Federation of Chambers of Commerce: The electronic tax platform has become inevitable, 31 DEC

 Federation of Chambers of Commerce: The electronic tax platform has become inevitable

12/30/2023

The Federation of Iraqi Chambers of Commerce confirmed today, Saturday, that adopting the electronic platform for paying taxes has become inevitable as part of government steps it described as “positive” to attract major merchants, companies and international brands to work in Iraq.

The president of the federation, Abdul Razzaq Al-Zuhairi, told the official media and its follow-up, Al-Ghad Press, that “access to the electronic platform for paying 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.

He added, "There has been an old fear for decades between the merchant and the government , " noting that "a positive tax system has been launched, but we need to restore trust between the merchant and the government ."

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

Al-Zuhairi continued, "Taxes created a kind of gap and problems for many Iraqis, including the loss of files, the similarity of names, taking deposits without refunding them, calculating the tax twice, and other problems ."

He explained that "the recent decision of Prime Minister Muhammad Shiaa Al-Sudani will change many of these problems, but the implementation needs to be strict , " pointing out that "Iraq deals with white money with countries of the world, so the issue of the electronic platform is positive, and it is a global step ."

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

"RV UPDATE" BY BRUCE, 31 DEC

  BRUCE

According to our RC sources that we heard today and over 10,000 in the US, they are ready for us and what is interesting to me is the number of so-called Treasury Marshals who work for them in the RC and who are being flown today around the world. country, so no less than 5 or 6 in each RC in turns; 

at least some RCs in Miami and Orlando are open 24/7, as are Houston and Texas; again, some are open 24/7, so if you had 6, they would be splitting the shifts and this is something new. Something real that has been happening for days. 

This same leader is saying that there is a strong possibility of being notified on Friday and starting trading on Saturday (that opinion was also shared by a WF Bond Prime Minister). Almost the same language was shared: a good, strong possibility of exchange was reported and the last two sources. from the US Treasury today and what they told you this Friday Saturday could be a request for bondholders and not for us, but for T4B to receive emails on January 1 and set appointments for Tuesday, January 2 January for exchanges.

 Now we would love to have it on Friday/Saturday, but those other two sources say 1st and 2nd. Remember what also happens on New Year's Eve: the new USTN hits the ATM overnight and will be available on Monday, which is a bank holiday, so the first chance to get them at banks would be Tuesday.

https://dinarevaluation.blogspot.com/2023/12/only-intel-by-bruce-english-spanish-30.html

Iraqi Dinar | Official Announcement Iraq is in the Process of Making Exc...

BRICS Expansion: Five New Nations to Amplify the Bloc’s Influence, 31 DEC

 BRICS Expansion: Five New Nations to Amplify the Bloc’s Influence, 31 DEC

The BRICS group, a coalition of Brazil, Russia, India, China, and South Africa, is set to welcome five new members into its ranks, including Iran, Saudi Arabia, the United Arab Emirates, Egypt, and Ethiopia. This expansion, which takes effect from January 1, 2024, represents a significant increase in the representation of the Global South within the bloc and signifies a notable shift in the alignment of emerging economies.

Strengthening Influence of BRICS

By uniting influential energy producers with major energy consumers among emerging markets, the expansion is expected to reinforce the group’s influence as a representation of the Global South in international politics. The inclusion of the new member nations not only increases the bloc’s geographic diversity but also enhances its geopolitical and economic power.

BRICS as a Platform for Economic Partnership

Aside from the five nations joining, Pakistan has formally applied for membership, and countries like Nigeria, Turkey, Mexico, and Iraq have expressed interest in joining the bloc. This growing interest in BRICS membership underscores the bloc’s rising prominence as an alternative global platform for cooperation and economic partnership among developing nations.

Challenges and Opportunities for the Expanded BRICS

Despite the exciting prospects, the expansion also brings potential challenges. The presence of regional rivals within the expanded group could potentially weaken cohesion. However, the BRICS alliance has demonstrated its ability to work pragmatically across ideological lines with different nations. The expansion aims to provide an alternative source of funding for national development projects and deal with sovereign debt, detached from typical conditions of traditional financial institutions like the World Bank and the International Monetary Fund.

In conclusion, the expansion of the BRICS bloc marks a critical moment in the evolution of the group and signifies its growing influence on the world stage. As the representation of the Global South within the bloc expands, the trajectory of BRICS is set to impact worldwide economic and geopolitical affairs significantly.

https://bnnbreaking.com/world/africa/brics-expansion-five-new-nations-to-amplify-the-blocs-influence/

"RV UPDATE" BY NADER FROM MID EAST, 31 DEC

  Nader From The Mid East 

 Don't worry about the budget.  The budget has nothing to do with nothing.  Has stuff to  do with making the economy stronger and all that stuff but has nothing to do with the rates...  

 They're doing great.  I can't wait for January to see what's next week to see what's gonna happen.  I mean I can't wait, like the day get longer when you want to know, when you want to see what's happening there, the days got longer and longer.   I wish to see what's the first step...

 I don't believe in redemption center.  I don't believe in that.  I believe in banks and exchange offices.  I don't believe in redemption centers. 

FRANK26…..12-30-23…..Q&A

Iran’s Central Bank to Implement Offshore Rial Plan for Trade with Afghanistan and Iraq, 31 DEC

 Iran’s Central Bank to Implement Offshore Rial Plan for Trade with Afghanistan and Iraq, 31 DEC

Mohammad Reza Farzin, the chief of Iran’s Central Bank, has announced the initiation of an offshore rial plan. This plan aims to allow Iranian exporters to conduct their trade with Afghanistan and Iraq using Iranian rials, marking a significant shift in Iran’s monetary policy. This move, which has been under consideration for several months, is designed to facilitate the settlement of trade obligations with these neighboring countries using local currency.

Offshore Rial Plan: A Solution for Exporters

The offshore rial plan has emerged in response to the demands of traders from Mashhad, a prominent city in Iran. They have been advocating for the ability to export to Afghanistan using the Iranian currency. Implementing transactions in rials is expected to streamline financial processes and lessen dependence on foreign currencies.

Economic Impact of the Offshore Rial Plan

It’s critical to note that this economic maneuver comes at a time when Iran is grappling with the ramifications of international economic sanctions and the plummeting value of the rial. Increasing interest rates on bank deposits and closing bank accounts suspected of disrupting the foreign exchange market are among the other measures taken to counter the fall of the rial.

Trade Relations between Iran, Afghanistan, and Iraq

The recent developments in monetary policy also shed light on the trade relations between Iran, Afghanistan, and Iraq. Currently, trade between Iran and Afghanistan is conducted in dollars. However, the offshore rial plan is expected to change this scenario. The Ministry of Industry and Commerce of the Taliban revealed that Afghanistan had exported about six million dollars worth of goods to Iran in the first four months of the current year, with total imports from Iran estimated to be around 506 million dollars. Primary export items from Iran to Afghanistan include foodstuffs, petroleum products, and various building materials.

https://bnnbreaking.com/world/afghanistan/irans-central-bank-to-implement-offshore-rial-plan-for-trade-with-afghanistan-and-iraq/