Economy News» Publishes The Budget Law 2018 !

[normala rashid]

18 hours ago, Rmc10 said:

 

Ya the 50's went out of circulation a couple years back. You have the right notes if you have the 25,000 notes. You can buy the others too but Adam has always said you don't need to.

 

Thank you  . I'm really excited .  i wish get money more to buy 25,000 notes more . 

[DinarThug]

 

LINK

Abbadi Office addresses Kurdistan Regional Government: we will not spend your share of the 2018 budget if you do not adhere to this condition

 

11th April, 2018
The Prime Minister's spokesman, Saad al-Hadithi, on Wednesday unveiled the federal government's mechanisms for sending the Kurdistan region's share of the country's general federal budget for the year 2018. 

"The Kurdistan Regional Government is committed to sending 250,000 barrels of oil a day to Baghdad, from the fields in the territory, according to the 2018 Budget Act," the spokesman said in a statement. 

He added that "the territorial Government has not yet adhered to this paragraph, as in previous years, where there was an agreement between the two sides to provide Kurdistan sent 350,000 barrels a day from the territory's fields and Kirkuk, in return, the federal government will send the territory's share of the budget in full."

"The government has not sent the territory's share of the budget from 2015 until now," he said, stating that "the government has put in place a special mechanism for the Territory's share of the budget

The government has taken into consideration the export of 300,000 barrels of oil per day without subjecting it to the State Treasury, and therefore those quantities of oil forms part of the territory's share of the budget, and the remaining part is sent by Baghdad in the form of payroll for employees as it happened last month when approximately 317 m was fired Leon as payroll for employees in the region ".

"If the Kurdistan delivers 250,000 barrels of oil a day to Baghdad, Baghdad will hand over the territory's share of the budget as fully approved, and if otherwise and continue to export oil, the government will calculate the imports of the exported oil and add to it the amount that makes the territory get its share in full.

[ChuckFinley]

On 4/10/2018 at 12:56 AM, Floridian said:

 

Oh, Darn!

I got excited for no reason.

Sorry.

Made two of us.   

[DinarThug]

On 4/8/2018 at 8:55 AM, DinarThug said:

Wtf - This Is Total Alcohol Abuse !  
In the document .. Finance directed customs to impose
a fine of 200% on alcoholic beverages

 

 

8th April, 2018

The newspaper Al-Ghad Press received Sunday a document issued by the Ministry of Finance requesting all border crossing points to impose a 200% fine on imported alcoholic beverages.

While a tax on sweets, ice cream, dairy products, juices and soft drinks was imposed at 25%, according to the Financial Budget Law of 2018.

 

 

Drink Up FreedomWish - Happy Hour Just Got A Reprieve !  

 

     

 

 

LINK

KRG WON’T IMPLEMENT 200% TARIFF ON ALCOHOL IMPORTS FOR NOW

11th April, 2018

The KRG will not immediately impose Baghdad’s 200 percent tariff on alcohol imports, saying a customs agreement must first be reached between the two governments.

The KRG currently levies an 80 percent tariff on alcohol imports, Samal Abdulrahman, director general of KRG's customs, told Rudaw.

He said they will not amend this to match Baghdad’s 200 percent tariff until the central and regional governments reach an agreement on customs fees.

Control over customs is one of the issues to be hammered out between Erbil and Baghdad. The KRG has control over its international borders and has its own customs authority. As part of efforts to exert federal control over the region in the wake of Kurdistan’s independence vote, Baghdad has sought control of the borders.

An initial proposal would see joint administration of customs with the two governments adopting a single tariff system. The matter of who should receive revenues, however, remains a key issue.

Iraq recently passed legislation to impose a 200 percent tariff on alcohol imports.

'A tariff of 200 percent of the value of the imported goods is imposed on imported alcoholic drinks and to be charged at the border crossing,' read a section of the Iraqi law that was published this month in Waqia al-Iraqiya, the official gazette of Iraq.

Baghdad sent a copy of the law to the Iraqi finance ministry, customs commission, and to the Kurdistan Region's representative in the Council of Ministers.

Masoud Haider is a Gorran MP from Kurdistan on Iraq's finance committee. He explained that the 200-percent tariff has been the norm over the past two years and it was previously 300 percent.

