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 IRAQ:Detecting a major economic boom in the 2019 budget

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PostSubject: IRAQ:Detecting a major economic boom in the 2019 budget   Sun Oct 14, 2018 2:53 pm

BAGHDAD / The economic expert on behalf of Antoine on Thursday revealed that the initial draft of the budget law of 2019 included a major economic boom for the country by increasing investment expenses at the expense of operating expenses, which contributes to the increase of work and attracts large hands.


Antoine told “Iraq News” that “the fiscal budget of the country for the year 2019, included an increase in investment expenditures by 32 trillion dinars, pointing out that this increase has become this budget more than current operating expenses, which is contrary to the budget of 2018, which was operational higher Of investment “.


He added that “this increase in investment spending, will revive the private sector and investment in the country, which contributes to increase the recruitment of labor and reduce unemployment rates in the country


Estimated revenues were calculated from the export of crude oil based on the rate of 56 dollars per barrel and an export rate of 3 million and 880 thousand barrels per day, including 250 thousand barrels per day of the quantities of crude oil produced in the provinces of Kurdistan Based on the disbursement of 1182 dinars per dollar.


The draft indicated that the total deficit planned for the federal budget for fiscal year 2019 amounted to 22 trillion and 873 billion and 365 million and 557 thousand dinars.


“The deficit will be covered by the deficit from the abundance of rising crude oil prices or the increase in crude oil exports,” she said.


The draft said that “the share of the Kurdistan region of the total actual expenditure by the souls of each province after the exclusion of sovereign expenditures, noting that the failure of the Kurdistan region to pay the federal revenues received to the federal public treasury will be deducted the quota set for them and the reconciliation is carried out later.


The draft banning the recruitment of all state departments in the manner of contracting with the possibility of renewal of previous contracts in the case of necessity and calculated the duration of the contract to install permanent owners of the actual service and stop appointments in the three presidencies (the House of Representatives and the Presidency of the Republic and the Council of Ministers and its affiliates).


The amendment of the tax rate of the Real Estate Tax Law No. 162 of 1959, amended under section 6 of Coalition Provisional Authority Order No. 49 of  004, from 10% to 12% of the annual revenues of real estate properties.

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