"ANALYSIS OF IRAQ NEWS" BY FRANK26, 21 DEC

 “BECAUSE OF THE FINAL DAYS OF THE MONETARY REFORM PROCESS, KTFA FAMILY PAY CLOSE ATTENTION TO THIS ARTICLE!!!”………F26

Association of Banks: The battle with dollar speculators has reached its final round

12/15/2023

The Iraqi Private Banks Association said today, Friday, that the battle with dollar speculators has reached its final round, and while it praised the Central Bank’s measures to regulate the movement of funds to achieve financial and bank reform, it confirmed that it will contribute to reclassifying banks, increasing their capital and raising the level of services provided. For citizens.

The economic and banking advisor to the association, Samir Al-Nusairi, told the Iraqi News Agency (INA): “The Central Bank’s measures and efforts that have been made since the beginning of 2023, with the support of the government, have yielded results and have begun to give results according to what was planned.” The so-called parallel (black) dollar has begun to die, and the speculators who deal with it have been besieged to harm the national economy, and currently the battle is with them in the final round.”

He added, “This is what was stated in detailed procedures and administrative, technical, and negotiating steps.” With the US Federal Bank and the US Department of the Treasury and the understandings related to regulating the financing of foreign trade by approving the opening of accounts for Iraqi banks in American, Chinese, Emirati and Turkish correspondent banks to deal directly with them for external transfers in the currencies of these countries, which include the dollar, euro, Chinese yuan, Indian rupee, Emirati dirham and Turkish lira, and leaving the electronic platform in The year is 2024

And the supply of dollars and foreign currencies into Iraq from Iraqi bank accounts at correspondent banks or abroad. Reaching agreements to open 40 accounts for Iraqi banks in correspondent banks for foreign trade,” noting that “the Central Bank’s new strategy to reform the banking sector will adopt the reclassification of banks and increase their capital to the ceiling set by the Central Bank in accordance with the specified time frames until the end of 2024

Which will lead to… Raising the capabilities of our banks to provide the best banking products and services to customers, which will reflect positively on the movement of the economy, investment, development and the transition to comprehensive digital transformation.” He added, “Since the beginning of the year 2023, financial policies have been reconsidered according to a new vision for banking reform that complies with the requirements of the global financial system, and a new strategy has begun to be implemented with mechanisms based on studying and diagnosing the causes of the imbalance and determining the road map and the executive steps and procedures that will be implemented.”

It has been and will be implemented at the level of the departments of the Central Bank, banks, bodies supporting banking work, and government agencies related to comprehensive economic reform, as the Central Bank has previously issued new instructions for external transfers for the year 2023 and three procedural packages to facilitate and control the circulation of foreign currency in the monetary and commercial market.

Al-Nusairi added, “In August of this year, the Central Bank issued its important statement in which it defined its new strategy for organizing the financing of foreign trade according to new foundations that move Iraq to the stage of regularity in the global financial system, and in which it explained the executive procedures to control the stability of the exchange rate.” 

Among its most prominent items: adopting the electronic platform exclusively for foreign transfer transactions, controlling illicit trade through official and unofficial border crossings, stopping trading and transactions in dollars on the black market, preventing all websites and media television channels from publishing exchange rates on the black market due to their violation of the law, and importers proving that all Their imports were made through the platform and at the official price, and the Customs Authority and the General Tax Authority implemented proposals and procedures for small merchants to enter the platform in accordance with the rules, and this is consistent with the government’s initiative to launch the national project to control prohibited imports.

He continued, “And we In the last days of 2023, the Central Bank’s strategy for banking reform in all its axes became clear for the coming year 2024 and subsequent years, and it is an embodiment of what it specified in the road map that it clarified in cooperation with the government in accordance with what was stated in the government’s curriculum in Axis 12 (Financial and banking reform) and paragraph 7 thereof and special By developing and enabling banks to contribute to development and investment.”

