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THE ARAB MONETARY FUND ISSUES A STUDY ON "DIGITIZING TAX COLLECTION IN ARAB COUNTRIES" DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

THE ARAB MONETARY FUND ISSUES A STUDY ON "DIGITIZING TAX COLLECTION IN ARAB COUNTRIES"

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THE ARAB MONETARY FUND ISSUES A STUDY ON "DIGITIZING TAX COLLECTION IN ARAB COUNTRIES" Empty THE ARAB MONETARY FUND ISSUES A STUDY ON "DIGITIZING TAX COLLECTION IN ARAB COUNTRIES"

Post by claud39 Sun Jun 13, 2021 3:36 pm

If you follow all the articles I send on the forum, you will see the progress of Iraq with the Arab Monetary Fund program, namely financial inclusion, customs taxes, the importance of the electronic system, etc. ..

So all the central banks in the middle east will go through the Arab Monetary Fund because of Islamic laws and their culture to work closely with the International Monetary Fund !!

Currently they are discussing to vote on the 2022 budget before the elections of October 10, 2021 !!

And as I mention this is just a point of view from someone sharing news about Iraq, and I am not a guru !!

Have a lovely day everybody !!


Claud (Moose)





THE ARAB MONETARY FUND ISSUES A STUDY ON "DIGITIZING TAX COLLECTION IN ARAB COUNTRIES"


 2021-06-13


THE ARAB MONETARY FUND ISSUES A STUDY ON "DIGITIZING TAX COLLECTION IN ARAB COUNTRIES" Logo-ar




The digitization of tax collection has contributed in a number of Arab countries to expanding the base of taxpayers, increasing levels of compliance, combating tax evasion, and integrating the informal sector into the tax system.
The use of artificial intelligence technology and big data in analyzing tax performance has led to an increase in the tax revenue
Some tax bases at 14 %




The unprecedented digital transformations that the world is witnessing have affected all walks of life, resulting in significant gains in productivity and competitiveness. It was also reflected in the mechanisms of action and performance of macroeconomic policies, including public finance. As an extension of these digital transformations, many governments have tended to digitize public finances in order to develop more efficient mechanisms for collecting and spending public revenues, and thus have been able to achieve significant financial savings in order to achieve the objectives of fiscal policy.

Despite the importance of taxation as one of the most prominent economic policy tools college, statistics indicate weak tax revenues at the level of Arab countries as a group, where tax revenues 10 per cent did not exceed GDP in 2020 according to IMF data Arab, compared to the world's average of 15 in percent, according to World Bank data. The weakness of tax revenues is partly due to the low efficiency of tax collection, which recorded relatively modest levels, averaging 54 percent at the level of Arab countries, reflecting a number of factors related to the limited tax base and the weak efficiency of the tax system. 

The digitization of tax collection plays an important role in expanding the tax base, combating tax evasion, and increasing the efficiency of tax performance through the transition to electronic systems for compliance and collection, which have become enabling governments to collect accurate and instant information about salary payments, corporate profits, and the movement of sales of goods and services, thus providing A complete picture of tax benefits and accurate expectations of the level of tax revenues, and even the instantaneous collection of taxes electronically in some countries.

Based on the foregoing, this study comes within the framework of the Arab Monetary Fund's interest in the role of digital transformation in increasing the levels of efficiency of fiscal policy, and is based on the results of a questionnaire that was completed by ministries of finance in a number of Arab countries, in order to identify the aspects and ingredients for the success of digitizing tax collection. In these countries, the economic gains from this transformation. The study indicated that a number of Arab countries have made good progress in the framework of digitizing tax collection on several levels during the previous years, especially the Arab countries with diversified economies that are old in tax systems, while the oil-producing Arab countries seek to adopt these systems within the framework of reforms to diversify public revenues that they have implemented. Following the drop in world oil prices in 2014, it started imposing taxes, especially value-added tax.

In this context, the Arab countries worked to implement a number of proactive measures and steps that would pave the way for the digitization of tax collection, including setting the legal framework supporting the transition from physical collection to electronic collection, and re-engineering the procedures for each tax collection process to allow support for the transformation of collection It aims to achieve a primary goal of simplifying procedures and increasing levels of tax collection efficiency, in addition to adopting systems for tax registration for taxpayers and electronic invoicing and providing the necessary electronic platforms to receive and process permits and electronic payments.

Electronic tax collection systems are based on the safe preservation of data, ensuring the confidentiality of information, data backup, securing access to the relevant systems from inside and outside the authorities concerned with electronic tax collection, carrying out the necessary tests for periodic data retrieval, in addition to adopting mechanisms for periodic updating of taxpayer data.

