Iraqi Business Council President Announces Tax Reform Initiative, 7 DEC
The President of the Iraqi Business Council recently announced an impending tax reform expected to increase tax revenues to 10% of the country’s national budget. The move aligns with broader economic reforms designed to enhance the efficiency and effectiveness of Iraq’s tax system. By revising the existing tax framework, the government aims to boost its revenues without imposing excessive financial burdens on individuals and businesses.
Unraveling the Economic Roots of Iraq
Prime Minister Mohammed Shia Al-Sudani attributed many of the challenges and problems faced by Iraqi society to economic causes. He stressed the necessity of adhering to imposed fees and taxes, supporting local products without circumvention. Economic reform, with a particular emphasis on tax reforms, has been a top priority for the current Iraqi government. The Prime Minister acknowledged the complexities involved in implementing tax reforms and highlighted the discrepancy between recorded import data and the International Trade Center’s data, suggesting tax evasion of approximately $26 billion.
Reforming Tax System in Iraq: A Conference with a Mission
The conference, “Reforming Tax System in Iraq”, aims to modify tax legislation, develop tax administration, rectify the imbalance in the tax work environment, achieve tax justice, and reduce the tax burden. It will also review tax and customs policies in Iraq. The conference will consider 12 winning research papers from various fields submitted by governmental, academic, private sector companies, and international organizations.
A Global Rethink on Tax Policies
In a similar vein, Saudi Arabia will offer a 30-year tax break as an incentive for global companies that relocate their regional headquarters to the kingdom. This tax concession move follows Saudi Arabia’s introduction of rules in 2021, requiring foreign companies to establish regional headquarters in the country by the end of this year or risk losing government contracts. On a global level, the World Health Organization (WHO) has suggested higher taxes on sweetened and alcoholic beverages to promote healthier behaviors, underscoring how tax policy can be a tool for broader societal goals.
Not only is Iraq tackling infrastructure - fixing the 10th largest port in the world, opening up one of the largest roads for interstate commerce, in addition to that they're meeting with companies with the opportunity to do business with them and meeting with other countries for the opportunity to do trade with them.
As they continue to grow economically and become stronger...and they come up with alternative revenue outside of relying on oil if they could do away with corruption, stabilize their government, keep these idiots...from launching missiles at US soldiers, all this contributes to the strengthening of the Iraqi dinar and from there we'll start to see increases happening in increments as they go along.
Remember I told you I was aware that Iraq was sitting on the discovery of some oil fields and I had not heard anything about it in the news whatsoever...
Article "Russia Takes Control of Iraq's Biggest Oil Discovery for 20 years" This is one of the discoveries I was talking about. There's more than one... Quote "preliminary estimates suggest Iraq's oil field holds between 7 and 10 billion barrels of reserves...oil price.com last week said the true figure may well be 50% more than the higher figure..."
Trade Bank of Iraq receives shipments of US dollars
Baghdad (IraqiNews.com) – A government source revealed on Thursday that shipments of US dollars arrived at the Trade Bank of Iraq (TBI).
The source told the Iraqi News Agency (INA) that shipments including millions of US dollars arrived at the TBI as part of its plan to meet the needs of its clients.
The source added that other shipments of US dollars are scheduled to arrive in the next few days.
A source in the Iraqi banking sector mentioned last week that new shipments of US dollars imported by Iraqi banks have arrived at Baghdad International Airport, explaining that the banks will use the shipments to fulfill the needs of customers.
In mid-November, a government official revealed that three private banks in Iraq received official authorization from the Central Bank of Iraq (CBI) to import US dollars to meet the needs of their clients.
The official confirmed that the amounts go up to $100 million, indicating that the CBI is studying additional requests submitted by other Iraqi banks to import US dollars.
INA reported that the TBI recently held important discussions with several international companies to transfer amounts reaching $120 million.
The CBI’s recent decision allowing private banks to import foreign currencies via commercial flights sparked controversy as Iraqi lawmakers and legal experts deemed it unconstitutional, according to The News Arab.
Officials from the CBI held intensive meetings with US officials in Abu Dhabi last month to discuss external transfers to cover imports.
A matter of a homeland.” A campaign to support the Iraqi dinar and make it the gateway to build the country, 7 DEC
2023-12-07 06:02Font
Shafaq News / Encouraging and dealing with the local currency under the current economic conditions in the country is an important issue, especially with the government’s tendency to “strengthen” the Iraqi dinar against other hard currencies, especially the dollar, as well as seeking to present it first in order to be a “issue of a homeland” in a real way.
