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Central imposes a program to determine tax rates. .And private banks criticized


k98nights
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03/24/2015 (00:01 pm)   -   the number of readings: 155   -  number (3319)
 
 
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Central imposes a program to determine tax rates. .And private banks criticized


BAGHDAD / long-Presse 

The Iraqi Association of private banks, on Monday, the central bank imposed a special program for tax guarantees and customs of goods, as shown that this procedure came under the guidance of the Council of Ministers to determine the work of traders and keep them away from illegal transactions in foreign currency smuggling, the Agricultural Bank confirmed that work on this The program will reflect negatively on the Iraqi consumer, because it will cause rising prices of imported goods.

 

The executive director of the Association of private banks in Iraq, Tariq vacationer in an interview with the (long-Presse) on the sidelines of the Association held a seminar for banks in Baghdad, "The Association of private banks in Iraq held a joint seminar with the tax authority to explain the program, which will be worked on by the banks regarding the tax guarantees and customs, and this program is not the cons as far as the consequences for making mechanism. " 
He added vacationer "During the seminar some queries raised by the representatives of the banks and we talked to many of the issues and all this was to ensure the correct transfer out of Iraq operations and also not get any breaches " 
For his part, director of public relations at the Association of Iraqi private banks Majid Michel said in an interview with the (long-Presse), "The new program presented by the Central Bank of Iraq came under the guidance of the Council of Ministers," noting that "the objective of this system is to identify the work merchant and remove him from the state of illegal transactions, which was followed by some traders in hard currency smuggling out of Iraq. " 
He added, Michelle "The new program will put the merchant toward a clear and present it all transactions and archives will each material imported code and tariff tax Kmarkip." 
He noted Michel said that "this The program has been reveled abruptly, which reflected negatively on the banks and the private and public sectors, "pointing out that" this application was supposed to show it on a trial basis for a minimum of six months to enable the employees and executives of the banks recognize it more and be able to provide outstanding performance in this program. " . 
and Michelle that "the program is the reason for the time being a major controversy of the technical aspects and our objective was to work on the collection of all the banks and give a lecture by specialists, and despite this, we can not judge the current time on the program, but we will wait and anticipate how to work it and import of goods by importers To see the extent of positivity or negativity of the Iraqi citizen. " 
In turn, the executive director of the GCT spokesman Abdul Aoun in an interview with the (long-Presse) "We are now in the process of transmission, the quality of the old mechanism was adopted by the central bank to entirely different from its predecessor a new mechanism means coverage of foreign goods in hard currency and a conversion to ensure the Treasury rights, including tax and customs guarantees and ensures later from entering the goods. " 
He said Aoun that "this mechanism Court inter measures, including electronic measures binding by the central bank and banks and border crossings and its General Assembly and rely on the establishment of base data. " 
He said Aoun "The session of the Association of private banks came to overcome the obstacles and problems which naturally get because of the mechanism used previously, and I think in the coming period if they were to work according to the program which is newly developed, it would be in a better position and will not face any obstacles but needs to support and stand by his side by everyone. "

 

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History of edits:: 24.3.2015 quarter past seven p.m. • 33 visits readable
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{Baghdad: Euphrates News} Economic Committee of the Council of Ministers approved the proposal of the Central Bank of Iraq to accept issued by private banks to pay taxes and fees instruments.
 
The central bank said in a statement received {Euphrates News} copy of it on "The Economic Committee of the Council of Ministers approved the proposal of the Central Bank of acceptance issued by private banks to pay taxes and fees of all instruments, and without specific have a time limit." 
The Prime Minister for Economic Affairs Adviser the appearance of Mohammed Saleh said earlier that the tax to be imposed in Iraq will be a gradual, stressing that inflation in the country is accepted universally. Ended h
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CBI should impose a program to determine the new exchange rate.!

How you tax people with no purchasing power

The dinar is a devalued currency.

IS TIME TO INCREASE THE EXCHANGE RATE.

Agree - seems they are doing all the post work up-front prior to pulling the trigger.