The digitization of tax collection has contributed to achieving many gains, including expanding the tax base, integrating the informal economy into the formal system of the economy, and facilitating and simplifying tax collection procedures in a way that reduces the burden on business enterprises and enhances their productivity. On the other hand, the use of artificial intelligence technology and big data enabled the analysis of data related to tax performance, which helped increase levels of compliance and fight tax evasion, and increased the tax proceeds of some tax bases by an estimated 14 percent in some Arab countries.

Based on the experiences of Arab countries, some recommendations can be drawn at the level of policy-making processes as follows:

  • The importance of adopting an integrated and gradual approach to digitize tax collection systems based on a study of existing tax gaps and careful analysis of compliance gaps.



  • The importance of integration between digital tax systems and the rest of the digital systems at the state level, the most important of which are customs systems, digital identity systems, and electronic payment.



  • It is necessary to involve all concerned parties in the planning and implementation phase to digitize tax collection and to have successful partnerships with technology companies and the financial sector to develop a clear and applicable vision for the digitization of these systems.



  • The importance of periodic evaluation of the performance of electronic collection systems in order to discover gaps and address existing challenges based on a clear mechanism for measuring customer satisfaction.



  • Adopting electronic invoicing systems as one of the mechanisms that would support the tax authorities’ efforts to expand the tax base and gradually integrate the informal economy into the formal system.



  • Focusing on developing the technical infrastructure that supports the digital transformation of tax collection systems through the development and digitization of national payment systems, as well as the shift towards digital identity systems for individuals and companies.



  • Develop and build the capacities of workers in the field of tax collection to benefit from the technologies of the Fourth Industrial Revolution, the most important of which are big data and artificial intelligence techniques, to increase levels of tax collection and compliance.



  • Providing the necessary resources for the continuous development of tax collection digitization systems by taking advantage of the financial savings achieved as a result of this transformation to ensure that they are constantly up to date with the latest technologies.



  • Ensuring the highest levels of cyber security and protecting data related to electronic tax collection systems, which contributes to increasing the reliability of these systems and ensuring the largest possible interaction and tax compliance.


The full version of the study is available at this link




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THE ARAB MONETARY FUND ISSUES A STUDY ON "DIGITIZING TAX COLLECTION IN ARAB COUNTRIES" Empty Implementation of the single window system in the ports of Iraq

Post by claud39 Sun Jun 13, 2021 3:54 pm

Here is a good example of advancement, as long as they do not finish their work requested by the UN, they will not be back in the free market, and presently they are in the parallel market, when all the electronic system will be well installed either for the government, customs, etc ... and everything will be safe for foreign investors with the appropriate laws to vote by the government assembly, and notice that they do everything to get it settled before the elections !!

In my opinion, they will have the change in their currencies to market with the exchange rates, like me if I want to go to the United States, there is the exchange rate between us, that is to say the value of the currency on the international market between the Canada and the United States !!

The national currency is an integral part of a country towards the other countries !!

But that's just my opinion !!


Claud (Moose)





Implementation of the single window system in the ports of Iraq




Saturday 12 June 2021





THE ARAB MONETARY FUND ISSUES A STUDY ON "DIGITIZING TAX COLLECTION IN ARAB COUNTRIES" Alsabaah-80955





Baghdad: morning


The General Company for Iraq Ports, affiliated to the Ministry of Transport, organized an extensive workshop with a coalition of Canadian companies in the presence of consultants to implement the single window system in Iraq's ports, headed by the company's general manager, Farhan Muhaisin Al-Fartousi, and in the presence of a number of department managers and the supervisory committee.
 
A statement by the company, received by Al-Sabah, stated that during the workshop, a demonstration of a model of the single window program was presented, which will be applied in the ports of Iraq. 


The statement quoted Al-Fartousi as saying, "Based on the directives of the Minister of Transport, Captain Nasser Hussein Bandar Al-Shibli, we have started work on this program, which is one of the most important strategic projects for the company in order to reach a high degree of smoothness and ease in performing work.He added, "The single window program will allow the company's management to electronically control the various operations from the departure of ships from their source to our ports, including handling and unloading of goods and collection work, ending with the external gates of the ports."


For his part, the representative of the coalition of Canadian companies, Dr. Salam Badr, explained, according to the statement, that their coalition "will transfer the experience of Canadian companies in the field of port management electronically to the General Company for Ports of Iraq."