'The law should be applied throughout Iraq in all the border points,' he told Rudaw English on Tuesday. 'The Kurdistan Region can also benefit from the law.'

He explained that the KRG understands smuggling or bootlegging alcohol does occur, while discouraging such activities.

The high tariff was slammed as a move against Iraq’s minorities by the executive director of Yezidi activist group Yazda.

On Twitter, Murad Ismael described the tax as “a stunning violation of Iraqi constitution & laws. While the country does not tax cigarettes, toxic food, unsafe cars, and all terrible products getting in. They are going after this industry that is already suffering.'

He argued that Iraq is not a Muslim country and that minorities who do not prohibit alcoholic drinks should not be taxed for practicing their freedom.

'Iraq should fight terrorism with modernization not with [applying] religious codes to people's life. Beer won't kill people,' he tweeted.

In 2017, Iraq 'officially' banned alcohol; however, it can be found in the country's two largest cities — Baghdad and Mosul.

Licensed alcohol shops and restaurants are prevalent in Kurdish cities, especially in Christian areas.

Haider noted that if the federal and regional governments have a disagreement on a law, the parliament in the Kurdistan Region has constitutional authority to pass their own laws.

'The parliament has the authority under the [Iraqi] constitution. It can be different than the federal government,' said Haider. 'They don't consider it a part of a federal state. They don't have control on the borders.'

Public intoxication is illegal in the Kurdistan Region. Last May, police in Kirkuk publicly shaved the hair of more than 70 people for allegedly drinking alcohol in public places and harassing pedestrians.

Several wineries have cropped up in the Kurdistan Region, including one in Rawanduz, where the vintner aims to produce 10,000 liters of wine per year.

[DinarThug]

LINK

IRAQ DUTY FREE REINTRODUCES LIQUOR SALES AMID STORE INVESTMENT DRIVE LED BY BAGHDAD INTERNATIONAL AIRPORT ARRIVALS

12th April, 2018

Iraq Duty Free has opened a renovated arrivals store at Baghdad International Airport featuring a new liquor area – reintroducing the category to its stores after a 13-year absence. We noted the planned reintroduction of liquor in a feature on Iraq Duty Free in the MEADFA Guide, published in January.

The renovation is the first of a US$2 million overhaul of seven duty free stores under the umbrella of Iraq Duty Free parent company Financial Links. The retailer is the sole duty free operator across Baghdad, Basra and Sulaimaniyah International Airports – where it is reintroducing wines & spirits as part of its investment. Before the category was banned by government in 2005, it was the second biggest after P&C, Iraq Duty Free said.

“We expect that liquor will be one of the leading factors of growth in 2018 due to the high demand from our consumers,” – Iraq Duty Free Assistant General Manager Ali Basim

The liquor shop-in-shop at Iraq Duty Free’s upgraded arrivals store at Baghdad International Airport

The Baghdad Airport arrivals store, which opened in March in the Nineveh Terminal, has expanded from 100sq m to 135sq m, with 20% of the space allocated to liquor. Other top categories are split as follows: 35% to P&C; 25% confectionery; 15% tobacco; and 5% to storage.

New concept: Liquor is presented in a private shopping space within the outlet

The category splits are part of a new store concept, which includes private space for consumers to purchase liquor. The retailer recently received government approval to sell the category in its stores.

“We expect that liquor will be one of the leading factors of growth in 2018 due to the high demand from our consumers,” Iraq Duty Free Assistant General Manager Ali Basim told The Moodie Davitt Report.

Liquor was a vital category before it was banned in duty free by the authorities in 2005

The Nineveh Terminal caters to mainly Iraqi Airways passengers; mostly locals and some expats. The next renovation is set to take place in the Nineveh departures store, followed by the Babylon Terminal arrivals store, which caters to international flights.

The renovations are designed to offer passengers a better shopping experience and to lift traffic penetration and boost sales. Iraq Duty Free is aiming for a +50% increase in sales at the new Baghdad arrivals store.

The renovation has delivered a premium shopping environment, says Iraq Duty Free

“Our shops are considered out-dated and not reflecting the premium shopping experience that our frequent passengers are looking for. The renovation [is aimed at] uplifting the level of shopping experience for our consumers in line with the expansion of the brands assortment and increase in passengers,” said Basim.

