Clarification of the Cabinet's decision regarding the withdrawal of tax deposits

  Clarification of the Cabinet's decision regarding the withdrawal of tax deposits

 A responsible source commented on Thursday (May 1, 2025) on what was circulated on social media and some media outlets regarding a government decision to withdraw tax deposits, stressing that the procedure is legal, announced, and aims to cover basic expenses, most notably salaries.

The source told Baghdad Today, "The sums referred to in the decision were not recorded in a final account within the public treasury, but were used to cover expenses, a practice followed by previous governments and implemented in accordance with a decision announced by the Council of Ministers."

He explained that "the decision included reversing the amounts of trusts from the revenues collected during tax accounting," noting that "the Ministry of Finance, as the competent authority, studied the decision before making it."

The source added, "What happened in the previous government regarding tax deposits could have been avoided if the current procedure had been adopted at the time," considering that "the deliberate distortion and fraud by some parties for electoral purposes not only targets the government, but harms all of Iraq. "

He concluded by stressing that "the government is proceeding with its reforms despite attempts to disrupt them, in a manner that ensures the best possible service to the Iraqi citizen."

Decision details: Temporary withdrawal and subsequent settlement.
The Cabinet voted last April to authorize the Minister of Finance to withdraw more than 3 trillion dinars from tax deposits less than five years old to cover salary expenses for the coming months. These amounts will be subsequently settled from monthly tax revenues.

According to observers, this measure is a temporary means of financing to overcome delays in transferring oil revenues from the US Federal Reserve into local currency, without the need for borrowing or delayed salaries.

Despite the technical
nature of the decision, the withdrawal of tax deposits sparked widespread political controversy, with some forces viewing it as a reflection of the fragility of the financial situation and the government's weak ability to manage expenditures without compromising temporary and legally allocated funds.

For its part, the Parliamentary Finance Committee believes that addressing this crisis requires a comprehensive review of fiscal policy, reducing reliance on oil, and enhancing non-rent resources, to avoid the repeated resort to exceptional solutions that could be legally considered controversial.  link

Breaking News: The revaluation of the Vietnamese dong (VND) has been approved AT $0.41- $0.49

 Breaking News: The revaluation of the Vietnamese dong (VND) has been approved and activated behind closed doors! 

Multiple top-tier banks, foreign exchange platforms, and repayment center experts confirm that VND exchange rates are active in private trading systems, with values ​​ranging from $0.41 to $0.49 per dong.

Private Process: Redemption is setup through discreet channels, requiring careful preparation and organization for those holding Dong.

If you have VND, this could be your unique opportunity—but only if you're ready.

💥 BANK SCREENS LIGHT UP WITH FINAL RATES! 💥💰 IQD: $8.73 , 💰 VND: $5.12 @DINARREVALUATION

 

Planning: Memoranda of Understanding with advanced countries to train employees outside Iraq

  Planning: Memoranda of Understanding with advanced countries to train employees outside Iraq

The Ministry of Planning affirmed that training government employees is a priority for enhancing institutional performance, while noting the signing of memoranda of understanding with advanced countries to train employees outside Iraq.

Ministry spokesperson Abdul Zahra Al-Hindawi said that the ministry places a direct emphasis on training and developing the capabilities of employees in all state institutions through the National Center for Administrative Development and Information Technology.

He explained that the National Center organizes, as part of its annual program, numerous training courses in various fields, including management, law, protocol, computers, electronic and financial aspects, and others. Some of these courses are held at the request of government institutions based on their needs. link

MNT GOAT: "THE MAJORITY OF IRAQ'S FINANCIAL ASSETS ARE IN US DOLLARS. AL-SUDANI'S ADVISOR DISCUSSES LINKING IRAQI

MNT GOAT

"THE MAJORITY OF IRAQ'S FINANCIAL ASSETS ARE IN US DOLLARS. AL-SUDANI'S ADVISOR DISCUSSES LINKING IRAQI

BANKS TO US BANKS." "it is in our country's interest to deal equally with the US commercial banking system as a global correspondent power for national banks, especially when dealing with more than one US bank operating globally (Global Bank) that has major global branches and arms".

 "the Central Bank of Iraq's efforts to link national banks with major banks and financial institutions in the United States, with more than one bank that enjoys international standing, is an important means of providing economic stability and improving the investment, trade, 

and development climate in our country through integration with the dollar trade, banking, and investment zone, which remains one of the strongest and most important monetary zones

in the world". 

This article is telling us about the expansion of the correspondent banking system for Iraq. This is a move towards normality in the process of commerce with the rest of the world. It is a quest for "full"

integration with the US banking system. WOW!

Their words not mine....

https://mntgoatnewsusa.com/latest-mnt-goat-newsletter/

Bank screens are showing the new rates going up in value: IQD: $5.23 VND: $3.89 on Wed #iqd #iraq

 

TALABANI’S PARTY: THE OIL AND GAS LAW IS OFF THE AGENDA FOR THE CURRENT SESSION, DESPITE THE GOVERNMENT’S PROMISES.

 TALABANI’S PARTY: THE OIL AND GAS LAW IS OFF THE AGENDA FOR THE CURRENT SESSION, DESPITE THE GOVERNMENT’S PROMISES.

A member of the Patriotic Union of Kurdistan (PUK), Burhan Sheikh Raouf, confirmed on Thursday that the oil and gas law will not be passed anytime soon, as the current parliamentary term is approaching its end, despite the urgent need to regulate this vital issue.

Raouf told Al-Maalouma, “The current session of Parliament is in its final days, and it is unlikely that the oil and gas law will be passed during the remaining period, even though the draft law has been in existence for nearly twenty years. ”

He added that “the current government, headed by Mohammed Shia al-Sudani, had promised to pass the law within the first six months of its formation, but this did not happen due to ongoing disagreements and the failure to reach a final political consensus on it.”

He pointed out that “failure to pass the law in this session will postpone the resolution of the oil and gas issue again, despite its importance in resolving the outstanding issues between Baghdad and Erbil, regulating the extraction and export process, and ensuring a fair distribution of revenues.”