Community Comment: "Obviously Iraq wants and is expanding their markets. The currency swaps with all these other countries are something new...Why now? Why would a country wish to participate with Iraq in a currency swap? For a currency worth 1/10th of a penny unless you saw the future of the dinar?"
Bingo. Not just the future of the dinar, it's the future of the market that's inside of Iraq. The reason you're seeing the tempo of the currency swaps inside of Iraq is because they're pulling all the currencies out that are competing with the local currency, which is Iraqi dinar. From the local markets they're trying to pull every currency out - Euro, Dollar, it doesn't matter. They're pulling it all out. You can only use the Iraqi dinar. This is very very good news for us that this is happening...
For Iraq it's not a question if more dollars are coming into Iraq, it's do the average citizens have access to them. That's what they're trying to fight...They want to take the dollar out so the supply times velocity of the dinar goes up.
Global Tax Reforms and Sanctions: A Comprehensive Review
The U.S. Supreme Court commenced hearings in Moore v United States, a critical case that raises concerns over the constitutionality of a mandatory repatriation tax imposed on U.S. shareholders in foreign corporations in 2017. This case could potentially influence future tax legislation controlling domestic and global capital markets. A verdict is expected in the spring of 2024.
Taliban’s Taxation and Afghanistan’s Economy
In Afghanistan, the Taliban regime is heavily dependent on taxes and an amplified export of natural resources to finance its first annual budget. As a result, Afghans are bracing themselves for an increased tax burden on various activities. This comes as the Taliban government is on a mission to collect revenue to fund its operations.
Significant Changes in Bangladesh’s Income Tax Act 2023
In Bangladesh, the newly passed Income Tax Act 2023 brings significant revisions for individuals, companies, and start-ups. The act integrates tax exemptions on salary, removes minimum tax for e-TIN holders, and introduces a ceiling on tax rebates. The changes extend to include tax surcharge, taxation on dividend income, and reporting of assets and liabilities.
Constitutionality of Taxing Foreign Income
Simultaneously, the U.S. Supreme Court is examining a lawsuit by a Washington couple challenging a one-time tax imposed in 2017. The couple contests the constitutionality of taxing income from shares in foreign corporations. The outcome of this case could have vast implications for the U.S. tax code.
Forex Update and Sanctions
This report also brings an update on the Iraqi Dinar to United States Dollar conversion. The currency rates are frequently updated, providing accurate conversions for those in need.
The U.K. government has announced 46 new sanctions targeting individuals and organisations supporting Russia’s illegal invasion of Ukraine. Concurrently, the U.S. Department of Justice has filed war crime charges against four Russian nationals accused of torturing and unlawfully confining a U.S. citizen. The U.S. has also proposed a new plan for the release of two Americans wrongfully detained in Russia.
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.