The retailer is expanding its focus on categories such as jewellery, watches and beauty with new brands in the pipeline.

“The digital element is considered one of the crucial tools in retail business. We took this important factor into consideration within the renovation plan by integrating multiple digital screens to highlight all new launches and activities which will take place at our shops in the future,” he added.

The retailer is also extending its Iraq Duty Free website services to offer click and collect.

Digital is an important element in the revamp

The main nationality of passengers visiting the store are Iraqis. According to Basim, Iraqis are high spenders and seek out new premium products and brands in duty free.

“We have other nationalities from all over the world passing through our airports to visit the holy places in Iraq as religious tourism is one of the main [sources of] income for the country. On the business side, we have the frequent investors from Europe and the USA but these are less than 10% of our passenger portfolio in Baghdad,” he added.

Iraq Duty Free does not expect the passenger nationality mix to change much in the near future. Basim noted: “Hopefully with a more stable situation in terms of security we can expect more nationalities to come as security is still the main driver and [consideration] to visit any country.”

In November 2016, Financial Links renewed its contract with Iraqi Civil Aviation Authority and Ministry of Transport to operate duty free exclusively at Baghdad and Basra international Airports until November 2029.

Iraq Duty Free has four shops at Baghdad Airport across 627sq m and two shops at Basra Airport over 300sq m.

Gallery: Grand opening event of Iraq Duty Free Nineveh Terminal arrivals store

Iraq Duty Free and Baghdad International Airport officials inaugurated the new the arrivals store in the Nineveh Terminal on 28 March.

[Floridian]

On 4/10/2018 at 1:13 AM, Rmc10 said:

 

Floridian, look at the "is it time to delete the zeros" thread at the top. Look at what Buti posted a short time ago. That is pretty good stuff. 

 

No, no.  I don't want THIS thread deleted.

When I wrote that, I had started a new thread.  At the time, I was wrong about thinking the picture was of new lower denoms.  I wanted THAT thread, that I had started, to be deleted.

However, what happened was that the MODS combined my thread with this (good) thread and that's why my post to delete (which seems silly in this thread) is here.  

[Freedomwish]

2 hours ago, DinarThug said:

He argued that Iraq is not a Muslim country and that minorities who do not prohibit alcoholic drinks should not be taxed for practicing their freedom.

'Iraq should fight terrorism with modernization not with [applying] religious codes to people's life. Beer won't kill people,' he tweeted.

 

Well, some good news to dwell on at the bar later tonight!!  Now whenever that darn HCL decides to show face, would make all of our lives much easier to wrap this thing up!!

 

Cheers DThug!!!!

[DinarThug]

57 minutes ago, Floridian said:

No, no.  I don't want THIS thread deleted.

When I wrote that, I had started a new thread.  At the time, I was wrong about thinking the picture was of new lower denoms.  I wanted THAT thread, that I had started, to be deleted.

However, what happened was that the MODS combined my thread with this (good) thread and that's why my post to delete (which seems silly in this thread) is here.  

 

Here U Go !  

 

     

 

 

The Iraqi Circulated Banknotes

 

INFOGRAPHICSIRAQ ECONOMYPHOTOS GALLERY

The Iraqi Circulated Banknotes

Last updated Apr 9, 2018  

INA – Baghdad
In 2013 the Central Bank of Iraq has upgraded the circulated banknotes the series of 2003 which included graphic design and technical characters apart from the denomination of (50) dinar which has been withdrawn from circulation since 1st May 2015.

 

The Iraqi Circulated Banknotes

 

The two series will remain legal tender alongside in circulation until the old are naturally worn out.

In December 2015 Central Bank of Iraq has put into circulation the new issuance of 50000 dinars to accomplish the series of 2013.

link

 

Edited April 12, 2018 by DinarThug

[DinarThug]

The Governor of the Central Bank of Iraq, Ali Al-Alaq and the Iraqi ambassador to Jordan, Safiya Al-Sihail - @INA

IRAQ ECONOMYIRAQ NEWSLOCAL NEWS

Iraq, IMF Meet Over Supporting The General Budget In Loans

On Apr 12, 2018  

INA – Amman
International Meeting’s agenda launched between Iraq and International Monetary Fund in Amman, Jordan

“The third round of meetings focused on reviewing the recommendations of Fiduciary preparations and loans to support the 2018th general budget of Iraq,” INA correspondent reported.

