September 2024: Tax Law Review & Collection System Overhaul

Iraqi government moves to impose taxes on social media sites BY FRANK26, 18 SEPT

 KTFA

FRANK26: "EXCEPT FOR GURU FRANK26... SMILE".............F26

Iraqi government moves to impose taxes on social media sites

9/16/2024

 

Financial expert Nabil Al-Marsoumi revealed on Monday that the Iraqi government is planning to impose taxes on social media sites in Iraq, among the people covered by these taxes.

Al-Marsoumi told Shafaq News Agency, "The Iraqi government is studying a proposal to impose taxes on content creators on social media sites in the country, not users of those sites. This process came in order to enhance non-oil revenues, especially in light of the decline in oil prices and the deterioration in oil revenues. These taxes will provide good financial revenues, and for this reason the percentage will be 15% of the profits of content creators, especially since some of their profits are estimated in the millions on a daily basis."

He added, "This decision does not require a vote by the House of Representatives, as this is a decision within the authority of the Council of Ministers to expand the tax base, and does not require a law, but it is still under study, and may come into effect at the beginning of next year, as it requires months of work and study."

LINK

Q & A WITH MARKZ, 18 SEPT

 MarkZ  

 [via PDK]   I ...heard they [rates on bank screens] are changing and fluctuating. I am hoping this means they are priming the system again. My banking contacts say they are seeing many different rates…rates are rolling all over the place…Hopefully they are checking the system and priming the system….

Member: Is Zim still supposed to be in the first basket?

MZ: That is what I believe and what I hear from my best contacts…

Member: According to Militiaman the HCL is finished.

Member: Who gives Iraq permission to go???

MZ: At this point I believe it’s a compilation of the IMF, World Bank and the UN …but it is very confusing. The president of Iraq says it's up to the CBI now….But , if it’s up to the CBI I am thinking they would already have released it. 

Member: Mark- Do you believe the new lower denoinations have already been printed in Iraq?

MZ: Yes I do…We have seen the contracts years ago and the paid receipts from the government of Iraq with DeLaRue to print them…... Many contacts in Iraq have seen the cut sheets (samples of LD’s) in banks.

How Iraq's New HCL Law Could Boost the Iraqi Dinar in 2024! @DINARREVALU...

Talabani calls on Japan to encourage its companies to invest in Kurdistan, 18 SEPT

 Talabani calls on Japan to encourage its companies to invest in Kurdistan

Pavel Jalal Talabani, President of the Patriotic Union of Kurdistan, called on Japan to encourage its companies to invest in the Kurdistan Region, stressing the provision of incentives and guarantees to ensure investors.

His media office said in a statement received by Al-Masry that “Talabani received in Sulaymaniyah today the Japanese Ambassador to Baghdad, Matsuo Moto, and the two sides discussed developing relations and expanding the circle of economic and trade coordination in a way that preserves the highest interests.”

Talabani pointed out during the meeting, according to the statement, to “the opportunities available in the Kurdistan Region, including Sulaymaniyah, for capitalists and investors,” indicating that “we provide all facilities to strengthen the economic structures in the Kurdistan Region,” expressing his hope that Japan would play “an influential role in encouraging its companies and businessmen to pump investments into the Kurdistan Region.”

According to the statement, "the two sides discussed developing cultural relations between the Kurdistan Region, including Sulaymaniyah, the capital of culture, with Japan."  link

LATEST FROM PIMPY, 18 SEPT

  Pimpy 

 I just read an article not that long ago that said oil sales are now 89% of their budget which is good.  Remember it was 96% of their budget...Iraq is going in the right direction but they still rely on oil sales way too much...

If Iraq starts stumbling and the prices drop low for oil per barrel then they start operating in the deficit...If it keeps dropping and gets too low then they're going to have no choice but to...devalue the Iraq dinar...

No body said they're doing it.  I'm just saying we really got to pay attention to the price of oil per barrel because if it gets too low they don't need to tell us what's going to happen, you should already be aware that's what they're going to do...

Pimpy 

 I'm not saying they're going to devalue the currency right now. 

 What I am saying is if they stay below $70 [per barrel of oil] for the medium term, you can see them devalue the currency.  I don't think it's going to happen anytime this year because the year is almost over. 

 I'd be a little nervous going into 2025.

PIMPY CC NOTES HIGHLIGHTS: "THE NECESSARY STEPS FOR IRAQ TO REINSTATE THE DINAR RATE AT $3.22" BY PIMPY, 16 SEPT

Summary

Pimpy discusses the necessary steps for Iraq to reinstate the $3.22 dinar rate, emphasizing economic reforms and stability.

Highlights

• 💼 Monetary Reforms: Iraq needs comprehensive monetary reforms to stabilize its economy.
• 💵 Currency Basket: Adopting a basket of currencies will reduce reliance on the US dollar.
• 🚜 Economic Diversification: Iraq should diversify beyond oil to strengthen its economy.
• 📈 Foreign Investment: Attracting foreign investment is crucial for economic recovery.
• ⚖️ Political Stability: A stable political environment fosters confidence in the dinar.
• 📊 Inflation Control: Monitoring and controlling inflation is essential for maintaining currency value.
• 🏦 Engagement with Institutions: Collaborating with international financial institutions can support necessary reforms.

Key Insights

• 💡 Monetary Reforms: Implementing monetary reforms, including deleting zeros from the currency, can help restore public confidence and stabilize the economy. This is a long-discussed yet crucial step for Iraq’s financial health.
• 🌐 Currency Basket: By adopting a currency basket system, Iraq can mitigate risks associated with dollar fluctuations, providing a more stable foundation for international trade and enhancing economic resilience.
• 📉 Economic Diversification: Reducing oil dependency is vital. Recent agreements with Turkey on agriculture infrastructure can potentially boost Iraq’s agricultural sector, indicating a step towards diversification.
• 📈 Foreign Investment: Iraq must create a favorable environment for foreign investors through regulatory reforms, which is essential for economic growth and stability.
• 🔒 Political Stability: Ensuring political stability is key to building trust among citizens and investors alike, which will lead to increased usage of the dinar over foreign currencies.
• 📉 Inflation Control: The Central Bank’s role in controlling inflation through effective monetary policy is vital for maintaining the dinar’s value, currently facing a 5% inflation rate.
• 🤝 International Engagement: Collaborating with organizations like the IMF can provide Iraq with guidance and financial support to implement necessary reforms, aiding in achieving its monetary goals.

https://dinarevaluation.blogspot.com/2024/09/latest-from-pimpy-17-sept.html

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