Wednesday, August 28, 2024
DINAR REVALUATION REPORT: THE NEW TAX REFORM PACKAGES 2024 , SHAPING IRAQ'S FISCAL LANDSCAPE, 28 AUGUST
Iraq's Imminent Launch of New Tax Reform Packages in 2024
In a significant development for Iraq's fiscal policy, the Prime Minister's Advisor has announced the upcoming implementation of new tax reform packages in August 2024. These reforms are anticipated to address critical issues within the tax system and align with Iraq's broader economic goals.
Addressing Complexities and Ensuring Compliance
The tax system in Iraq has historically faced challenges, including complex legislation, tax evasion, and a lack of tax awareness among taxpayers. The reforms aim to simplify tax laws, enhance transparency, and improve the overall efficiency of tax collection. By addressing these issues, the government hopes to increase tax compliance and reduce the instances of tax evasion.
Enhancing Tax Administration
Iraq's General Commission for Taxes is undergoing a significant modernization process. The reforms focus on expanding the revenue base, which had experienced a decline in recent years. By prioritizing reforms and implementing an integrated capacity development plan, the government is committed to enhancing the effectiveness of tax administration.
Impact on Economic Recovery
These reforms come at a critical juncture for Iraq's economy, which is recovering from the dual shocks of the oil price slump and the COVID-19 pandemic. With real GDP estimated to have edged up by 1.3% in 2021, following a sharp contraction of 11.3% in 2020, the reforms are expected to support economic growth by promoting a stable and predictable tax environment.
Legislative Amendments and Reporting Requirements
The proposed amendments also address the enhanced trust reporting requirements for express trusts, which have been deemed cumbersome by many trustees. By expanding and clarifying relieving exceptions to the requirements, the reforms aim to reduce the administrative burden on trusts and improve the overall tax compliance experience.
Conclusion
The new tax reform packages in Iraq 2024 represent a comprehensive effort to modernize the tax system, enhance compliance, and support economic recovery. By addressing the complexities of tax legislation, improving tax administration, and streamlining reporting requirements, these reforms are poised to play a critical role in shaping Iraq's fiscal landscape in the coming years.
The Prime Minister's Advisor announces the imminent launch of new tax reform packages, 28 AUGUST
Balsam Hameed Today, Monday, Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Saleh, announced the most prominent government steps in maximizing non-oil revenues, while indicating the imminent launch of new tax reform packages.
Saleh said, to the official agency followed by (Al-Oula News):
“One of the basic principles that came in the government’s approach to financial reform and which was approved by the House of Representatives in October 2022 is to maximize non-oil resources in the general budgets of the Republic of Iraq, for which goals were set.”
An amount in order for its contribution to the total revenues generated by non-oil economic activity to increase to 20 percent instead of its historical rates, which do not exceed 10 percent in the best cases.”
He added, “Diversifying sources of non-oil revenues and maximizing them in public budgets is one of the biggest reform challenges in the financial and economic fields in the country.”
He pointed out, “These challenges come from two main factors:
The first is the degree to which diversification of budget resources is linked to the success of diversification in the country’s gross domestic product, especially the three agricultural, industrial, and
service sectors.”
He stated, “The oil production sector still dominates a percentage of the components of that gross domestic product, which sometimes reaches 60 percent, which gives the national economy a rentier character and direct coexistence on the financial flows provided by the oil resource mostly alone.”
He added, “The second factor among these challenges is related to non-governmental activity in generating gross domestic product, and we specifically mean market activity or the private sector.”
He continued, “The majority of the economic forces that generate income and wealth within market activity carry out their economic activities within the framework of the so-called (shadow economy), which are (gray) markets that are irregular and not known to the regulatory, tax and banking bodies as is known, and their percentage amounts to about 70 percent.” Of the total private sector activity in the country.
He stressed that “gray or shadow markets are one of the most important basic factors causing the decline in non-oil revenues in the country’s general budget.”
He pointed out that “the first step taken by the current government in maximizing non-oil revenues began by adopting a new approach to tax reform,” noting that
“the Council of Ministers approved earlier this year 8 new packages to reform the tax system in the country, led by the principle of expanding tax bases.”
HHe stressed by saying: “Two tax reform packages have been launched, and the
rest of the packages will be launched sequentially and gradually
within the government’s reform policy in the financial field and maximizing the state’s resources from sources of income and wealth from outside the oil sector, as this is accompanied by
administrative and legislative reform and high-precision digital governance of tax institutions in areas of appreciation and collection with high transparency and efficiency.” https://www.awla.news/مستشار-رئيس-الوزراء-يعلن-قرب-إطلاق-حزم/
LATEST FROM TEXAS SNAKE, 28 AUGUST
TEXAS SNAKE
- Tues. 27 Aug. 2024 Texas Snake: “I can confirm Farm Claim payments as well. There is positive movement.”
TEXAS SNAKE
Will read all your posts and hopefully the banker will have something positive I can share with y'all tomorrow.
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TEXAS SNAKE
Nothing to share just wanted to let you folks I was still around
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TEXAS SNAKE
Well folks everything remains very positive for our anticipated event so continue to pray this event in for the sake of the world's economy as well as each of us participants. GOD Bless each member.
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TEXAS SNAKE
Banker indicates many positive items are pointing to Thursday, we shall see.
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TEXAS SNAKE
AUGUST 03
love this room now, Leaves TS to be free to speak, admins never jump in cause issues and people have continued to come in and all seem to keep to the subject, truly the room has become what we all wanted it to be.
It is presently 3:10 AM in Bagdad Monday morning and additional info is coming forward over and above what was shared on the Conf Call I was included in last night. Still very encouraged about tomorrow in US as well as this coming week.