In the government’s will to encourage dealing in the dinar in all daily transactions, the call to be a door to build the country again, and seek to strengthen and promote the Iraqi economy, and reduce dependence on other foreign currencies, so that according to government trends is fixed and the rest are variables, so that the dinar is a gateway to sustainable development and prosperity at all levels.
Thank you MarkZ for all your time, and encouragement daily….. PDK
MarkZ Update- Some highlights by PDK-Not verbatim
MarkZ Disclaimer: Please consider everything on this call as my opinion. People who take notes do not catch everything and its best to watch the video so that you get everything in context. Be sure to consult a professional for any financial decisions
Member: Morning all, wishing you great “one day closer” kind of day. God bless & keep the faith
Member: Let us remember those that were lost at the battle of Pearl Harbor today.
Member: I got a bank story in NJ. I asked my banker if they are expanding the wealth Management division. She said yes.
MZ: Well they are laying off traditional bankers and expanding wealth management . Something is up.
Member: I heard that the RV is about to be revealed. It has been rumored that it could happen this weekend!!
Member: Isaac stated he is waiting for one more confirmation per his Telegram post
MZ: I think most of my bond folk right now are waiting for that.
Member: Rod Steel was on PPN talking about the dinar rate at $4.51 and saying it has to go very soon because of the contractors getting their pay on a card but it's not there because of the old rate. I think
MZ: Rod did an interview last night with Dr. Kia Pruitt on the Rumble channel. What he wanted me to share from him this morning is (From Rod Steele) “The IMF was the hold up with some things taking a bit longer than expected. Yesterday they predicted a completion and release for today in Iraq. . I guess we will see shortly. “ That is Rod’s information.
MZ: A member story: Former US congressman at a function in North Carolina this past weekend ….They point blank asked the politician about some of the banking changes and if he owned any foreign currencies and was he familiar with the revaluation? The former congressman said absolutely. I have some. I bought the currency and it is absolutely real. This same politician is getting ready to run for office again. I do not know what office they are pursuing. But when asked by our community member (who I have great respect for) he said (when asked about the dinar) I have some and we are expecting it. This is somebody with a high level of knowledge from the inside.
MZ: A banking story: A friend of mine in New Brunswick in Canada and is a dinar holder walked into one of the Scotia banks and asked a manager if they were Basel 3 and ISO 20022 compliant. He replied that they were…… My friend went on to say that he was a dinar holder and asked the manager if he knew anything about the upcoming currency exchange/RV . The manager said that his staff is trained and ready for it. They are just waiting for the word .
MZ: The manager told him that if people had 100 million in dinar they have to go to a larger location/facility which was a few hours away So there is a bank manager in Scotia who knows about the RV, is trained and ready for it…..
Member: Thanks so much Mark….very exciting. .
Member: any word on opening the St. Germaine Trust over Christmas?
MZ: We hear that every year because Christmas and Easter is the best time to open it –That chatter is once again prevalent and ongoing right now.
Member: Did anyone see the Nesara announcement rumor out of S Carolina ?
MZ: “Governor of South Carolina announces Nesara/Gesara” If you watch the video and watch his lips…..many in the dinar community believe it is a “deep-fake AI”. With change of voice and wording. It certainly sounds fantastic but the words just are not right…..I would take it with an extrememe grain of salt. I would not take it as gospel at this point.
Member: I saw the original video and it’s a fake. They are trying to make our community look stupid.
MZ: That’s how I look at that one. I have seen deep fakes of myself saying things and I went “whoa…I didn’t do that!”
MZ: In Vietnam: “ China’s Xi to visit Vietnam next week” They want to expand their ties….
MZ: “Finland wishes to beef up trade ties with Vietnam: Ambassador” We are suddenly getting a lot of news on Vietnam.
MZ: “Following Pakistan’s official application , Laos intends to join BRICS” BRICS is continuing to expand. 40 other nations has decided to join BRICS in 2024.
MZ: “Vladimir Putin meets with Saudi Arabia and UAE rulers . Rulers in bid to refresh alliances” This is coming out of the Wall Street Journal and they did point out that a lot of this was “photo op moments” But this was a huge meeting guys.
Member: it's that hustle and bustle season. Everyone needs to slow down. The anxiety is high out there and will only get worse. We should all remember to be especially kind.
Member: it's going to be a glorious time. we just have to keep on praying this in
Member: MAJOR BLESSINGS BE YOURS AND ALWAYS REMEMBER TO SPREAD LOVE
Member: See everyone tonight
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