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Mr. Sadr tweets on the budget and warns


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Btw - ‘Next Sunday Or Monday’ Means Tomorrow Or Monday ! :o 

 

:D  :D  :D 

 

What is the reason for the delay in publishing the budget law in the official gazette? Justice answers
 

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Economy The Iraqi budge


2021-04-17 12:17 Shafaq News / 

On Saturday, the Ministry of Justice revealed the reason for the delay in publishing the General Budget Law for 2021 in the official Iraqi newspaper. 

A source in the ministry told Shafak Nyour agency that, "After the vote on the general budget law, the President of the Republic, Barham Salih, approved the law on April 8," explaining that "the Presidency of the Republic sent the draft budget law to the Ministry of Justice last Tuesday, and this is the reason for the delay."
Published in the Iraqi newspaper Al-Waqi’a. 

The source pointed out that "the draft budget law is ready for publication in the official newspaper Al-Waqae ', and will be published during the next Sunday or Monday."

It is noteworthy that the President of the Republic, Barham Salih, officially approved, on Thursday (April 8, 2021), the federal fiscal budget law for the current year, after the parliament voted on it.

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The Washington Institute: Al-Kazemi is sincere in his words and promises, and is able to change the rules of the game, and Abdul-Mahdi has evaded measures to protect the lives of American diplomats

 
Policy  ,   2021/04/17 13:08   , Readings:
 

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Baghdad - Iraq today:

 

The Washington Institute considered that the American presence in Iraq remains a vital interest for the national security of the United States and that the withdrawal of the United States will end the efforts to curb ISIS, undermine confidence in Baghdad, and exacerbate the economic crisis in Iraq.

Writer David Schenker, a senior fellow at the Washington Institute and former Assistant Secretary of State for Near Eastern Affairs, says about his experience in Iraq and his meetings with political leaders: I see the success of Mustafa Al-Kazemi in making his way and bypassing his opponents.

Schenker, in a report published by The Washington Institute last week, suggested that Al-Kazemi is sincere in his words and promises and is able to change the rules of the game in Iraq and the region.

He added: During my work at the US State Department, I visited Iraq more than any other country, and met with the country's leaders in an attempt to encourage Baghdad to take the initiative and play its role to consolidate Iraqi sovereignty, or at least fulfill its international obligations under the Vienna Convention for the Protection of Diplomats. 
 

By 2020, the armed factions, out of their intention to remove US military forces and diplomatic personnel from the country, had engaged in a campaign of missile and missile attacks that targeted American elements, thus threatening the sustainability of the American presence in Iraq.

Schenker indicated that his conversation with then Prime Minister Adel Abdul Mahdi was fruitless, and whenever Abdul-Mahdi was pressured to take the necessary steps to protect the lives of American diplomats, he became accustomed to dodging and manipulating words.

He explained that Washington's relationship with Abdul-Mahdi has deteriorated following the increase in attacks on American elements and American interests.

Schenker stresses that Al-Kazemi shows a real desire for sovereignty, but he faces great challenges.

LINK

 

Edited by DinarThug
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Foto

 

17 Apr 2021

 

Baghdad-Al-Sharqiya, April 17: 

 

Political sources said that the Iraqi Prime Minister Mustafa Al-Kazemi directed not to promote the proposal made by the Ministry of Finance regarding the tax deduction from the salaries of employees.
From outside the contexts that were previously approved.

The sources indicated that the Prime Minister referred on more than one occasion to the need to pay attention to the income of the poor classes and to spare them the effects of fluctuations and economic crises.

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Btw - There Was An Increase In Unemployment Claims And A Drop In Unemployment Claims ! :blink:

:D  :D  :D

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Oil prices are making weekly gains

 
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11:21 - 04/17/2021

Oil prices rose to $ 67 a barrel, heading towards weekly gains, as strong demand expectations and signs of economic recovery in China and the United States offset the rise in Corona virus infections in some other major economies.

