Parliamentary moves to increase state financial revenues, 20 SEPT

 Parliamentary moves to increase state financial revenues

The Parliamentary Finance Committee revealed that it held a meeting with the Ministry of Planning to present proposals to maximize the state's non-oil revenues.

The committee's vice-chair, Ikhlas Al-Dulaimi, said in an interview with "Al-Sabah", followed by "Al-Eqtisad News", that "the committee met with the Ministry of Planning and had some proposals regarding maximizing the state's non-oil financial resources, indicating that these proposals need support from the Finance Committee, which will meet with a delegation from the Ministry of Planning to exchange views and proposals that would maximize the state's non-oil revenues."

Al-Dulaimi added that "the tax rate set by the government is very small and does not match the volume of imports, which amounts to approximately 20 trillion dinars. Therefore, this volume of imports should be accompanied by taxes commensurate with its size, but due to the old legislation that is not consistent with the state's vision and does not match the work of other bodies, the need calls for us to review and study the laws."

The MP pointed out that "the Finance Committee is adopting this issue, by submitting a comprehensive study aimed at maximizing non-oil revenues, especially taxes and customs."
It is noteworthy that the Finance Committee held a meeting the day before yesterday, Monday, which discussed the activation of non-oil revenues.

The head of the committee, Atwan Al-Atwani, stressed during the meeting the need for a representative from the committee to attend all meetings of the other parliamentary committees, to express an opinion on the joint laws, while the committee decided to conduct a field visit to the Kurdistan Region and the ports to follow up on the related control procedures.

The committee also discussed the possibility of legislating a special law on collection and taxation for all economic sectors, or including them in the economic reform law, in addition to discussing the proposal to establish a sovereign fund for the country, and forming a team to review government procedures related to revenues and estimate financial returns according to spending units. link

MILITIAMAN CC NOTES HIGHLIGHTS: ANALYSIS OF ART. 140 & non oil growth , 20 SEPT

Summary

Iraq is focusing on boosting non-oil revenues and digital transformation, with significant government and financial developments underway.

Highlights

• 🇮🇶 Iraq is prioritizing non-oil revenue growth.
• 💰 Central Bank governor asserts oil price decline doesn’t impact exchange rates.
• 📊 New electronic tax collection mechanisms are being implemented.
• 🌐 Strategic partnership with Apple aims to enhance Iraq’s digital economy.
• 📅 Article 140 discussions indicate progress in governance and justice.
• 🔍 Enhanced audit processes for transactions are being introduced.
• ⚖️ Commitment to financial transparency and accountability is increasing.

Key Insights

• 📈 Non-Oil Revenue Focus: Iraq’s shift towards a private sector economy is essential for reducing dependency on oil, which is crucial for sustainable growth.
• 🔄 Economic Model Development: The proposed economic model emphasizes automation and free trade principles, indicating a move towards modernizing Iraq’s economy.
• 💵 Central Bank Stability: The Central Bank’s ability to defend the dinar’s exchange rate is key to maintaining economic stability amid fluctuating oil prices.
• 🌍 Digital Transformation: Collaborations with global tech firms like Apple highlight Iraq’s commitment to digital advancements, which can significantly boost economic growth.
• 🏛️ Implementation of Article 140: Progress in addressing historical injustices reflects the government’s dedication to political and social stability.
• 📉 Enhanced Audit Mechanisms: The shift to real-time audits for remittances demonstrates a commitment to financial integrity and reduces corruption risks.
• 💳 Electronic Tax Collection: The move towards digital tax collection streamlines processes, enhances efficiency, and improves government revenue tracking.

IRAQI DINAR REVALUATION LATEST UPDATES OF IRAQ BOOTS ON THE GROUNDS REP...

Economist: The free mass is estimated at 70 trillion dinars and can be invested electronically, 20 SEPT

  Economist: The free mass is estimated at 70 trillion dinars and can be invested electronically

Economic expert Dr. Safwan Qusay confirmed today, Sunday, that there are about 70 trillion dinars of free money supply, pointing out the possibility of investing it through the transition to the electronic system in financial transactions.

Qusay told Al-Maalouma, “Focusing on investing in financial inclusion is accompanied by many benefits, the most prominent of which is withdrawing the free cash flow outside the banking system, which is estimated at about 70 trillion dinars, or an average of 2 million dinars for every Iraqi citizen.”

He added, "This amount could lead to an increase in liquidity in banks and increase their ability to grant through small and medium income-generating projects or by increasing the capacity for long-term strategic investment financing."