He explained, “Here we can summarize the Central Bank’s plan, which it is currently working to implement accurately, as follows:-

First – Providing a stable financial system lies in accompanying financial electronic systems. 

Secondly – Commitment to consolidating the rules of compliance, risk management, transparency and safety of financial operations.

Thirdly – The transition from the cash economy to the digital economy and what is called the fourth revolution and the accompanying measures that have achieved a shift. Quality of dealings between the government and the central bank. 

Fourth – Implementing the financial and banking reform plan that is characterized by international standards keeping pace with global developments in the field of the financial digital economy.

Fifth – Working to strengthen international relations, including establishing a network Relations with foreign correspondent banks.

Sixth – Establishing Riyada Bank in line with the Prime Minister’s initiative and redirecting work on initiatives to finance small and medium enterprises in accordance with specific standards.

Seventh – Preparation Launching a strategy for financial inclusion and putting it into effect in coordination with relevant authorities.

Eighth – Launching the national lending strategy, relying on the banks’ own financial capabilities to attract deposits and invest them in providing the best banking products to customers and contributing to development.     LINK

Sudanese adviser: Talks with 5 countries to import factories in exchange for sovereign guarantees, 21 DEC

 Sudanese adviser: Talks with 5 countries to import factories in exchange for sovereign guarantees

Prime Minister’s adviser to technical affairs, Mohammed Habih al-Daraji, revealed on Thursday, talks between Iraq, Germany, Italy, Spain, Japan and China to import factories in exchange for sovereign guarantees.Al-Darraji said in a statement, “There is a committee formed under the guidance of Prime Minister Mohammed Shia’ Al-Sudani to implement a paragraph in the budget that provides for granting the government sovereign guarantees in favor of importing production lines and agricultural equipment for the Iraqi private sector.

”He added that “the government is in the process of agreeing with the countries of Germany, Italy, Japan, China and Spain, as well as the Islamic Development Bank to supply factories to Iraq in exchange for sovereign guarantees and their management by the private sector.”He described the prime minister’s adviser for technical affairs as “excellent to strengthen the Iraqi economy and change its philosophy in performance.”

https://www.dijlah.tv/index.php?page=article&id=339830

"ANALYSIS OF IRAQ NEWS" BY FRANK26, 21 DEC

 Frank26 » December 20th, 2023

“FOR THE SUCCESS OF THE MONETARY REFORM… FOR NO OTHER REASON!!!”………F26

Advisor to the Prime Minister: Iraq today has the highest levels of foreign reserves in its financial history

12/17/2023  Baghda

Advisor to the Prime Minister, Mazhar Saleh, confirmed that Iraq today has the highest levels of foreign reserves in its financial history.

Saleh defended the banking restrictions aimed at “verifying these transfers,” with the aim of reassuring “the international financial community and also for reasons related to Iraqi society: Do these transfers actually go to finance Iraq’s trade?”

He added, “What is happening has nothing to do with the strength of the Iraqi economy. Iraq today is at the highest levels of foreign reserves in its financial history.” Rather, “structural changes have occurred in issues of dealing with foreign currency.”  LINK

Budget of Iraq is for three years BY NADER FROM MID EAST

"ANALYSIS OF IRAQ NEWS " BY CLARE, 21 DEC

 Clare » December 20th, 2023

The Iraqi Trade Bank decides to stop working on money transfers, starting next Sunday

12/20/2023

The Iraqi Trade Bank decided to stop working on financial transfers, starting next Sunday

In a statement, a copy of which {Al-Furat News} received, the bank explained the reason for stopping work on financial transfers: “For purposes related to the annual inventory, it was decided to stop work on money transfers starting from Sunday, 12/24/2023,” noting that “the last date for receiving financial transfer requests will be on Thursday, 12/21/2023.