Official data showed that Chinese GDP for the first quarter jumped 18.3% year-on-year, and US retail sales numbers showed an increase in unemployment claims and a drop in unemployment claims. 
There is little chance of dampening the market's comforting glare anytime soon.


Brent crude rose eight cents, or 0.1 percent, to $ 67.02 a barrel, on its way to achieving weekly gains of 6.3 percent after rising for five consecutive sessions, and US West Texas Intermediate crude fell 14 cents, or 0.2 percent, to $ 63.32.
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Parliamentary Economic Committee ends the controversy over employee salaries deduction

 

image.jpeg.e3ffdc04d510c6b92fa0488a5ebd7a78.jpeg
 

Photo:  6 hours ago    16670 Views
 
 

A member of the Parliamentary Economic Committee, Nada Shaker Jawdat, confirmed, on Saturday, that the clause of the employee salaries deduction tax has been removed from the draft budget, and therefore this law cannot proceed

Jawdat said in a statement to NRT Arabia, (April 17, 2021), “It seems that the Ministry of Finance is not aware that Article (20) of the tax deduction process, with its five paragraphs, has been completely removed from the draft budget law, and therefore this law cannot go ahead and prejudice salaries. employees

She added, "Therefore, the possibility of the existence of anything related to the process of withholding salaries and imposing a tax on employees, and that Article (34 C) is not related to remote security or near security, with the issue of withholding and taxing salaries

Jawdat indicated, "This particular paragraph talks about the issue of productivity and the process of supporting local and imported products in order to advance the productive sector," noting that "what the Ministry of Finance claimed in this matter is considered unreal and impermeable because the paragraph is basically null

She explained, "The legislative side is not with the process of imposing a tax on the salaries of employees by deleting Article (20) in the budget law with its 5 paragraphs, and therefore the important aspect for employees is not to deduct their salaries as a result of the weight that afflicted this segment by changing the exchange rate." Dollar

As for what the Al-Kazemi government has done so far, Jawdat indicated that "the government from the economic side is still weak and there are no tangible achievements on the ground," expressing 

"I hope that the Al-Kazemi government will play a greater role in this aspect, such as changing the exchange rate of the dollar

"The devaluation of the Iraqi dinar is considered a weakness in this area, because the country is floating on a sea of oil, and therefore the state cannot resort to the process of devaluing its currency in this way," Jawdat concluded

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Parliamentary movement to make amendments to the oil and gas law


image.jpeg.885f88a1a88b2bfc390368a555f8429d.jpeg
 

04/18/2021 07:47:21
 
 
The Parliamentary Oil and Energy Committee has opened the cabinet and the Ministry of Oil for the purpose of expediting amendments to the oil and gas law and sending it to Parliament.
 

Committee member Sadiq Al-Sulaiti said, in a press interview, that 

the oil and gas law is one of the most important stalled laws,

and the Parliamentary Oil Committee has addressed the Cabinet

and the Ministry of Oil for the purpose of expediting the necessary amendments to this law

and returning it to the House of Representatives for the purpose of advancing its legislation,

indicating that "the law exists in the inclusion of the government that is working on its completion, maturation,

and the treatment of some of its objectionable paragraphs,

and returning it to Parliament for the purpose of initiating its approval.

He added, 

"This law is the radical solution to the problems between the center and the region,

as in every budget it will create a crisis in the mechanism for settling oil receivables,

the mechanism for exporting oil and the mechanism for delivering those receivables and other paragraphs that will be subject to political difference,

and may be subject to political auctions as well."

And that "the issue does not go beyond being technical and mathematical,

related to revenues and duties,

and it is supposed to be regulated by law,"

expressing his hope during the coming period and the remainder of the parliament's life,

that "the government will ACCELERATE THE COMPLETION OF THIS LAW and return it to Parliament."

