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Financial Expert To Nina: Iraq Must Take Several Steps To Transform Its Economy From A Rentier To A Multi-Revenue Economy
Wednesday 23 October 2024 | Economic Baghdad / NINA / Financial and economic expert Safwan Qusay confirmed today, Wednesday, that the transformation of Iraq's economy from a rentier oil economy to a multi-revenue economy requires several steps that must be followed by the authorities responsible for developing the Iraqi economy.
Qusay said in a statement to the National Iraqi News Agency / NINA / that "the current tax reform process must be consistent with the necessity for the investment law to be compatible with the tax law, indicating that Iraq inherited a set of tax laws related to the central economy, so the process of updating them is related to the requirements of global investment that will increase the ability to attract investments and requires stability in these laws."
He added that "Iraq does not need a process of reviewing the rates, but rather needs to comply with international financial reporting standards so that the values appearing in the financial statements are the reality of income, and we need to expand the tax base and review tax allowances in a manner consistent with the purchasing power of the income earner..
We need a process of twinning between local and international laws with direct supervision of what the investor desires, which can restore the tax law sector so that Iraq has an attractive investment opportunity away from the process of subjecting these indicators to laws that are not characterized by sustainability."
He pointed out that "supporting the local product can be done by providing production subsidies and not by imposing taxes on the investment sector. We need to transform the informal market into a formal one because this will pave the way for building a non-oil economy." /End 8 https://ninanews.com/Website/News/Details?Key=1163877
TEXAS SNAKE
TEXAS SNAKE
SEVERAL SOURCES ARE INDICATING THIS IS OUR MONTH SOME EVEN INDICATING A SPECIFIC DATE BUT ASKING THAT I NOT REVEAL BUT I CAN ASSURE THE DATE ENDS IN Y . GOD BLESS.
https://dinarevaluation.blogspot.com/2024/10/rv-update-by-texas-snake-11-oct.html
Adam Smith International assists with Iraq Budget Prep
The Iraqi government has begun conversations on the design of the 2025 spending plan, with assumptions for its accommodation to Parliament right on time one year from now, as per Atwan Al-Atwani, top of the Parliamentary Money Advisory group.
According to dinaropinions.com, a state-run website, Al-Atwani hosted a delegation from Adam Smith International to talk about reforms to public financial management, including the tax, customs, public debt, and development fund sectors. Key monetary difficulties, especially the oil income reliance, were featured, as well as continuous endeavors to help non-oil incomes through legitimate changes.
The oil dispute with the Kurdistan region remains a major issue, which the committee is actively attempting to resolve through dialogue. Al-Atwani additionally demonstrated that changes are in progress, including corrections to the Overall Expert for Checking Government Income Distributions Regulation and new recommendations connected with Islamic securities and monetary market guidelines.
SkyWalker
Article Flashback: “Abdul Hussein al-Yasiri, a member of the Iraqi parliamentary Finance Committee...
2014 will witness the deletion of zeros from the Iraqi currency.
He noted that the deletion will occur in coordination with the CBI, and that as a result of the project, the number of banknotes in circulation will be reduced from 4 billion to 1 billion.”
Opening of cash centers as planned is another method to reduce the note count as stated in this past delete the zeros article snippet.
Thurs. 14 Nov. 2024 Wolverine President Trump will make an announcement to the Banks tomorrow Fri. 15 Nov. 2024. WF will then send emails...