You are correct it will be Monday when the banker calls me in the morning.
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Well foiks truly wish I had something to report but with all the NDA;s being issued it is much harder to obtain anything of value.
AUGUST 07
Things are in positive motion folks hang in there, NDA's are the issue at present for status of our benefits to be realized but it is days not months
AUGUST 09
Texas Snake, [08/09/2024, 9:13:08 p. m.]:
While due to the many NDA's that those who have provided info to me has resulted in the limited info I can share we are still in a positive situation to realize our objective. Wish I could share more of the particulars but cannot risk their safety.
Gonna be an early night forme as I need tp prepare a men's breakfast for our church in the morning but will open for a bit for you folks to share anything you may have.
LATEST REPORTS OF TEXAS SNAKE:
RV UPDATE BY TEXAS SNAKE, 4 AUGUST
https://dinarevaluation.blogspot.com/2024/08/rv-update-by-texas-snake-4-august_01843290374.html
RV UPDATE BY TEXAS SNAKE, 2 AUGUST
https://dinarevaluation.blogspot.com/2024/08/rv-update-by-texas-snake-2-august.html
"WE ARE CLOSER EACH DAY" BY TEXAS SNAKE, 1 AUGUST
https://dinarevaluation.blogspot.com/2024/08/we-are-closer-each-day-by-texas-snake-1.html
DINAR REVALUATION UPDATE: THE COMMITMENT OF IRAQ WITH THE OPEC+ ALLIANCE, 28 AUGUST
Objectives of the Visit
OPEC Secretary General's Visit to Baghdad in August 2024
The Secretary-General of OPEC, Haitham Al-Ghais, embarked on a two-day visit to Baghdad in August 2024. The visit aimed to strengthen bilateral communication on developments in the oil market and to foster cooperation within OPEC and OPEC Plus.
Al-Ghais's trip to Baghdad was part of a broader effort to enhance and expand the horizons of cooperation in OPEC and OPEC Plus. This included discussions on strategies to maintain stability in global oil markets and ensure that member countries adhere to agreed-upon output cuts.
Bilateral Talks
During his visit, Al-Ghais was scheduled to meet with Iraq's Oil Minister and other officials to discuss ongoing efforts to stabilize oil prices and production levels. These discussions were crucial in reinforcing Iraq's commitment to the OPEC+ alliance's decision to voluntarily reduce crude oil production.
Iraq's Commitment
Iraq has been a key player in the OPEC+ agreement, renewing its commitment to the output cut agreement in August 2024 . The Ministry of Oil stated that it had taken real and tangible steps to reduce production levels while working to compensate for previous overproduction.
Conclusion
Al-Ghais's visit to Baghdad in August 2024 was pivotal for strengthening cooperation within OPEC and OPEC Plus. It provided a platform for bilateral talks on market strategies and highlighted Iraq's renewed commitment to the OPEC+ output cut agreement, emphasizing the country's role in global oil market stability.
OPEC Secretary General arrives in Baghdad, 28 AUGUST
OPEC Secretary General arrives in Baghdad
The Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), Haitham Al-Ghais, arrived in Baghdad on Wednesday.
The official spokesman for the Iraqi Ministry of Oil said in a statement today, August 28, 2024, "The Secretary-General of the Organization of the Petroleum Exporting Countries, Haitham Al-Ghais, arrived in Baghdad on a two-day visit."
He added, "The visit comes within the framework of bilateral communication on developments in the oil market, in addition to enhancing and expanding the horizons of cooperation in the Organization of the Petroleum Exporting Countries (OPEC) and OPEC Plus."
The ministry spokesman said, "Al-Ghais's visit schedule includes meeting with the Iraqi Oil Minister and a number of Iraqi officials."
Sabah Subhi, a member of the Oil and Gas Committee in the Iraqi Parliament, had previously told Kurdistan 24, “Iraq has exceeded its share of oil exports in OPEC, and must reduce its exports next year. Therefore, Iraq is obstructing all attempts to resume the export of oil from the Kurdistan Region.”
Sabah Subhi added, "The Iraqi Ministry of Oil is obstructing all attempts to resume the export of oil from the Kurdistan Region."
He explained that "Iraq exceeded its share of oil exports in OPEC by 1.4 million barrels out of the 3.6 million barrels allocated to it," adding that "OPEC has repeatedly warned Iraq against exceeding its share of oil exports."
As of March 25, 2023, crude oil exports from Kurdistan fields and Kirkuk province to Turkey via the Turkish port of Ceyhan have been halted.
In addition to suspending all oil activities of foreign companies operating in Kurdistan fields, after the decision of the International Arbitration Court in Paris that these exports are illegal.
This decision comes as a result of a lawsuit filed by the federal government against Turkey at the International Court of Arbitration in Paris in 2014, due to its allowing the flow of Kurdistan oil into its territory and its export without Baghdad’s approval.
According to an agreement concluded between Baghdad and Ankara in 2010, the State Oil Marketing Organization (SOMO) is the only entity authorized to export, market and sell Iraqi oil in global markets.
Kurdistan used to export 450 thousand barrels daily to Turkey, to secure the salaries of its employees and its financial revenues, due to the absence of an oil and gas law regulating the management of oil wealth in Iraq.
On April 4, 2023, Erbil and Baghdad reached an interim agreement until the Iraqi parliament passes the oil and gas law.
This agreement stipulated that the Kurdistan government would hand over 400,000 barrels per day to SOMO, form a joint four-party committee to oversee the sale of oil in global markets, open an independent account at the Central Bank to deposit financial revenues, and appoint a representative from the regional government as Deputy Director General of SOMO. link
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