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Iraq is outside the UK's ranking of high risk countries

 

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18th April 2021

Within the framework of the efforts of the Central Bank of Iraq and through the Office of Combating Money Laundering and Terrorist Financing in developing the business environment within the international compliance standards for combating money laundering and terrorist financing, 

 

“The British Treasury in the United Kingdom Government Department did not include the name of the Republic of Iraq among the lists of high risk countries according to Resolution No. 392 of 2021."

 

The United Kingdom adopted the recommendations of the Financial Action Task Force (FATF) in classifying countries with high risks in terms of applying anti-money laundering and terrorist financing standards, after its exit from the European Union countries, and it promised Iraq committed to keeping pace with and implementing international recommendations.
 
The fact that Iraq is not included in the list of high-risk countries is positively reflected in facilitating business and entering companies between the two countries, as well as supporting financial operations between the Iraqi banking sector and the United Kingdom.
 
Central Bank of Iraq
Information Office
April 18, 2021
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Legal expert explains the importance of Iraq leaving the British classification of high risk countries

Legal expert explains the importance of Iraq leaving the British classification of high risk countries
{Economist: Al Furat News} The legal expert, Tariq Harb, explained the importance of Iraq leaving the British classification of high risk countries.

Al-Mukhtasar al-Mufid .. In important news, you can find it on the Al Furat News channel on the Telegram .. To subscribe, click here

Harb said {to Euphrates News} that "many foreign companies were reluctant to enter into projects inside Iraq; but after the recent British decision, the doors of work were opened in front of them."
He added, "We find foreign companies operating in Iraq from the era of the former regime to the present day, and they are Iraqi companies with foreign names or companies that are not prestigious in the international commercial field." 
Harb pointed out, "The exit of Iraq from the list of dangerous countries has a political effect, as it moved from a state of worldly politics to the supreme, not to mention that such a qualitative shift gave the political leaders present today, at the forefront of which are the government and parliament, an attribute that the previous ones did not obtain."
The legal expert concluded, "Now it has become clear to those who rule Iraq, its people, and its political leaders that the outlook of foreign countries will not be realized unless there is political development in the country."The International Medal of Excellence for the Iraqi government, people, parliament and political leaders.
The British Treasury in the Department of the United Kingdom Government did not include the name of the Republic of Iraq among the lists of high-risk countries according to Resolution No. 392 of 2021. 
The United Kingdom adopted the recommendations of the Financial Action Task Force (FATF) in classifying countries with high risks in terms of applying anti-money laundering and terrorist financing standards. After its exit from the European Union, and I promised Iraq is committed to keeping pace with and implementing international recommendations.
The fact that Iraq is not included in the list of high-risk countries is positively reflected in facilitating business and entering companies between the two countries, as well as supporting financial operations between the Iraqi banking sector and the United Kingdom.
Wafa Al-Fatlawi

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The most recent information regarding the region’s share in the financial budget

Posted 1 hour ago
News source / PukMedia Network
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PukMedia Network
News source / PukMedia

 

Today, Sunday, 4/18/2021, Al-Waqi’a Official Gazette published the fiscal budget law for 2021, and it will be effective as of the date of its issuance.

Representative Nada Shaker Jawdat, a member of the Parliamentary Economic Committee, said in a statement to PUKmedia : The financial budget law has entered into force by publishing it in the Iraqi newspaper Al-Waqa'yat, explaining that the budget disbursement mechanism is one of the tasks of the federal government.

She added: The Kurdistan Region’s share will also be disbursed similar to the benefits of all governorates, including the salaries of employees.

For his part, Shirwan Misra, a member of the Parliamentary Finance Committee, said to PUKmedia : A technical delegation from the Kurdistan Region should go to Baghdad to discuss with the Federal Ministry of Finance, to resolve the details of the Kurdistan Region’s share, pointing out that the talks will determine the amount that Baghdad sends to Erbil.