He pointed out that "Iraqi banks have the qualifications to switch to the electronic system, noting that "the transformation of the financial sector to the electronic system with credit cards will pave the way for attracting international investments and increasing confidence in the Iraqi economy."   link

SANDY INGRAM CC NOTES HIGHLIGHTS, 20 SEPT

 Summary

Iraq faces a 2025 budget crisis due to declining oil prices, while Israel intercepts a drone from Iraq, escalating regional tensions.

Highlights

• 📉 Iraq’s 2025 budget is threatened by falling oil prices, impacting economic stability.
• 🚨 IMF warns Iraq’s budget projections may be overly optimistic amid reliance on oil revenues.
• 🌾 Lawmakers discuss diversifying income streams to boost agriculture, tourism, and manufacturing.
• 💰 Current tax policies in Iraq are among the lowest in the region, hindering revenue collection.
• 🚧 Efforts to improve border control aim to reduce smuggling and increase customs revenue.
• 🛡️ Israel intercepts a drone from Iraq, highlighting regional security concerns and Iranian influence.
• 📱 New war strategies raise fears of personal electronic devices being weaponized.

Key Insights

• 📉 Economic Vulnerability: Iraq’s budget is heavily reliant on oil, making it susceptible to global price fluctuations. Without diversification, fiscal stability is at risk.
• ⚠️ IMF Concerns: The IMF’s warning emphasizes the need for realistic budgeting, reflecting the dangers of overestimating oil revenue. This could lead to significant deficits.
• 🌱 Diversification Efforts: Iraq’s push to develop non-oil sectors is crucial for economic resilience. Boosting agriculture, tourism, and manufacturing could reduce dependency on oil.
• 🏛️ Tax System Reform: Iraq’s low tax-to-GDP ratio indicates untapped potential for revenue. Reforming tax policies could significantly improve fiscal health.
• 🔍 Smuggling and Corruption: The government’s revenue collection is hampered by smuggling. Addressing these issues is vital for improving customs revenue and economic stability.
• 🛡️ Regional Security Risks: The interception of a drone signals heightened tensions and security threats in the region, driven by Iranian-backed militias.
• 💣 Weaponization of Technology: The emergence of personal devices as weapons signifies a new threat landscape, necessitating heightened security measures and awareness.

IRAQ'S DIGITAL TRANSFORMATION & DINAR STABILITY @DINARREVALUATION

DINAR REVALUATION HIGHLIGHTS: NO DEVALUATION OF THE IRAQI DINAR!!, 20 SEPT

 Summary

Major updates indicate Iraq’s shift to a digital economy, potential banking reforms, and optimism about currency stability and growth.

Highlights

• 📈 Digital Transformation: Milish Man emphasizes the growth of a cashless economy in Iraq.
• 🏦 Banking Reforms: Firefly reports Iraq will have more digital banks than the Middle East’s entire region.
• 🎉 Behind the Scenes: Wolverine hints at significant, undisclosed progress happening this week.
• 💳 Electronic Payments: Mountain Goat states electronic payments aren’t necessary but will combat money laundering.
• 🌍 Oil Diversification: Prime Minister Al Sadani stresses the need for economic diversification amid falling oil prices.
• 🚫 No Devaluation: Pulu reassures that with new revenue streams, there will be no dinar devaluation.
• 📅 Curfew Announcement: The Iraqi government will impose a curfew for population census on November 20-21.

Key Insights

• 🌐 Digital Economy Growth: Transitioning to a cashless economy aligns Iraq with global trends, potentially enhancing transparency and efficiency. This could attract more foreign investment.
• 🏦 Banking Infrastructure Expansion: The anticipated increase in digital banks signifies a move towards modernization, improving financial access and reducing reliance on cash.
• 🚀 Positive Momentum: The insider information from Wolverine suggests that significant developments may be imminent, fostering a sense of optimism among investors.
• 🔒 Anti-Money Laundering Measures: While electronic payments are not essential for revaluation, their implementation can significantly reduce illicit financial activities, building trust in the economy.
• 📉 Economic Diversification Needs: Al Sadani’s remarks highlight the urgency for Iraq to diversify its economy beyond oil, which is crucial for long-term stability, especially amid fluctuating oil prices.
• 🔒 No Risk of Devaluation: Pulu’s confidence in stable dinar value, backed by new revenue sources and foreign reserves, counters prevailing fears of devaluation.
• 📊 Census and Governance: The planned curfew for a census reflects the government’s commitment to better governance and resource allocation based on accurate population data.