DINAR REVALUATION : KEY INSIGHTS : "INTEL SUGGESTS IMMINENT PAYMENT & EXCHANGES" , 6 SEPT

Summary

Iraq’s Dinar exchange updates highlight potential currency revaluation and economic reforms.

Highlights

🚨 Breaking News: Iraq Dinar updates 
indicate progress in currency exchange.

• 💰 Currency Revaluation: Discussions on 

investment law amendments may boost Dinar 
value.

• 🔄 Ripple/XRP: Integration of smart contracts in currency exchanges involves new digital finance opportunities.
• 🏦 Central Bank Talks: Positive negotiations with the US Federal Reserve could enhance Iraq’s banking market.
• 📈 Economic Stability: Iraq maintains a stable credit rating, indicating potential for financial growth.
• 📊 Speculations around currency changes spark interest among investors.

Key Insights

• 🌍 Global Compliance: Iraq’s currencies align with international standards, facilitating Forex trading and enhancing investment attractiveness.
• ⚖️ Legal Amendments: The proposed changes to the Investment Law are crucial for Iraq’s economic integration and could expedite currency revaluation.
• 📅 Timely Developments: Intel suggests imminent payments and exchanges, hinting at a nearing opportunity for currency holders.
• 🔍 Due Diligence: Emphasis on personal research reinforces the importance of informed investment decisions amidst fluctuating intel.
• 🏦 Banking Reform: The conclusion of electronic platform transitions signals progress in Iraq’s monetary reform plans, promising more efficient banking operations.
• 🔒 Speculative Caution: The potential for misinformation highlights the need for investors to remain grounded and verify claims before acting.

September 2024: Tax Law Review & Collection System Overhaul

DINAR REVALUATION REPORT: Reviewing Tax Laws and Enhancing Collection Systems: Economic Priorities in September 2024, 6 SEPT

 Reviewing Tax Laws and Enhancing Collection Systems: Economic Priorities in September 2024

Economic discussions in September 2024 have increasingly centered around the need for a thorough review of existing tax laws and the development of more efficient tax collection systems. 1  3 These calls come from various sectors, influenced by the changing economic landscape and the desire for more streamlined governmental operations.

The Case for Tax Law Review

Addressing Immediate Concerns

The urgency to review tax laws stems from the need to address immediate concerns such as the expiration of certain tax provisions. 2 With many provisions from the Tax Cuts and Jobs Act of 2017 (TCJA) set to expire, there is a push for their extension, particularly those benefiting businesses and individuals, such as R&D amortization and accelerated bonus depreciation.

Preparing for Future Challenges

Reviewing tax laws is also seen as a strategic move to prepare for future challenges. The anticipation of expiring tax provisions, the impact of the Moore tax case, and the implementation of the global minimum-tax regime are among the issues that require careful consideration.  2 Ensuring that the tax system remains adaptable and responsive to economic changes is crucial for long-term stability.

Enhancing Tax Collection Systems

The Role of Government Efficiency

The call for enhanced tax collection systems is closely tied to discussions about government efficiency. Proposals include the creation of a government efficiency commission to audit the federal government and recommend reforms. 1 The commission would aim to identify areas of waste, fraud, and abuse, thereby saving money for the federal government.

Addressing Budgetary Pressures

The need to enhance tax collection systems is further driven by budgetary pressures. As the government faces challenges in managing its finances, improving the effectiveness of tax collection can help mitigate budget deficits. This includes ensuring that all due taxes are collected and that the tax system is fair and equitable for all taxpayers. 2

Conclusion

The economic calls to review tax laws and develop more efficient tax collection systems in September 2024 reflect a broader goal of ensuring fiscal health and economic resilience. By addressing immediate concerns, preparing for future challenges, and enhancing government efficiency, these measures aim to create a more robust and responsive tax system that benefits both the government and the taxpayers.

For this reason.. Economic calls to review tax laws and develop the collection system , 6 SEPT

  Prime Minister's Advisor: 70% of the grey market

9/5/2024 Baghdad

The financial advisor to the Prime Minister, Dr. Mazhar Muhammad Salih, revealed the existence of a grey market that accounts for nearly 70% of the market or private sector activity, indicating that this percentage evades paying legal taxes.

Saleh said in an interview with "Al-Sabah", followed by "Al-Eqtisad News", that "taxes constitute in total in developed countries about (25) percent of the gross domestic product, while in Iraq they do not exceed (4) percent due to tax evasion, as the gray market, which is not known to the tax authorities, constitutes a percentage close to (70) percent of the market or private sector activity, while negative taxes, which are aid from cash income paid to the poor class, constitute (5) percent of the annual gross domestic product, and this constitutes the tax defect that compensates for the difference between the type of tax with the revenues of oil rents."  LINK

===

For this reason.. Economic calls to review tax laws and develop the collection system 9/5/2024  

Baghdad  

With the increase in the size of state expenditures in the general budget, there has been talk for years about maximizing non-oil revenues, reforming the tax system in Iraq, and raising the value of taxes on the wealthy, which actually requires addressing the current laws related to taxes, controlling import operations, and preventing the smuggling of goods through border crossings.

In this regard, economic and financial expert Safwan Qusay revealed the formation of a committee by the Prime Minister’s Office to review tax laws, especially the Income Tax Law issued in 1982, noting that the law needs to be reviewed to amend some allowances in line with current income rates and develop the tax collection system to reduce tax evasion.

He pointed out that "the proposed tax increase aims to stop manipulation of invoices related to import operations and reduce tax evasion."

Qusay also confirmed that “the committee is studying introducing amendments to property and real estate taxes, especially with regard to the transfer of property between individuals.”  LINK

DINAR REVALUATION REPORT: PAYMENTS RELATED TO THE IQD ARE ROLLING OUT!!!, 6 SEPT

 PAYMENTS RELATED TO THE IQD ARE ROLLING OUT

Summary

Reports indicate that payments related to the Iraq Dinar are rolling out, generating excitement about potential currency revaluation. Stay grounded and informed!

Highlights

• 🚩 Payments are reportedly starting for Dinar holders.
• 💡 Legislative discussions are underway for amending Iraq’s Investment Law.
• 📈 Iraq’s currency is now compliant with international standards.
• 🏦 Central Bank talks with the US Federal Reserve show positive results.
• 🧘‍♂️ Experts advise staying calm amid excitement over potential revaluation.
• 🗣️ Importance of individual research and due diligence emphasized.

Key Insights

• 📊 Payment Reports: Many sources claim payments are being rolled out, hinting at potential currency exchange opportunities soon. Verification remains essential.
• 🏛️ Investment Law Amendments: Changes to the Investment Law are crucial for Iraq’s economic progress, reflecting increased investment activities.
• 🌍 Compliance with Forex: Iraq’s currency is now compliant with international trading standards, paving the way for broader acceptance in global markets.
• 🔄 Central Bank Collaboration: Ongoing discussions with the US Federal Reserve may enhance Iraq’s banking stability and international relations.
• ⚖️ Caution in Excitement: While news is promising, experts recommend maintaining a grounded approach until more concrete evidence is available.
• 🌐 Importance of Research: Viewers are reminded to conduct personal research and seek professional advice before making financial decisions.

FRANK26….9-6-24……NEXT WEEK

Top 5 Oil & Gas Laws in Iraq 2024