It is noteworthy that, according to the federal budget law for the year 2021, the Kurdistan Regional Government must hand over 460,000 barrels of oil per day and half of non-oil imports to the federal government, including 210,000 barrels to pay the dues of oil companies and internal use, and deliver 250,000 barrels to SOMO for export. Oil, in exchange for the federal government sending the Kurdistan Region’s share of 13.9% of the budget, or about 11 trillion dinars

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Iraq leaves the British high risk country ranking Central Bank of Iraq

 

https://economy-news.net/content.php?id=24851

 

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Economy News - Baghdad The Central Bank of Iraq announced, on Sunday, that Iraq has left the British classification of high risk countries. In a statement received by Al-Eqtisad News, the Central Bank stated, "In the framework of the efforts of the Central Bank of Iraq and through the Office of Combating Money Laundering and Terrorism Financing in developing the business environment within the international compliance standards for combating money laundering and terrorist financing, the British Treasury in the Department of the United Kingdom Government did not include The name of the Republic of Iraq is among the lists of high-risk countries according to Resolution No. 392 of 2021. The statement added: "The United Kingdom adopted the recommendations of the Financial Action Task Force (FATF) in classifying countries with high risks in terms of applying anti-money laundering and terrorist financing standards, after its exit from the European Union countries, and it promised Iraq is committed to keeping pace with and implementing international recommendations." Regarding the positive returns of this decision, he stressed that: "The fact that Iraq is not included in the list of high-risk countries is positively reflected in facilitating business and entering companies between the two countries, as well as supporting financial operations between the Iraqi banking sector and the United Kingdom."

 

Number of observations 161 Date of addendum 04/18/2021 

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Iraq is outside the UK's ranking of high risk countries

2021-04-18 | 06:00
Iraq is outside the UK's ranking of high risk countries
 
 
 

The Central Bank of Iraq announced today, Sunday, that Iraq has been removed from the British classification of high risk countries.

The Media Office of the Central Bank said in a statement received by "Alsumaria News" within the framework of the efforts of the Central Bank of Iraq and through the Office of Combating Money Laundering and Combating Financing of Terrorism in developing the business environment within the international compliance standards for combating money laundering and terrorist financing.
 
 
The British Treasury in the Department of the United Kingdom Government did not include the name of the Republic of Iraq among the lists of high risk countries according to Resolution No. 392 of 2021. The United Kingdom adopted the recommendations of the Financial Action Task Force (FATF) in classifying countries with high risks in terms of applying anti-money laundering and financing standards. Terrorism

After leaving the European Union, and I promised Iraq is committed to keeping pace with and implementing international recommendations, and not including Iraq in the list of high-risk countries is reflected positively on facilitating business and entering companies between the two countries as well as supporting financial operations between the Iraqi banking sector and the United Kingdom.
 
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SULAIMANI — The Official Gazette of Iraq published the final version of the 2021 Federal Budget Law on Saturday (April 18) meaning that it has now legally gone into effect.

NRT reporter Omed Muhammed said that the government will issue implementing instructions to ministries over the next week.

A technical delegation from the Kurdistan Regional Government (KRG) is expected to arrive in the Iraqi capital soon to oversee the execution of the budget deal between Baghdad and Erbil.

Muhammed said that the KRG Council of Ministers formed a “committee of budget implementation” during its most recent meeting, which is expected to begin its work next week.

On March 31, the Council of Representatives passed the budget law, including Article 11, which outlines the Kurdistan Region's share.

The KRG is supposed to receive 9.5 trillion Iraqi dinars ($6.5 billion), which will be disbursed in monthly increments, in return for submitting 250,000 barrels of crude oil per day to Iraq's oil marketer SOMO for export. The federal government will be able to cut off funds in the event of non-compliance.

