Parliamentary Finance: The Path Of Development Will Achieve A Shift In The Course Of Trade Exchange Between Iraq And The World, 29 AUGUST

 Chairman of the Parliamentary Finance Committee Atwan Al-Atwani Money and business  Economy News – Baghdad   The Parliamentary Finance Committee confirmed, on Wednesday, that the development path will achieve a qualitative shift in the course of trade exchange between Iraq and the world.

The media office of the head of the parliamentary finance committee stated in a statement, which was reviewed by "Al-Eqtisad News", that "the head of the parliamentary finance committee, Atwan Al-Atwani, received the Chargé d'Affaires of the German Embassy, ​​Roland Vestbe, and his accompanying delegation; to discuss ways to enhance bilateral cooperation between the two friendly countries."

He added, "The meeting discussed political and security developments in the region and their impact on the Iraqi economy," indicating that "the two sides stressed the need to enhance bilateral cooperation between Baghdad and Berlin at all levels and in various fields, especially in developing the energy sector and financial and banking systems, in a way that achieves sustainable development."

Al-Atwani said - according to the statement: "Iraq looks forward to strengthening its relations with everyone on the basis of mutual respect, common interests, and non-interference in its internal affairs," adding that "the political and security stability that Iraq is currently witnessing has made it an attractive environment for investment."

He continued, "The entry of major international companies into Iraq is a clear indicator of stability and security, and we look forward to the participation of German companies in developing the energy sector and helping Iraq invest its wealth," noting that "the development path will achieve a qualitative shift in the course of trade exchange between Iraq and the world as it shortens time and provides security."

Al-Atwani pointed out that "many European countries have expressed their desire to join the development path, and Germany must have a presence in this strategic project, and the industrial and commercial projects scheduled to be established along the development path will drive the economy and provide thousands of job opportunities." - https://economy-news.net/content.php?id=46875

"IT WAS NOT AN EXCHANGE, IT WAS A PRIVATE SALE" BY FNU LNU, 29 AUGUT

 Fnu Lnu  

Contract Rates all happened many years ago when private buyers contracted to buy Dinar at a specified rate, per contract.

 It was not an exchange. It was a private sale. Those all closed many years ago and there are NO MORE contracted rates...PERIOD! I hope this clears the air...  

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"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.

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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

IRAQ'S NEW INDUSTRIAL LAW

"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

DINAR REVALUATION REPORT: VIETNAM AS A PROMINENT PLAYER IN GLOBAL FINANCE, 29 AUGUST

 Vietnam's aspirations to elevate its status in the global forex market are indicative of its broader ambitions to assert itself in international finance. Several factors contribute to Vietnam's rising prominence in this arena:

1. Economic Growth: Vietnam has experienced rapid economic growth over the past few decades, driven by manufacturing, exports, and increasingly, a burgeoning service sector. This growth boosts the country's trade volume and foreign exchange transactions, making it a more significant player in the forex market.

2. Reforms and Policies: The Vietnamese government has been actively pursuing economic reforms and policies aimed at liberalizing the financial sector. Measures to improve the transparency and efficiency of the forex market are part of these reforms, which can attract foreign investment and increase the liquidity of the Vietnamese dong (VND).

3. Trade and Investment: Vietnam's expanding trade relationships and its role as a manufacturing hub for global supply chains enhance its involvement in global forex markets. Increased foreign direct investment (FDI) also plays a role, as investors need to exchange currencies, impacting forex volumes and liquidity.

4. Integration into Global Financial Systems: Vietnam's efforts to integrate more fully into the global financial system, including initiatives to align with international standards and practices, help boost its credibility and influence in forex markets.

5. Currency Internationalization: Vietnam's ambition to internationalize the VND involves increasing its use in international trade and finance. While the VND is not yet a major global currency, efforts to promote its use in regional trade agreements and bilateral transactions reflect a strategic push to enhance its global standing.

6. Regional Influence: As a growing economy in Southeast Asia, Vietnam’s forex activities also affect and are influenced by regional economic dynamics. Its role in regional trade agreements and economic forums adds to its influence in the forex market.

For Vietnam, achieving its forex ambitions involves balancing economic growth with stable currency policies, enhancing market infrastructure, and navigating international financial regulations. If successful, these efforts could solidify its position as a more prominent player in global finance.

Iraqi Dinar Update: The Delay in Forex Listing and What It Means for Ira...

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

 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