Iraqi Banks Take Charge: Financing Foreign Trade with Own Dollar Reserves!

"BECAUSE A NEW MONETARY REFORM IS ABOUT TO BE LAUNCHED!!!" BY FRANK26, 29 AUGUS

 KTFA

FRANK26: "BECAUSE A NEW MONETARY REFORM IS ABOUT TO BE LAUNCHED!!!".........F26

Prime Minister's Advisor Announces New Tax Reform Packages to Be Launched Soon

 

8/26/2024

Baghdad - WAA - Nassar Al-Hajj 

 

The Prime Minister's Advisor for Financial Affairs, Mazhar Mohammed Saleh, announced today, Monday, the most prominent government steps to maximize non-oil revenues, while indicating the imminent launch of new tax reform packages.

Saleh told the Iraqi News Agency (INA): "One of the basic principles of the government's program in the field of financial reform, which was approved by the Council of Representatives in October 2022, is maximizing non-oil resources in the general budgets of the Republic of Iraq, as quantitative targets were set for them so that their contribution to the total revenues generated by non-oil economic activity would increase to 20 percent instead of their historical rates, which do not exceed 10 percent at best."

He added, "Diversifying non-oil revenue sources 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 that "these challenges come from two main factors: the first is the degree of connection between the diversification of budget resources and the success of diversification in the country's gross domestic product, especially the three sectors of agriculture, industry and services."

He explained that "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 with the financial flows provided by the oil resource, mostly without anything else."

He added, "The second factor of these challenges is related to non-governmental activity in generating the gross domestic product, and we mean specifically the activity of the market or the private sector."

He added, "The majority of economic forces generating income and wealth within market activity conduct their economic activities within the framework of what is called the 'shadow economy', which are 'grey' markets that are not regulated and are not known to the regulatory, tax and banking authorities as is commonly known, and their percentage amounts to about 70 percent of the total private sector activity in the country."

He stressed that "the grey or shadow markets are one of the most important factors causing the decline in non-oil revenues in the country's general budget components."

He pointed out that "the first step taken by the current government to maximize non-oil revenues began with adopting a new approach to tax reform," noting that "the Council of Ministers approved earlier this year 8 new packages to reform the country's tax system, led by the principle of expanding tax bases, especially those that are hidden, evading or neglecting annual tax accounting."

He stressed by saying: "Two tax reform packages have been launched, and the remaining 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 outside the oil sector, as this is accompanied by administrative and legislative reform and high-precision digital governance of tax institutions in the areas of assessment and collection with high transparency and efficiency."

LINK

PROJECT DELETE ZEROS: " THE CITIZENS WON'T EVEN FEEL IT WHEN THEY SWITCH OVER TO THE NEW EXCHANGE RATE" BY FIREFLY, 29 AUGUST

 Frank26 

  [Iraq boots-on-the-ground report]  

 FIREFLY:Mr. Sammy [Iraqi bank manager friend] said the CBI wants the entire deletion of the 3 zero project to go smooth and have very little impact on the citizens...That's why the whole thing is going digital.  This way the CBI can switch out currencies so easily...  

FRANK:  Brilliant Sudani!  Brilliant Alaq!  Brilliant Dr. Shabibi wherever you may be, Rest In Peace.  

FIREFLY:  It's going to be automated and the citizens won't even feel it when they switch over to the new exchange rate. 

'They won't even feel it' is the words from Saleh.  Saleh also say the solution coming will lower the dollar exchange rate.

Saudi Investment Protection Law: What It Means for Iraq

"THIS ACTION EQUALS HCL FOR CITIZENS!!!" BY FRANK26, 29 AUGUST

 KTFA

FRANK26: "THIS ACTION EQUALS HCL FOR CITIZENS!!!".........F26

 

Oil: We will achieve self-sufficiency in gasoline next year

8/26/2024

 

Baghdad

The Ministry of Oil announced, on Monday, that Iraq is close to achieving self-sufficiency in gasoline, while indicating that measures have been taken that have contributed to the decline in smuggling of petroleum derivatives.
The Director of the Oil Products Distribution Company, Hussein Talib, said: “The issue of reducing the import of petroleum derivatives depends on two important matters, the first of which is related to the refining industries and the development of refineries and their entry into operation, such as the Karbala refinery, which is considered one of the most modern refineries and produces 140,000 barrels, and the Northern Refineries Group, which has also entered into operation, in addition to developing the Dora refinery and adding the isomerization unit and the Shuaiba refinery.”
He explained that “these factors have led to the provision of products and reduced the import of petroleum derivatives,” noting that “Iraq has reached self-sufficiency in gas oil and white oil products, while self-sufficiency in high-octane gasoline (improved) will be achieved during 2025 according to the plans set by the Ministry of Oil and specialized agencies. ”
He added, "The second matter that depends on reducing the import of petroleum derivatives is regulating the equipment and determining the real consumption of petroleum products. There are mechanisms put in place by the Oil Products Distribution Company to reduce unreal consumption, including issuing a fuel card for gasoline in Kirkuk and Nineveh governorates." 

He pointed out that "gas oil is tightly controlled and we have controlled the flow of petroleum derivatives by installing GPRS systems for government and private cars," indicating that "this issue has limited the sale outside the controls and smuggling of petroleum derivatives."

He added, "Smuggling operations have declined during the current year as a result of the tightening of control over the software and technologies put in place by the Oil Products Distribution Company."

LINK

"THE REDEMPTION CENTERS ARE THE SAME AS THE BANKS" BY FNU LNU, 29 AUGUST

 Fnu Lnu 

 With the RV drawing near, the crazies are coming out of the woodwork...

First of all, The redemption centers ARE the same as the banks. They are merely off premises due to an expected increase in traffic. They are not separate entities. 

Secondly..."The Law of One Price"...states an instrument cannot be sold in different markets at different prices.

 In other words, the "redemption Centers" (banks) are NOT going to offer you an exchange rate three times what the "Banks" give you. IT IS ILLEGAL! The rate will be the rate no matter where you go. 

The only thing that may differ is the percentage of the fee.  This fee is usually 2% but that isn't etched in stone.

--

Fnu Lnu 

 It has been reported that Hezbollah plans to open a HQ in Baghdad and implied that Baghdad will allow it. PLEASE! ...Nuri Al Maliki owns all but one newspaper in Iraq...and is Iranian sympathetic ... Next, think the United States is ever going to leave Iraq? ...That will never happen...Do you...think the United States military is, for one minute, going to allow Hamas or Hezbollah, or any other Iranian proxy group to set up shop in Baghdad, no less? This is commonly known as fear porn and has zero credibility...

Fnu Lnu   

[Response to Guru Henig post 3-16-2024 below] The taxation issue is not complex and I  have it directly from the taxing authority (IRS) and an agent within the IRS. The taxation will be a matter of choice (YOU DECIDE).  You may either pay tax as "REGULAR INCOME" or as Capital Gains. YOU CHOOSE! Depending on your structuring for tax  advantages...Regular Income is the easiest way to deal with the income/profits as it is amenable with classic Asset  Protection...The notion that you must have receipts is not true because you can choose Regular Income. 

  It is also not true that one must have a receipt or pay 40-50% in taxes. The tax code is  written for both kinds of people. Those who pay taxes and those who do not. Guess which side the rich are on? They use Asset  Protection...to defer and reduce...tax liabilities and anyone can do it...Do not be misled. Consult an ASSET PROTECTION ATTORNEY and forget the rest of what you hear and read. 

https://dinarevaluation.blogspot.com/2024/07/rv-update-by-fnu-lnu-18-july.html

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