(NRT Digital Media)

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CBI: Iraq is outside the UK's high risk ranking country

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  • Today, 14:56

BAGHDAD -INA 

The Central Bank of Iraq announced today, Sunday, that Iraq will not be included in the British classification of high-risk countries, while noting that this reflects positively on facilitating business and entering companies between the two countries.
In a statement received by the Iraqi News Agency (INA), the bank said, "In the framework of the efforts of the Central Bank of Iraq and through the Office of Combating Money Laundering and Combating the Financing of Terrorism in developing the business environment within the international compliance standards for combating money laundering and terrorist financing, the British Treasury has established the United Kingdom Government Department Not to include the name of the Republic of Iraq among the lists of high-risk countries according to Resolution No. 392 of 2021. " 

He added, "The United Kingdom has adopted the recommendations of the Financial Action Task Force (FATF) in classifying countries with high risks in terms of applying anti-money laundering and terrorist financing standards, after its exit from the European Union countries, and it promised Iraq is committed to keeping pace with and implementing international

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The 2021 budget will enter into force after its publication in the Iraqi newspaper Al-Waqa'yat
 
Sunday 18 April 2021 14:55
 
[[article_title_text]]
(Alsumaria News) - The Ministry of Justice announced today, Sunday, the issuance of a new issue of the Iraqi newspaper Al-Waqi'i, number (4625)
 
The director general of the department, Haifa Shukr Mahmoud, said in a statement received by Alsumaria News, "Today, the new issue of the Iraqi newspaper Al-Waqi’a newspaper was issued with the number (4625)."
 
The statement added that "the number included the issuance of Law No. (23) for the year 2021, the Federal General Budget of the Republic of Iraq for the fiscal year 2021
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Conscious / After 16 years of delay ... a parliamentary committee to move the oil and gas law file

%D9%85%D8%AC%D9%84%D8%B3-%D8%A7%D9%84%D9

https://al-iraqinews.com/archives/124784

April 18, 2021 8 Views

 

Conscious / follow up

 

 The Parliamentary Oil and Energy Committee has approached the Cabinet and the Ministry of Oil for the purpose of expediting amendments to the oil and gas law and sending it to Parliament.

A member of the committee, Sadiq Al-Sulaiti, said in a statement to (Iraqi Media News Agency / INA) that “the oil and gas law is one of the most important suspended laws, and the Parliamentary Oil Committee has addressed the Prime Minister and the Ministry of Oil for the purpose of expediting the necessary amendments to this law and returning it to the House of Representatives for the purpose of moving forward with its legislation. “.

Al-Sulaiti added, "The law is in the drawers of the government, which is working to complete it, mature and treat some of its paragraphs that have objection and return it to Parliament for the purpose of initiating its approval."

He explained, "This law is the radical solution to the problems between the center and the region, as in every budget it will create a crisis in the mechanism for settling oil receivables, the mechanism for exporting oil and the mechanism for delivering these receivables and other paragraphs that will be subject to political difference, and may be subject to political auctions as well."

He pointed out, "The issue does not go beyond being a technical and mathematical one related to revenues and duties and is supposed to be regulated by law," expressing his hope during the coming period and the remainder of the parliament's life, that "the government will accelerate the completion of this law and return it to Parliament."

And the central oil and gas law was supposed to be approved since the first year of the adoption of the Iraqi constitution, in 2005, but successive Iraqi governments, with the encouragement of the political forces that formed them, according to observers, have been slow to pass it, like other laws that the Iraqi constitution has drawn its main features, And he left Parliament the power to decide its details through special laws

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The National Bank approves the purchase of Bank Audi branches business in Iraq

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https://economy-news.net/content.php?id=24855