The Iraqi delegation was headed by the Governor of the Central Bank of Iraq, Ali Al-Alaq and the Iraqi ambassador to Jordan, Safiya Al-Sihail.

The attendees have discussed the economic growth in oil and electric power sectors as well as the 2018th general financial policy of Iraq.

link

 

Edited April 12, 2018 by DinarThug

[10 YEARS LATER]

4 months into the 1st year of the much touted 5 Reconstruction Plan for Iraq, and the GOI Jokers are more concerned with getting re-elected than they are in getting the rest of those much needed and very vital laws passed to get this party started !!!!

 

Id like to hear what’s being said behind the closed doors Investors meeting right about now. I could well imagine the level of “ colorful NEGATIVE adjectives “ is so intense they could be in danger of creating their own Black Hole  

[ChuckFinley]

11 hours ago, DinarThug said:

 

Drink Up FreedomWish - Happy Hour Just Got A Reprieve !  

 

     

 

 

LINK

KRG WON’T IMPLEMENT 200% TARIFF ON ALCOHOL IMPORTS FOR NOW

11th April, 2018

The KRG will not immediately impose Baghdad’s 200 percent tariff on alcohol imports, saying a customs agreement must first be reached between the two governments.

The KRG currently levies an 80 percent tariff on alcohol imports, Samal Abdulrahman, director general of KRG's customs, told Rudaw.

He said they will not amend this to match Baghdad’s 200 percent tariff until the central and regional governments reach an agreement on customs fees.

Control over customs is one of the issues to be hammered out between Erbil and Baghdad. The KRG has control over its international borders and has its own customs authority. As part of efforts to exert federal control over the region in the wake of Kurdistan’s independence vote, Baghdad has sought control of the borders.

An initial proposal would see joint administration of customs with the two governments adopting a single tariff system. The matter of who should receive revenues, however, remains a key issue.

Iraq recently passed legislation to impose a 200 percent tariff on alcohol imports.

'A tariff of 200 percent of the value of the imported goods is imposed on imported alcoholic drinks and to be charged at the border crossing,' read a section of the Iraqi law that was published this month in Waqia al-Iraqiya, the official gazette of Iraq.

Baghdad sent a copy of the law to the Iraqi finance ministry, customs commission, and to the Kurdistan Region's representative in the Council of Ministers.

Masoud Haider is a Gorran MP from Kurdistan on Iraq's finance committee. He explained that the 200-percent tariff has been the norm over the past two years and it was previously 300 percent.

'The law should be applied throughout Iraq in all the border points,' he told Rudaw English on Tuesday. 'The Kurdistan Region can also benefit from the law.'

He explained that the KRG understands smuggling or bootlegging alcohol does occur, while discouraging such activities.

The high tariff was slammed as a move against Iraq’s minorities by the executive director of Yezidi activist group Yazda.

On Twitter, Murad Ismael described the tax as “a stunning violation of Iraqi constitution & laws. While the country does not tax cigarettes, toxic food, unsafe cars, and all terrible products getting in. They are going after this industry that is already suffering.'

He argued that Iraq is not a Muslim country and that minorities who do not prohibit alcoholic drinks should not be taxed for practicing their freedom.

'Iraq should fight terrorism with modernization not with [applying] religious codes to people's life. Beer won't kill people,' he tweeted.

In 2017, Iraq 'officially' banned alcohol; however, it can be found in the country's two largest cities — Baghdad and Mosul.

Licensed alcohol shops and restaurants are prevalent in Kurdish cities, especially in Christian areas.

Haider noted that if the federal and regional governments have a disagreement on a law, the parliament in the Kurdistan Region has constitutional authority to pass their own laws.

'The parliament has the authority under the [Iraqi] constitution. It can be different than the federal government,' said Haider. 'They don't consider it a part of a federal state. They don't have control on the borders.'

Public intoxication is illegal in the Kurdistan Region. Last May, police in Kirkuk publicly shaved the hair of more than 70 people for allegedly drinking alcohol in public places and harassing pedestrians.