He added, “This service will resume work on Wednesday, 01/03/2024.”  LINK

Parliamentary Finance: Washington is unable to take economic sanctions against Iraq, 21 DEC

 Parliamentary Finance: Washington is unable to take economic sanctions against Iraq, 21 DEC

Parliamentary Finance - Washington is unable to take economic sanctions against IraqInformation / Baghdad…

Former member of the Parliamentary Finance Committee, Muhammad Ibrahim, confirmed on Wednesday that any American move or imposition of American economic sanctions on Iraq will affect the entire region, especially with regard to the dollar, pointing out that America is aware of the repercussions and will not be able to move against Iraq on the economic side.

Ibrahim told Al-Maalouma, “Some American agents inside Iraq are trying to raise fears and spread rumors among society to intimidate it from further attempts by American forces from Iraq.”

He added, “The rumors are intended to keep American forces in Iraq and ensure that they do not leave the country, by spreading ideas about the possibility of imposing economic sanctions and stopping the export of the dollar to Iraq, all to serve American projects.”

He stated, “The American side is unable to take economic measures against Iraq because it is aware of the extent of the repercussions that the region is exposed to, especially in Syria, Lebanon, Palestine, Iran, and Turkey.”

Ibrahim pointed out that “any American action against Iraq will greatly affect the economic situation of the region with regard to the dollar.”

almaalomah.me

IRS to Grant $1 Billion Amnesty for Back Taxes, 21 DEC

 IRS to Grant $1 Billion Amnesty for Back Taxes

In a surprising twist, the IRS is playing at being Santa, announcing a generous move to forgive penalties on back taxes for 2020 and 2021. If your tax evasion sins amount to less than $100,000 per year, rejoice – the IRS is here to sprinkle its benevolence upon you.

Wednesday, 20/12/2023 | 10:27 GMT
by Louis Parks

• IRS to waive $1 billion in penalties for back taxes under $100,000 for 2020-2021.
• Nearly 5 million Americans eligible.
• The reprieve is being issued due to COVID-related issues with the IRS’s automatic notices.

The IRS’s Magnanimous Gesture: Wiping the Slate Clean

The IRS, more often seen as the financial boogeyman, especially if you’re the crypto industry, is putting on a softer face this Christmas season, declaring that it will waive penalty fees for those who haven’t paid up to $100,000 in back taxes for the tax years 2020 or 2021. Cue the collective sighs of relief from nearly 5 million eligible individuals, businesses, and tax-exempt organizations, particularly those scraping by on less than $400,000 annually. All this is despite a whopping $688 billion tax gap being discovered for 2021.

HERE’S WHO QUALIFIES:

IRS to waive $1 billion in penalties for millions of taxpayers. Here’s who qualifies https://t.co/puovuaFaaR
— CBS MoneyWatch (@CBSMoneyWatch) December 19, 2023

Pandemic Reprieve: The Unseen Culprit

Blame it on the pandemic! The IRS points fingers at the COVID-19 chaos, revealing they temporarily halted their robot-like reminders for outstanding tax bills from February 2022. Now, those automated nudges are back in action, but the IRS is feeling generous, ready to let bygones be bygones, and pardoning approximately $1 billion in penalties.

In a magnanimous move, IRS Commissioner Daniel Werfel stated that this unique act of forgiveness doesn’t require citizens to jump through bureaucratic hoops – it’s an automatic reprieve for those who qualify. If your financial sins fit the criteria – less than $100,000 owed for 2020 or 2021 – and you filed the right tax return forms, consider the IRS your newfound ally.

So, here’s a friendly PSA from the IRS: “People need to know the IRS is on their side,” says Werfel. If you’ve felt the sting of their financial whip, this might be your chance for redemption.

Read the official notice: 

IRS helps taxpayers by providing penalty relief on nearly 5 million 2020 and 2021 tax returns; restart of collection notices in 2024 marks end of pandemic-related pause

IR-2023-244, Dec. 19, 2023

WASHINGTON — In a major step to help people who owe back taxes, the Internal Revenue Service today announced new penalty relief for approximately 4.7 million individuals, businesses and tax-exempt organizations that were not sent automated collection reminder notices during the pandemic.