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Cabinet agrees to exchange instruments of private banks to pay taxes
 



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CBI

 

 
 

 

Author: af Editor: sz reporter: ay
Number of Views: 184
 
03/24/2015 17:52
 



Tomorrow Press / Baghdad: Iraqi Central Bank announced on Tuesday that the Economic Committee of the Council of Ministers approved a proposal to accept issued by private banks instruments to pay taxes and fees all. The central bank said in a brief news received "tomorrow Press", "The Economic Committee of the Council Ministers agree to accept the proposal of the Central Bank issued by private banks instruments to pay all taxes and fees and without a fixed roof with flags of the Central Bank of Iraq. "

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Cabinet agrees to exchange instruments of private banks to pay taxes

 

Iraqi Central Bank announced on Tuesday that the Economic Committee of the Council of Ministers approved a proposal to accept issued by private banks instruments to pay taxes and fees all. The central bank said in a brief news received "tomorrow Press", "The Economic Committee of the Council Ministers agree to accept the proposal of the Central Bank issued by private banks instruments to pay all taxes and fees and without a fixed roof with flags of the Central Bank of Iraq. "

this is big news gang.  they actually are following through with empowering the private banks.  up until this point banking was stacked on the side of state owned banks.  for instance, anyone paying any form of tax or fees to the government could only pay through state run banks.  this is common practice of a centralized government (dictatorship).  well now we see these restrictions and barriers being removed in a major way.  the proposal was approved to allow private bank instruments (ie checks written against private bank accounts) to be used for payments to the government.  

 

really we should take pause and appreciate our observance to an unprecedented event happening in modern day Iraq.  we are watching with our own eyes the transformation of an economy from centralized to decentralized, from administrated to liberalized.  the private banks are becoming more competitive day by day which paves the way for a market economy.   :bravo: 

Edited by TrinityeXchange
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Funny how all the rich are getting richer, but the average Iraqi is living day-to-day in poverty! Yet, they are concerned with making even more money by taxing everything rather than to help their own people survive!

 

Simply amazing! :(

 

I agree.  Now take the words you just stated and watch them apply to right here in the US.  Same thing, becaquse the same people are helping in getting it set up.....Mirror Image of the US

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I agree.  Now take the words you just stated and watch them apply to right here in the US.  Same thing, becaquse the same people are helping in getting it set up.....Mirror Image of the US

 

Yup, I agree. Every once in a while you see a politican in the news getting caught stealing/mis-using funds and they simply resign without criminal charges! Amazing!

One day America will wake up and realize that the rich should not be allowed to represent the American people, because they do not care about the people! Their soul interest is in providing further tax cuts for the rich & big business!

:(

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I think most people are misunderstanding this. The tax increase in not on the individual as much as on foriegn companies that do business there. There is an income tax in Iraq. It is a flat 15% for everyone. They haves no sales tax. They do have a property tax, but it only applies to those living above a certain level. I may be wrong, but I think it is the top 5%; which is why it is called a "Wealth Tax". Even then, it only applies to commercial property and not their residence. Last week they raised the tax on poultry imported from Turkey from $35.00 per ton to $290.00 per ton. About a month ago they raised the tax on fruit and vegetable coming in from Kuwait by about 75%. I know that any tax on imports will eventually be borne by the consumer, but that is always the case regardless of where you are. A few years ago there was not enough goods being imported to even bother taxing them. The fact that there is an increase in items being imported is evidence that the economy is better than it was. I see no reason why Iraq should not be able to tax them.

 

Roadrunner

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if you ever watch the film "The One Percent" directed by Jamie Johnson (son of the billionaire Johnson & Johnson Co) who set out to understand the growing disparity between the wealthy and everybody else, it will become factually obvious of what the rich intends.  what gets crazy is how all of the rich study from milton friedman and his trickle down economics philosophy.  it was crazy to watch george bush openly pay homage to the man for bringing so much revelation and blah blah blah.  and then when you study what this guy preached, it was dead set against common everyday folk like you and me getting a piece of the pie.  well jamie actually interviews milton in the documentary and they go back and forth on the concepts of the growing gap between rich and poor.  it was strange to see a kid who is a billionaire championing the cause of joe lunchbucket.  

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I think most people are misunderstanding this. The tax increase in not on the individual as much as on foriegn companies that do business there. There is an income tax in Iraq. It is a flat 15% for everyone. They haves no sales tax. They do have a property tax, but it only applies to those living above a certain level. I may be wrong, but I think it is the top 5%; which is why it is called a "Wealth Tax". Even then, it only applies to commercial property and not their residence. Last week they raised the tax on poultry imported from Turkey from $35.00 per ton to $290.00 per ton. About a month ago they raised the tax on fruit and vegetable coming in from Kuwait by about 75%. I know that any tax on imports will eventually be borne by the consumer, but that is always the case regardless of where you are. A few years ago there was not enough goods being imported to even bother taxing them. The fact that there is an increase in items being imported is evidence that the economy is better than it was. I see no reason why Iraq should not be able to tax them.