Several wineries have cropped up in the Kurdistan Region, including one in Rawanduz, where the vintner aims to produce 10,000 liters of wine per year.

About time someone came to realized that an empty glass is not half full. Bar keep, may I have another?

Edited April 13, 2018 by ChuckFinley

[DinarThug]

LINK

The budget deficit of 2017 turns into a surplus

 

12th April, 2018

 

The State of Iraq has a budget surplus of 2017 trillion dinars, due to high oil prices in the world market and increase taxes, and the Ministry of Finance spending the most 15.3 trillion dinars and the Interior by 10 trillion dinars and defense 5.4 trillion dinars, and the state spent on the agricultural sector 41.2 Billion dinars and industrial 14.1 billion dinars.

[bkeiller]

Great news. And, oil prices appear to be stable or rising. If high oil prices continue, this should help Abadi bring over more moderates to his camp, or at least provide some evidence that his plans are coming together?

Happy for Iraqis, as this news will be welcomed by most.

 

Fuel the bump!

[ChuckFinley]

Lets see if we can takes this across the finish line.  

[DinarThug]

LINK

Finance launches 30% of contractors' dues

 

 2018/4/16 18:17

The Ministry of Finance began to release thirty percent of the receivables of contractors' bonds in implementation of the federal budget law.

 

Article 38 / III of the Financial Budget Law of 2018, stipulates that "the allocations of receivables of contractors that have not been funded in the fiscal year 2017 and are paid by bonds issued for this purpose."

[DinarThug]

Urgent policy .. Abadi dissolves a ministry in his government and turns its employees into three directorates

 Twilight News    

 

 3 hours ago

 

A source familiar with the Iraqi government issued a decree from the Council of Ministers to dissolve the Ministry of Science and Technology and keep a mini-body linked to the Ministry of Higher Education and Scientific Research 

The source told Ashqaf News that "the Diwani order includes the transfer of the ministry's employees to the directorates of retirement, taxation and customs adding that" the commencement of the implementation of the Diwaniyah orders before the end of the current government 

Abadi decided in April 2015 to restructure several ministries and merge the Ministry of Science and Technology Ministry of Higher Education The Ministry of Environment in the Ministry of Health, the integration of the Ministry of Municipalities in the Ministry of Construction and Housing, and the Ministry of Tourism and Antiquities at the Ministry of Culture

Abbadi attributed his decision to implement reform packages to reduce government spending 

 

link

 

Edited April 22, 2018 by DinarThug

[Butifldrm]

Iraqi-German talks on measures to launch the first phase of the German loan

 

money and business

Economy News Baghdad The Secretary-General of the Council of Ministers, Mahdi Al-Alak, discussed with the representatives of the German Development Bank on Sunday the launch of the first phase of the German loan, at 45 million euros.  The Secretary-General of the Council of Ministers said in a statement received by "the Economy News" that "the Secretary-General of the Council of Ministers discussed with representatives of the German Development Bank measures to launch the first phase of the German loan and the 45 million euros allocated to the Ministry of Electricity to finance electrical stations in Mosul, .  The statement pointed out that "the parties discussed the amendment of some paragraphs of the loan and review and evaluate the legal aspects of the final form in line with the requirements of the projects, to start the launch and implementation of the first package of them during the coming period." The Ministry of Planning announced the inclusion of the German loan within the Financial Budget Act 2018, referring to the agreement with a German delegation to form a joint team of advisers to study the list of projects financed by the loan. http://economy-news.net/content.php?id=12035

Views 97   Date Added 04/22/2018

[DinarThug]

Special .. Government special adviser denied freezing the work of the federal budget

23/4/2018

Denied the financial adviser to the government of the appearance of Mohammed Saleh, on Monday, the news of the freezing of the work of Iraq's financial budget for 2018.

 

Saleh said in a statement to "Trend Press" that, the financial budget for the current year has been implemented directly after the issuance in the Official Gazette "facts."

 

"How does the state work on the disbursement of salaries and financial allocations for the strategic projects of this year if the budget is postponed until after the next parliamentary elections," he said, stressing that there is no news and that it is baseless and rumors are not important.