The IRS will be providing about $1 billion in penalty relief. Most of those receiving the penalty relief make under $400,000 a year.

Due to the unprecedented effects of the COVID-19 pandemic, the IRS temporarily suspended the mailing of automated reminders to pay overdue tax bills starting in February 2022. These reminders would have normally been issued as a follow up after the initial notice. Although these reminder notices were suspended, the failure-to-pay penalty continues to accrue for taxpayers who did not fully pay their bills in response to the initial balance due notice.

Given this unusual situation, the IRS is taking several steps in advance of resuming normal collection notices for tax years 2020 and 2021 to help taxpayers with unpaid tax bills, including some people who have not received a notice from the IRS in more than a year.

To help taxpayers as the normal processes resume, the IRS will be issuing a special reminder letter starting next month. The letter will alert the taxpayer of their liability, easy ways to pay and the amount of penalty relief, if applied. The IRS urges taxpayers who are unable to pay their full balance due to visit IRS.gov/payments to make arrangements to resolve their bill.

The IRS is also taking steps to waive the failure-to-pay penalties for eligible taxpayers affected by this situation for tax years 2020 and 2021. The IRS estimates 5 million tax returns — filed by 4.7 million individuals, businesses, trusts, estates and tax-exempt organizations — are eligible for the penalty relief. This represents $1 billion in savings to taxpayers, or about $206 per return.

As a first step, the IRS has adjusted eligible individual accounts and will follow with adjustments to business accounts in late December to early January, and then trusts, estates and tax-exempt organizations in late February to early March 2024. Nearly 70 percent of the individual taxpayers receiving penalty relief have income under $100,000 per year.

The IRS is releasing Notice 2024-7 PDF, which explains how the agency is providing failure-to-pay penalty relief to eligible taxpayers affected by the COVID-19 pandemic to help them meet their federal tax obligations.

“As the IRS has been preparing to return to normal collection mailings, we have been concerned about taxpayers who haven’t heard from us in a while suddenly getting a larger tax bill. The IRS should be looking out for taxpayers, and this penalty relief is a common-sense approach to help people in this situation,” said IRS Commissioner Danny Werfel. “We are taking other steps to help taxpayers with past-due bills, and we have options to help people struggling to pay.”

This penalty relief is automatic. Eligible taxpayers don’t need to take any action to get it. Eligible taxpayers who already paid their full balance will benefit from the relief, too; if a taxpayer already paid failure-to-pay penalties related to their 2020 and 2021 tax years, the IRS will issue a refund or credit the payment toward another outstanding tax liability.

The penalty relief only applies to eligible taxpayers with assessed tax under $100,000. Eligible taxpayers include individuals, businesses, trusts, estates and tax-exempt organizations that filed certain Forms 1040, 1120, 1041 and 990-T income tax returns for tax years 2020 or 2021, with an assessed tax of less than $100,000, and that were in the IRS collection notice process — or were issued an initial balance due notice between Feb. 5, 2022, and Dec. 7, 2023. The IRS notes the $100,000 limit applies separately to each return and each entity. The failure-to-pay penalty will resume on April 1, 2024, for taxpayers eligible for relief.

Taxpayers who are not eligible for this automatic relief also have options. They may use existing penalty relief procedures, such as applying for relief under the reasonable cause criteria or the First-Time Abate program. Visit IRS.gov/penaltyrelief for details.

If the automatic relief results in a refund or credit, individual and business taxpayers will be able to see it by viewing their tax transcript. The IRS will send the first round of refunds starting now through January 2024. If a taxpayer does not receive a refund, a special reminder notice may be sent with their updated balance beginning in early 2024. Taxpayers with questions on penalty relief can contact the IRS after March 31, 2024.