Baghdad The General Assembly of the National Bank of Iraq, during its regular annual meeting held on Thursday 3/18/2021, approved the decision of the Board of Directors to purchase the business of Bank Audi branches operating in Iraq. A member of the board of directors, the managing director of the National Bank of Iraq, Ayman Abu Deheem, who chaired the meeting on behalf of the Chairman of the Board, Basem Khalil Al-Salem, said that the acquisition aims to form a larger banking entity as Bank Audi has 5 branches located in distinct places in Iraq and about 28 ATM and more than 8 thousand customers and 88 highly qualified employees, in addition to the transfer of agreed assets and liabilities, explaining that the acquisition process was preceded by financial, legal and technical studies from major specialized companies. During the meeting, Abu Deheem reviewed the financial performance of the National Bank of Iraq, indicating that despite the economic challenges that prevailed during the year 2020 in Iraq and the world, the bank was able to achieve a distinguished financial performance, as its net profits after tax amounted to 19.9 billion Iraqi dinars compared to 9.1 billion dinars. An Iraqi in 2019. Net interest income also increased from 11.9 billion Iraqi dinars in 2019 to 20 billion Iraqi dinars in 2020, with a growth rate of 67%, and total income increased from 34.5 billion Iraqi dinars to 54 billion Iraqi dinars with a growth rate of 56%, reflecting the effectiveness of the strategy The bank’s business focused on basic banking services, the most important of which are bank loans to individuals, large, medium and small companies, and trade finance services. In terms of customer deposits, their balance increased from 250 billion Iraqi dinars to 419 billion Iraqi dinars, with a growth rate of 67%, which reflects the confidence of depositors in the bank. As for direct credit facilities, they increased from 268 billion Iraqi dinars to 317 billion Iraqi dinars, with a growth rate of 87% and this growth came as a result of the expansion of loans granted to the category of employees whose salaries have been settled with the bank and small and medium enterprises financed through the initiative of the Central Bank of Iraq. Abu Dahim pointed out that the growth in various financial indicators has contributed to the growth of the bank’s assets from 632 billion dinars to 894 billion Iraqi dinars, with a growth rate of 41%, stressing that the National Bank of Iraq today enjoys a prominent position in the Iraqi banking market and is considered one of the leading and sober banks. It provides an integrated range of advanced banking products and services through the bank’s branches spread across the Iraqi governorates. Abu Deheem indicated that the bank continued its expansion plan in the services of the salary settlement project and succeeded in attracting more employees of ministries and government agencies in parallel with the directives of the state and the wise administration of the Central Bank of Iraq for the financial inclusion scheme, explaining that the bank maintained the leadership position in relation to the initiative of the Central Bank of Iraq associated with Supporting the financing of small and medium enterprises. On the bank’s achievements in 2020, Abu Dehem referred to the signing of a financing agreement in the amount of $ 10 million with the International Finance Corporation to support small and medium enterprises, in addition to signing a cooperation and joint marketing agreement with Capital Investments. With regard to the bank's plans for 2021, Abu Dhaim explained that it mainly consists in continuing to expand its network of branches and ATMs and to continue to focus on developing and marketing electronic banking services, in addition to continuing to increase the bank’s share of the salary settlement project and the Central Bank of Iraq initiative related to financing small companies. And medium. As for relations with correspondent banks and international institutions, Abu Dehem stated that the bank is continuing its expansion plans and strengthening its network of relations with the International Finance Corporation, the Saudi Development Fund and other major financial institutions.

 

 04/18/2021

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8 hours ago, DinarThug said:

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Parliamentary movement to make amendments to the oil and gas law


image.jpeg.885f88a1a88b2bfc390368a555f8429d.jpeg
 

04/18/2021 07:47:21
 
 
The Parliamentary Oil and Energy Committee has opened the cabinet and the Ministry of Oil for the purpose of expediting amendments to the oil and gas law and sending it to Parliament.
 

Committee member Sadiq Al-Sulaiti said, in a press interview, that 

the oil and gas law is one of the most important stalled laws,

and the Parliamentary Oil Committee has addressed the Cabinet

and the Ministry of Oil for the purpose of expediting the necessary amendments to this law

and returning it to the House of Representatives for the purpose of advancing its legislation,

indicating that "the law exists in the inclusion of the government that is working on its completion, maturation,

and the treatment of some of its objectionable paragraphs,

and returning it to Parliament for the purpose of initiating its approval.