 

The press sources said on Sunday that the Iraqi government postponed the work of Iraq's financial budget for 2018 to after the legislative elections to be held mid-May next. "

 

The House of Representatives, during its meeting, in early March, to complete the vote on the Federal Budget Law for the year 2018, after the completion of the quorum for the meeting.

 

The correspondent of "Trend Press", that after the quorum in the session Saturday (March 3 - 2018), the parliament began to vote on the remaining articles of the draft federal budget bill, where he voted on Articles (13 and 15) of the Budget Law (proposal of the Finance Committee ), While Article 14 was not voted on.

 

He added that it was also voted on articles (16, 17 and 18) of the budget law out of 48 articles .

link

[DinarThug]

On 4/12/2018 at 10:29 AM, Freedomwish said:

Cheers DThug!!!!



 

(hic) Tequila Sunrise!  

 



 

     

[DinarThug]

LINK

The parliamentary economy warns of going high oil prices to the corrupt

 

2018-04-26 at 10:06 (Baghdad time)

Warned the Committee on Economy and Investment parliamentary, on Thursday, the money goes high oil prices into the hands of corrupt, as happened earlier.

"The price of a barrel of oil in this year's budget was set at $ 46 and today it reached $ 73 and there will be a difference in revenues," committee member Harith al-Harthi told Mawazine News.

He added that "this will be reflected positively on the Iraqi economy and will contribute to fill the budget deficit if the development of economic plans for investment," warning "to go to the hands of corrupt revenues, as happened earlier."

[Half Crazy Runner]

1 hour ago, DinarThug said:

this will be reflected positively on the Iraqi economy and will contribute to fill the budget deficit if the development of economic plans for investment," warning "to go to the hands of corrupt revenues, as happened earlier."

 

Yeah, those corrupt hands are drooling over this 💰 

[Butifldrm]

• economic

Deputy for Basra: the province will stop production of oil if not get the petrodollar

09:28 - 30/04/2018

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Information / Baghdad ..

The deputy for the province of Basra Amer al-Fayez, Monday, that the province will stop production of oil until the receipt of dues from the petrodollar, stressing that the central government has not fulfilled its promises towards Basra and oil-producing provinces

"The central government has not fulfilled its promises to Basra and the oil-producing provinces in general, which is supposed to give the provinces mentioned share of the petrodollar," Al-Fayez said in a statement to Al-Maaloumah.

He added that "an agreement had been concluded previously to pay the dues of the oil-producing provinces by 20% per month for the total share of the petrodollar, but this was not achieved, under the pretext of unconvincing," noting that "oil prices are experiencing a great recovery at the moment, Which requires the current or next government to hand over the oil provinces their dues stipulated in the Constitution. "

Fayez stressed that "the people of Basra did not stand idly by on their dues from oil, where there will be large demonstrations and pressure is ongoing and will be the last options to stop oil production from Basra until the receipt of dues from the provinces petrodollar." Ending / 25 n

http://www.almaalomah.com/2018/04/30/305286/

[Butifldrm]

Economist: Iraq needs a supplementary budget to invest oil revenues

11:14 - 18/05/2018

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Information / Special ...

The economic expert Majid al-Suri, on Friday, that the large increase in oil prices necessitates Iraq to find a supplementary budget to invest oil imports, stressing the need to exploit the income in the right form and not use it in a futile manner.

"The increase in oil prices does not mean achieving the highest revenues for Iraq, because the rise in prices must be matched by specific quantities of oil, that is, Iraq must achieve its goal of exporting the amount planned," said the picture in a statement.

He added that "the arrival of the price of oil to $ 80 a barrel, does not mean that Iraq sells at this price, where there are agreements with oil companies for sale at a price lower than the world price, and Iraq is forced to sell at a lower price than exists in order to achieve the highest revenue needed to eliminate Budget deficit and the provision of funds for loans. "

He explained that "Iraq will be able to eliminate the budget deficit, but needs a supplementary budget to accommodate the large oil imports that will be obtained by the high oil prices."

He warned of the use of these huge revenues absurdly, stressing the need to "invest in development processes and pay the debts of Iraq." End 25 n

http://www.almaalomah.com/2018/05/18/310660/

[nannab]

Thank you Butifldrm.