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Chambers of Commerce: Positive government steps that will attract major merchants and international companies, 31 DEC

 Chambers of Commerce: Positive government steps that will attract major merchants and international companies

Today, Saturday, the Federation of Iraqi Chambers of Commerce confirmed the existence of positive government steps that will attract major international merchants, companies, and labels. While it identified the most prominent tax problems, it pointed out that “merchants’ lack of confidence” is the most important obstacle to tax reform. 

The president of the federation, Abdul Razzaq Al-Zuhairi, said, “Entering the electronic platform to pay taxes has become inevitable and will be implemented within the time frame set by the General Tax Authority, but there is a major problem represented by small merchants who now represent the majority, as they are forced to go to the parallel market,” noting that “There has been an old fear for decades between the merchant and the government.”

He pointed out that "a positive tax system has been launched, but we need to restore trust between the merchant and the government."

He added, "The majority of the Iraqi market is made up of small merchants, due to the circumstances that Iraq went through," adding, "The equation will change during the coming period, and large international companies and labels and major merchants will enter the Iraqi market, while small merchants will be shoppers."

He stated that "taxes created a kind of gap and problems for many Iraqis, including loss of files, similarity of names, taking deposits without refund, calculating the tax twice, and other problems."

He stressed that "the recent decision of Prime Minister Muhammad Shiaa Al-Sudani will change many of those problems mentioned above, but implementation needs to be strict."

He pointed out that "Iraq deals with white money with countries around the world, so the issue of the electronic platform is positive, and it is a global step."

The General Authority for Taxes announced earlier the adoption of electronic payment in a binding manner for the payment of taxes, starting from January 1 of the new year 2024, while confirming the start of implementing the self-assessment system for the first time in Iraq.

The Director of the Authority, Ali Waad, confirmed earlier that the General Tax Authority seeks to obtain proper and legal approvals for the recommendations that were presented by us during the tax reform conference held on the sixth day of this month.

He pointed out that among the most important recommendations for tax reform are:

First: stabilizing property and land values, which will reduce human intervention and reduce opportunities for corruption, which will help in implementing the comprehensive electronic system.

Second: The Authority seeks to encourage local companies to pay all taxes due related to these companies by amortizing the fines and interest they owe, provided that they pay the original tax due.

Third: The Authority is seeking to submit a proposal to amortize 50% of the fines and interest imposed on foreign companies, especially oil companies, on the condition that the original taxes due are paid as an important basic step, to follow the problem-free policy.

Fourth: The Authority seeks to solve the problem of similarity of names, this major problem that exists in the General Authority for Taxes, and it is an existing and previous problem, by canceling all the double names that were previously provided to the General Authority for Taxes, and returning them to the official authorities to complete them and adding the triple name or the first name. Mother, wife, or date of birth. 

As for the common triple names, including the name (Ali Hussein Ali), which is a very common name and greatly obstructs tax accounting operations, especially for taxpayers in Baghdad and the governorates, so the Authority proposes to return these names to the authorities that sent them to the Authority, to provide them with full information.

Fifth: The Authority is working to complete the stages of networking between the Authority’s center and the rest of the state institutions, including ministries, agencies and general directorates, and to link them electronically, by creating electronic interfaces (WebCite) to provide electronic services, especially to taxpayers. 

Sixth: The Authority seeks to cooperate with state departments to electronically connect and adopt the (barcode) system between the Authority and other government departments, as it has been applied in several departments, including all traffic directorates in Baghdad and the governorates, as well as in the company registrars’ department and in the real estate registration departments between the governorates and Baghdad.

Seventh: The authority’s management seeks geographical expansion by opening new branches to reduce the momentum occurring in some branches in the governorates, as well as increasing the tax base, in addition to increasing the number of taxpayers, and simplifying procedures for citizens, as the authority obtained the approval of the Minister of Finance, Taif Sami, to open two branches in each. From the governorates of Basra and Diwaniyah, and one branch in each of the holy governorates of Karbala and Anbar. 