 

Roadrunner

hiya roadrunner.  it was probably due to me.  i steered the thread off topic by highlighting a article posted later in the thread and i think people began to dialogue about that instead of the original posting.  but you are correct, they are making big changes to the import tax (customs).  this is all in an effort to bolster the domestic economy.  iraq is doing everything possible to promote the private industry within iraq.  if iraq rv its currency without upping import charges or having a private sector, then the denizens will simply use their new found purchasing power to buy foreign instead of within country.  it will essentially negate the plan of building a strong domestic market.  

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25/03/2015 (00:01 pm)   -   the number of readings: 26   -  Issue (3320)
 
 
484385.jpg?width=400&id=100


BAGHDAD / long-Presse 
 

The Central Bank of Iraq, on Tuesday, the approval of the Economic Committee of the Council of Ministers on a proposal to accept the Bank issued for the payment of taxes and fees without a fixed roof banks instruments.

The central bank said in a statement term Press received a copy of "The Economic Committee of the Council of Ministers approved the proposal of the Central Bank of acceptance issued by private banks to pay taxes and fees of all instruments." 
He noted the bank "not to put the specific ceiling for it." 
The Association of private banks Iraq announced on Monday, the central bank imposed a special program of tax and tariff guarantees for goods, as shown that this measure came under the guidance of the Council of Ministers to determine the work of traders and keep them away from illegal transactions in foreign currency smuggling, the Agricultural Bank confirmed that the work on this program will reflect negatively Iraqi consumer because it will cause rising prices of imported goods. 
The Ministry of Finance announced in the December 30, 2013, that the imposition of tariffs on imported goods will be starting from 2014, and by no more than 20% of their value, indicating that the fees will be imposed in All border crossings, including the Kurdistan region. 
The Iraqi government has previously announced Amadaha to apply the tariff law gradually and according to a schedule specified, and stressed that the law will include some of the goods. 
The Minister of State for Parliamentary Affairs Safa al-Din Safi said in his intervention before the parliament in ( May 11, 2013), "The Iraqi government moving to implement the tariff law gradually according to a fixed timetable," and expressed fear the government, "the application of the law may result in an increase of madness in the prices of food and goods, including not suit the income of the citizen."

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Buttom line: If you tax all imports and exports in Iraq - the prices go up!

This WILL effect the poor (there is no shortage of that class in Iraq) & the rich keep getting richer!

Please explain to how taxing everything in & out of the country fights corruption & money laundry? LOL

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this is big news gang.  they actually are following through with empowering the private banks.  up until this point banking was stacked on the side of state owned banks.  for instance, anyone paying any form of tax or fees to the government could only pay through state run banks.  this is common practice of a centralized government (dictatorship).  well now we see these restrictions and barriers being removed in a major way.  the proposal was approved to allow private bank instruments (ie checks written against private bank accounts) to be used for payments to the government.  

 

really we should take pause and appreciate our observance to an unprecedented event happening in modern day Iraq.  we are watching with our own eyes the transformation of an economy from centralized to decentralized, from administrated to liberalized.  the private banks are becoming more competitive day by day which paves the way for a market economy.   :bravo: 

hope you are right

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Zebari discuss with government banks managers to develop the banking system and support for private banks
Thu, March 26 / March 2015 13:01

 

b_280_189_16777215_0___images_idoblog_up

 

[baghdad-where]

 

Search Finance Minister Hoshyar Zebari with government banks managers ways to develop the banking system and support for private banks.

 

According to a ministry statement received by all of Iraq [where] a copy of it that Zebari "held a meeting today at the headquarters of the ministry with the banks, Rafidain and Rasheed managers and the Iraqi Trade Bank and accept the conditions of their banks and government services to citizens."

 

The two sides also reviewed the "importance of the development and modernization of the banking system and ways to support private banks and activate its role in the economy."

 

He praised the Minister of Finance, according to the statement "positive and constructive cooperation for the banks to support the programs and plans of the government," .anthy

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Conscious / Minister of Finance to discuss with government banks managers to develop the banking system and support for private banks
26/03/2015 01:24 | Number of Views: 7
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Conscious / Baghdad / m L

Search Finance Minister Hoshyar Zebari with government banks managers ways to develop the banking system and support for private banks.

According to a statement of the ministry received ( and the Iraqi News Agency Information / INA ) a copy of it, Zebari said "today held a meeting at the ministry with banks, Rafidain and Rasheed managers and the Iraqi Trade Bank and accept the conditions of their banks and government services to citizens."

The two sides also reviewed the "importance of the development and modernization of the banking system and ways to support private banks and activate its role in the economy."

He praised the Minister of Finance, according to the statement "positive and constructive cooperation for the banks to support the programs and plans of the government."

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