Help for taxpayers needing assistance

The IRS reminds taxpayers that there are a number of payment options and online tools that can help taxpayers with unpaid tax debts, whether it’s a new tax bill or a long-standing tax debt for an unfiled return.

“The IRS wants to help taxpayers and provide them easy options to deal with unpaid tax bills and avoid additional interest and penalties,” said Werfel. “People receiving these notices should remember that there are frequently overlooked options that can help them set up an automatic payment plan or catch up with their tax filings. Making additional improvements in the collection area will be an important focus for the IRS going forward as we continue and accelerate our transformation work.”

Following funding from the Inflation Reduction Act, it’s now easier for taxpayers to get assistance with tax bills with new self-help tools, like the IRS Document Upload Tool, improved phone service with callback features and the addition of bots that can answer simple questions, set up or modify a payment plan and request a transcript. The IRS also encourages taxpayers to get an IRS Online Account, where they can see information about an unpaid tax bill or apply for an online payment plan.

Resumption of collection notices begins in 2024

In January, the IRS will begin sending automated collection notices and letters to individuals with tax debts prior to tax year 2022, and businesses, tax exempt organizations, trusts and estates with tax debts prior to 2023, with exceptions for those with existing debt in multiple years.

These notices and letters were previously paused due to the pandemic and high inventories at the IRS but will gradually resume during the next several months. Current tax year 2022 individual and third quarter 2023 business taxpayers began receiving automated collection notices this fall as the IRS took steps to return to business as usual.

The pause in collection mailings affected only follow-up reminder mailings. The IRS did not suspend the mailing of the first, or initial, balance due notices for taxpayers such as the CP14 and CP161 notices.

=>The pause meant that some taxpayers who have long-standing tax debt have not received a formal letter or notice from the IRS in more than a year while some of this older collection work has been paused. To help the taxpayers in this category as the normal processes resume, the IRS will be issuing a special reminder letter to them starting next month.

This reminder letter will alert the taxpayer of the liability and will direct them to contact the IRS or make alternative arrangements to resolve the bill. Tax professionals and taxpayers will see these reminder letters in the form of letter LT38, Reminder, Notice Resumption.

This letter will remind taxpayers about their tax liability, giving them an opportunity to address the tax issue before the next round of letters are issued. After receiving the reminder mailing, these taxpayers with long-standing unresolved tax issues will receive the next notice, informing them of a more serious step in the tax collection process.

The IRS urges taxpayers to carefully read any letter or notice they receive before calling the IRS. There are also important resources available to get help for tax debt on IRS.gov.

The IRS will issue these balance due notices and letters in gradual stages next year to ensure taxpayers who have questions or need help are able to reach an IRS assistor. This will also provide additional time for tax professionals assisting taxpayers.

Here’s what taxpayers should know about possible penalties and interest

Taxpayers who owe tax and don’t file on time may be charged a failure-to-file penalty. This penalty is usually 5 percent of the tax owed for each month or part of a month that the tax return is late, up to 25 percent.

The failure-to-pay penalty applies if a taxpayer doesn’t pay the taxes they report on their tax return by the due date or if the taxpayer doesn’t pay the amount required to be shown on their return within 21 calendar days of receiving a notice demanding payment (or 10 business days if the amount is greater than $100,000).

The IRS is required by law to charge interest when a tax balance is not paid on time. Interest cannot be reduced due to reasonable cause. Interest is based on the amount of tax owed for each day it’s not paid in full. The interest is compounded daily, so it is assessed on the previous day’s balance plus the interest. Interest rates are determined every three months and can vary based on type of tax; for example, individual or business tax liabilities. More information is available on the interest page of IRS.gov.

https://www.irs.gov/newsroom/irs-helps-taxpayers-by-providing-penalty-relief-on-nearly-5-million-2020-and-2021-tax-returns-restart-of-collection-notices-in-2024-marks-end-of-pandemic-related-pause