He added, 

"This law is the radical solution to the problems between the center and the region,

as in every budget it will create a crisis in the mechanism for settling oil receivables,

the mechanism for exporting oil and the mechanism for delivering those receivables and other paragraphs that will be subject to political difference,

and may be subject to political auctions as well."

And that "the issue does not go beyond being technical and mathematical,

related to revenues and duties,

and it is supposed to be regulated by law,"

expressing his hope during the coming period and the remainder of the parliament's life,

that "the government will ACCELERATE THE COMPLETION OF THIS LAW and return it to Parliament."

:bump:

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Considering- “ Conscious / after 16 years of delay....move the oil & gas file “ - this has been nothing short of a deliberate attempt at remaining UNCONSCIOUS to needs of the people & the country all the while maintaining the Express Lane of graft, greed and money laundering. 


Always figured they would never get to this issue unless they painted themselves into a corner by their own corruption. Perhaps the day has now arrived where they have no choice BUT to do the right thing ??  

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Come on Iraq.........You are 6" to the Goal Line, 4th Down and you are behind by 5 point for the World Title.........Just do it and make the World Proud.......We have Faith in The PTB In Iraq at getting it down ASAP.

 

Go Iraq, Go Al Kazemi :bananacamel:

 

Karsten

 

 

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Conscious / Parliament meets tomorrow to discuss the implementation of the budget

April 18, 2021 6 Views

 

Conscious / Baghdad / h. G

The Presidency of the House of Representatives announced that a meeting will be held tomorrow, Monday, to discuss the implementation of the financial budget for the current year 2021.

The Information Department of the Council of Representatives stated, in a statement received (Iraqi Media News Agency / INA) that “Under the auspices of the First Deputy Speaker of Parliament, Hassan Al-Kaabi, and in the presence of the Ministers of Planning and Finance and the advanced cadre in the two ministries, the Iraqi Council of Representatives, in cooperation and coordination with the Regions and Governorates Committee, holds the meeting Joint periodic with the governors to discuss the implementation of the budget and the most important financial and planning problems facing the provinces.

The statement added, "The meeting will be held tomorrow, Monday, at eleven in the morning, in the Constitutional Hall in the House of Representatives

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Iraqi facts publish the 2021 budget and implementation pending financial instructions

Posted 10 hours ago
News source / Iraq Today Agency
51442-810x450.jpg
 
News source / Iraq News Agency today

Baghdad - Iraq today:

The new issue of the Iraqi newspaper Al-Waqa’i ’, issued by the Ministry of Justice, was issued for publishing laws, legislations and legal decisions.

The Iraqi facts were published, the text of the Federal Budget Law for the fiscal year 2021, which means that it is ready for implementation, but an informed source told (Iraq Today), that “this law will not be implemented unless the Ministry of Finance issues instructions for its implementation, which it is hoped will be issued in the coming days

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Saleh: Customs taxes constitute 3% of GDP Financial Adviser to the Prime Minister, Dr. Mazhar Muhammad Salih

