute to the water crisis: neighboring countries, climate, and improving water management in Iraq.” link
There is new sheriff in town and his name is Donald Trump. What will his policy be towards the Iraqi financial system.
Four years have passed since his last administration and there has been way too much progress in the banking and financial reforms to turn back to the days of the prior Trump administration laden with sanctions.
I am told by my CBI contact that Al-Sudani is hoping for an invite to visit the new President in Washington, or better yet have him come to Iraq..
.the CBI is being very cautious to see how the U.S. Trump administration is going to play out. Remember that Iraq is ditching the dollar but Trump has vowed to keep the USD as “the” reserve currency around the world.
Remember Iraq just de-dollarized and would luv to get off the Petro-dollar and find another peg or basket of currencies to peg to. I know for a FACT the IMF has been working on this new basket of six currencies for this purpose. Will the US Treasury under the Trump administration accept it? ...Let’s see how this plays out..
Ariel: Amazing Breakthrough for Iraqi Dinar Investors
Did you know that getting paid from interest off of your capital is considered and treated as income?
Now imagine exchanging your foreign currency and you deposit it at 50-100 million. And you earn 5% which would be $2,500,000 per year.
Divide by 12 and that’s $208,333.33 per month.
Guess what? You will get to keep that.
Now do you see how what you hold is gaining more value without you even exchanging yet?
Officer Lew: BREAKING: President Trump is considering abolishing the federal income tax, per NYT.
Breaking News
This is an amazing breakthrough for Iraqi Dinar investors. The corruption is coming to a resounding end for the Iraqi citizens and the world who is waiting with bated breath for Iraq to pull the trigger and flood the planet with a revaluation that will change the world forever.
This latest developments that you can read below brings more security & stability to the Iraqi Dinar. They refuse to open the 2025 Budget because it only deals with the Iraqi Dinar and not the USD. And many banks are now stuck holding a empty bag.
With fewer banks handling dollar transactions, there’s a potential reduction in the supply of dollars within Iraq, which could increase demand for the IQD in forex trading if the dinar is seen as a stable alternative. And it will be. Because it is now backed by natural resources.
Since the 2025 budget is designed to use only the Iraqi Dinar, this move away from the dollar in official transactions diminishes the avenues for corrupt practices involving the dollar. This make the IQD more attractive or stable, influencing its exchange rate on the
Forex market.
The U.S. control over remittances through Arab and foreign banks aims to stabilize the flow of dollars in and out of Iraq. By managing this flow, it reduces the volatility that often accompanies unregulated financial transfers, which could help in setting a stable exchange rate.
Brothers technology Inc: Iraq is currently laying in bed with the devil, they didn’t pass the budget because the budget calls for Dinar only. They are controlled by evil Shiite politicians who worship evil. ABU
and myself stated this numerous times, however the pm has turned on THE DONALD, he failed to do what the Donald wishes for Iraq sovereignty and financial success. Instead he has pledged his allegiance to his master. Now the Donald has countered by placing two countries in compliance with his vision in control of the dollar Iran worships and they’re still dollarless.
You Have To Understand The Implications Of This
Once this happens which I am positive should be this week. We will see a major shift in the environment of Iraq given that they are now under pressure to release the rate. And they are desperately looking for an avenue.
But now that the IQD will be tokenized the Crypto regulation is their only salvation to alleviate their potential economic downfall. This is their come to daddy moment. They are no longer in the driver’s seat. Just read my post about the Arab Bank remittances.
1st Th
e KRG has its own oil law, passed in 2007, which has led to disputes with Baghdad over the legality of contracts signed by the KRG with international oil companies.
The HCL's failure to be fully enacted has left these issues unresolved, leading to a situation where northern Iraq (Kurdistan) often operates under its own legislative and contractual framework, while the rest of Iraq still be subject to older or interim regulations.
2nd This is not the HCL Law -- The $16 per barrel is payment from the federal government to the KRG for oil, which would then be adjusted against what the KRG owes the Iraqi federal government.
What is the HCL Law?
The Iraq Hydrocarbon Law (HCL) is intended to apply to all of Iraq,
not just the Kurdistan region, although it has significant implications for the relationship between the central government in Baghdad and the Kurdistan Regional Government (KRG).
And set the terms for foreign investment in the oil sector. Here's how the law is conceptualized to cover all of Iraq:
Unified Management Framework: The HCL seeks to establish a national framework for managing Iraq's oil and gas resources. This includes setting up a Federal Oil and Gas Council that would oversee oil and gas activities across the entire country, involving representatives from both the central government and regional authorities.
Revenue Distribution: One of the key aspects of the HCL is the proposal for distributing oil revenues on a per capita basis to all regions and governorates of Iraq. This means that the wealth generated from oil would be shared across all Iraqis, theoretically reducing economic disparities between different parts of the country, including those not part of Kurdistan.
Central vs. Regional Powers: The law aims to balance the control over oil resources between Baghdad and regional entities. While it would give regions the autonomy to manage local oil fields, it also mandates that the central government has a say in national policy, ensuring that oil and gas development benefits the entire nation, not just specific regions.
Legal and Contractual Oversight: The HCL would provide a legal framework for all oil and gas contracts made within Iraq. This includes regulating how regional governments can enter into agreements with foreign oil companies, ensuring that these contracts benefit the whole of Iraq while recognizing the constitutional rights of regions like Kurdistan to manage their resources.
National Oil Company: The law envisions the re-establishment or reformation of the Iraq National Oil Company (INOC) to manage Iraq's hydrocarbon resources on behalf of the entire nation. This would not only apply to fields in central and southern Iraq but would also integrate the management of Kurdish oil fields into a national strategy.
Dispute Resolution: By providing clear guidelines on the management and revenue sharing of oil and gas, the HCL aims to reduce conflicts over resource control that have historically fueled tensions between different Iraqi factions and regions.
Investment Attraction: A unified law would make Iraq more attractive to foreign investors by providing a consistent legal environment across the country, not just in Kurdistan. This could lead to more equitable development of oil fields throughout Iraq, potentially benefiting less developed or conflict-affected areas beyond the Kurdish region.
The overarching goal of the HCL is to create a cohesive national policy for Iraq's most valuable resource, ensuring that the wealth and benefits from oil and gas are distributed fairly across all regions, thereby fostering national unity and economic development for all Iraqis. However, the political, ethnic, and sectarian divides within Iraq continue to complicate this process.
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AJ
@ajsallen
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Article 12 of the Budget Law is dead in the water again.
The Kurdistan Regional Government announced, today, Thursday, its rejection of the proposal to amend Article 12 of the budget submitted by the representative of the federal government in the Council of