Eighth: The Authority is seriously seeking to implement an electronic system, which will contribute significantly to speeding up transactions, reducing cases of corruption, and increasing state resources  link

"RV UPDATE" BY WALKINGSTICK, 31 DEC

 Walkingstick

   1310 is actually a really good rate right now because it's good to keep control of the IQD exchange rate.  By keeping it at 1310 until they're ready to pull the trigger, there's no profiteering.  There's no reason to steal a dinar.   As the CBI maintains the exchange rate value of the IQD it is affecting the rate of the USD verses IQD...The CBI is controlling the dinar...

Question:  "Where is the new exchange rate?"  You don't see it yet but they are telling you directly what you are about to see.  They are in the process of making the new exchange rate public...This is the monetary reform education at its best.  They are telling the Iraqi citizens while you investors listen.

Wish the best for Iqd BY NADER FROM MID EAST

Iraq and Iran Strengthen Cooperation on Oil Industry, 30 DEC

 The Iraqi and Iranian ministers of oil have agreed to establish committees to expand cooperation, including committees for the development of shared border fields, investment in gas and petrochemical industries, and renewable energy.

Other committees will focus on the qualification and development of refineries, joint training, and collaborative efforts in oil marketing, drilling, pipeline supply, spare parts, oil exploration, and more.

The meeting this week also saw the signing of a memorandum of cooperation in the field of training and development.

Deputy Prime Minister Haidar Al-Abadi, during his official visit to Iran, engaged with Iranian government officials and the Ministry of Oil. The delegation included officials from various Iraqi oil-related entities.   link

"RV UPDATE" BY MARKZ, 30 DEC

 MarkZ 

 [via PDK]  Everything still appears to be on track with a tremendous amount of anticipation for the next few days... There is a big push now to get the US military out of Iraq immediately.  “Iraq’s PM says government working to end presence of US led coalition forces in the country” Donald Trump once said that that when they reduced the numbers they would not completely leave the country until we have been paid for the war effort. So what does that tell us?  They are trying to get us out in “the next coming days” which means the RV needs to happen…as I understand it.  This could be an indicator of how close we are.  Iraq is also indicating the problems with the parallel or black market selling the dollar would be done by the first.  Buckle up for this week…We may not make it by the first…but I believe it will be very close to it.

  Question:  What do you think the dong rate will be?   MarkZ:   I am still looking at $2 or $2.25…but my bank contacts think this is low. They think it may be as high as the $3+ range.

Well there is plenty of expectation for this weekend...things are highly possible by the first.

 ...bank story...I am going to leave out the name of the bank so they do not get harassed.:  “I went to my nearest ____ bank in California on Mon 12-18 to talk about the possibility of opening an account with them. I told the account rep I had a lot of foreign currency and have been reading that ______ bank was one of the banks doing deals in Iraq and were going to be one of the participating banks when the RV (Re-valuation) happened.  I asked if that was accurate?  The account rep lowered his voice a bit, smiled at me and said “Yes, they are going to be one of the participating banks when it happens but I would need to have an account in order to redeem”  

 I asked him if I opened an account today would it help with the process, and would this branch be where I would be exchanging?  He said “Yes and No” Yes I could bring in my currencies here…but they would have to send them to a branch in a different city to verify the currencies are legitimate.  I asked if I could just drive to that branch and redeem it myself there and he said “Absolutely” and that way you do not have to let your currency out of your sight.  So what I call a redeeming bank or redemption center- are locations like that one that are set up to verify and exchange it right there in front of you with trained personnel. RC’s are banking facilities specifically set up  with specially trained staff to verify your currency in front of you so you do not have to let it out of your sight. 

Iraqi Dinar✅Finally Iraq Entry Into Forex Markeet-Iraqi Dinar Revaluatio...