https://economy-news.net/content.php?id=24856

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«Economy News» money and business Economy News - Baghdad The financial advisor to the Prime Minister, Mazhar Muhammad Salih, said that taxes in all their forms constitute only 3% of the gross domestic product in Iraq, and it is the lowest in the world. Saleh added in an article published on the Iraqi Economists Network website and seen by "Al-Eqtisad News", that taxes in Iraq, whether direct, such as income and property taxes, and indirect, such as customs taxes, constitute only a percentage of the gross domestic product that does not exceed 3%, which is the lowest in the world compared to In neighboring oil-producing countries, some of which reach 30% of gross domestic product. " He pointed out that "the income tax on government taxpayers did not constitute annual tax revenue except between 450-500 billion dinars." He explained that "the income of government employees that exceeds 5.4 trillion dinars per month is not subject to income tax except the nominal salary, and that the income tax law is subject to annual accounting for all sources of income." He pointed out that "the tax is currently calculated on the nominal salary only, which constitutes only 34% of the employee's income, while 66% of the job income is unique to the tax-exempt allocations, especially the job grades that are confined between the fourth and first job grades, at a rate of 70%. ؜ From the total allowances plus the special grades upwards. He continued: "Financial events in 2020 revealed that the critical operating expenditures exceeding 7 trillion dinars per month, most of which come from oil revenues, at a rate of 90%. ؜ And when oil prices collapsed in the same year, the fixed-cost operating arm of government spending took to absorb the available oil revenues, preceded by salaries. Pensions, grants and subsidies in the operating budget at a rate of 20% ؜ meaning that salaries still need 120% of the revenues of the oil budget in order to feed their monthly payments without the other operational periods. And that "the salary difference in the year 2020 was funded from internal borrowing from the Central Bank of Iraq at the time and with an intensity of quantitative easing operations (printing the local currency) that the country had not seen before after the year 2003." He stressed that "the internal borrowing of the government increased by the end of 2020 to the 23 trillion dinars, and the total debt reached 66-70 trillion dinars." He added that "the goal of the financial policy when drawing the features of the budget in the year 2021 was to work on two different taxes imposed simultaneously; Financial. " And he continued, "The second tax that adopts monetary adjustment, which extended towards reducing the exchange rate of the Iraqi dinar and the shift in monetary policy from the philosophy of expensive cash to the philosophy of cheap cash, at a rate of 23% ؜. This is what was actually achieved as an inflated tax paid by those with fixed incomes, in particular from the recipients of wages and salaries." And pensions, grants and subsidies in the government sector, in addition to contractors, criminalization and earning in the private sector. " Number of observations 164 Date of addition 04/18/2021

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Financial instructions for mobile phone wallet limits and ceilings

 

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18th April 2021

 

The Central Bank of Iraq announces the issuance of financial instructions regarding the limits and ceilings of mobile phone wallets for the purpose of organizing the work of providers of electronic payment services via mobile phone in line with the controls issued by this bank.
                              

 

To view the instructions ... click here

 

Translation of pdf document .....

The ceilings and limits for e-wallets according to

1- The documented and effective wallet:

the limits of transfers shall be a maximum of (2,500,000) two and a half million Iraqi dinars per month. 

Total amounts of cash withdrawals as a maximum (10) ten million Iraqi dinars per month c. 

The maximum limit for the wallet absorption is (10) ten million Iraqi dinars primary wallet. 

The limit, except for portfolio absorption (1), is one million Iraqi dinars. 

They can be used for the purposes set forth below, taking into account not to be used to distribute salaries in government institutions - low-value financial payments.

Single and one-time payments.

Regular payments that are limited to periods of time not exceeding (12) months. 

C - In the event that the wallet is registered via the Internet and has not been used for a period of more than (12) months, then the wallet will be suspended until its data is updated. 

Corporate Portfolio (Private Sector): a.  The cash deposit shall be through agents as a limit uto, 10) ten million Iraqi dinars and what is more than that is through the bank account in it, it will be used for the purposes of salaries and other company expenses. 

Take all due diligence measures when making transfers. 

4- Dealer's wallet: a.  Transfer limits shall be a maximum of (500) five hundred million Iraqi dinars per month. 

B - The cash deposit shall be through agents, as a maximum of (10) ten million Iraqi dinars, and what is more than that shall be through a bank account. 

C.  The ceiling for cash withdrawals shall be a maximum of (2,500,000) two and a half million Iraqi dinars per day, and what is more than that shall be through the bank account 

5- Agents Portfolio: The limits of transfers shall be a maximum of (500) five hundred million Iraqi dinars per month to the secondary agent’s wallet again: 

The wallet linked card (M - Card) is subject to the limits and limits for prepaid recharge cards that have been previously determined by this bank. 

Third: Excludes transfers of purchases from the above-mentioned limits and ceilings for all portfolios.
Fourth: In the event of opening electronic wallets in the US dollar currency, the equivalent of the same limits referred to in the above paragraphs.

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