He explained, "We will complete the development of the comprehensive plan and roadmap for comprehensive digital transformation, according to an in-depth study to implement interconnected systems, with each other resulting in a maritime single window system."


He continued, "We are now in the stage of collecting information and data in order to map the digital transformation of ports, which will be in contact with the world's ports according to the requirements of the International Maritime Organization (IMO)."


On the other hand, the company confirmed the completion and rehabilitation of the road linking to the gate of AB Square 24.25 in the northern port of Umm Qasr, noting that it has entered service to contribute to solving bottlenecks and truck congestion.


The company’s general manager, Farhan Muhaisin Al-Fartousi, said: “Our company has completed the rehabilitation of the road linking AB 24.25 Square and Umm Qasr North Port Square, as it entered service with the aim of relieving bottlenecks and truck congestion inside the port.


In turn, the Director of the Road Rehabilitation Project, Chief Engineers of Ghosoun Khalaf, explained that "the road was implemented by one of the joint operating companies, in an initiative to provide the best services after the directives, by rehabilitating the internal roads of the port."

Khalaf asserted, "This road has been rehabilitated, with a length of 300 m and a width varying from 34 m to 17 m, and infrastructure works have been carried out for it, including edging and paving, according to high specifications."



https://alsabaah.iq/48284/%D8%AA%D8%B7%D8%A8%D9%8A%D9%82-%D9%86%D8%B8%D8%A7%D9%85-%D8%A7%D9%84%D9%86%D8%A7%D9%81%D8%B0%D8%A9-%D8%A7%D9%84%D9%88%D8%A7%D8%AD%D8%AF%D8%A9-%D9%81%D9%8A-%D9%85%D9%88%D8%A7%D9%86%D8%A6-%D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82



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THE ARAB MONETARY FUND ISSUES A STUDY ON "DIGITIZING TAX COLLECTION IN ARAB COUNTRIES" Empty THE ARAB MONETARY FUND IS HOLDING AN INTERACTIVE WORKSHOP ON INCLUDING THE US DOLLAR AS A SETTLEMENT CURRENCY ON THE “BUNAA” PLATFORM FOR ARAB PAYMENTS

Post by claud39 Sun Jun 13, 2021 4:43 pm

THE ARAB MONETARY FUND IS HOLDING AN INTERACTIVE WORKSHOP ON INCLUDING THE US DOLLAR AS A SETTLEMENT CURRENCY ON THE “BUNAA” PLATFORM FOR ARAB PAYMENTS


2021-02-04

THE ARAB MONETARY FUND ISSUES A STUDY ON "DIGITIZING TAX COLLECTION IN ARAB COUNTRIES" Logo-ar










The workshop will take place today, Thursday, February 4, 2021

More than 200 participants from central banks, financial and banking institutions from the region and the world are participating in the workshop

The inclusion of the US dollar reflects  the added value of the services of the Bunna Arab Payments platform to contribute to enhancing the efficiency and safety of clearing and settlement of cross-border payments  





Today, Thursday, February 4, 2021, the Arab Monetary Fund will hold a remote workshop, dealing with aspects of including the US dollar as a settlement currency in the “Bunaa” Arab Payments platform of the Regional Corporation for Arab Payments Clearing and Settlement owned by the Fund.



More than 200 participants, representing central banks, financial and banking institutions, and financial services providers from the region and the world, will participate in the workshop, to closely examine the activities of the "Bunaa" platform and the development of its business and future plans.

A senior representative of the global American "JP Morgan" bank, along with the management team of the "Buna" platform, will speak in the workshop about the results of "Buna "’s success in including the US dollar as the settlement currency in the list of Arab and international settlement currencies listed on this platform. The workshop will also be an opportunity to review the plans of the "Buna" Arab Payments platform to enhance the frameworks and level of cooperation with its growing network of participating banks.

 On this occasion, Mr. Mahdi Maneh, CEO of the Regional Corporation for Arab Payments Clearing and Settlement (Bennah Arab Payments Platform) said : The choice of GBMorgan Bank to implement payments settlement work in US dollars through the“ Bunaa ”Arab Payments platform corresponds to the stated objectives of the platform in terms of Its keenness to carry out its activities in accordance with the highest international standards and best international practices This achievement also represents a major step within the continuous efforts of the "Buna" platform to continue strengthening its operating model, diversifying its services, and affirming its international character, thus contributing effectively to enhancing the level of safety and efficiency of the inter-payments sector. Globalism."

Mr. Mane added “As a result of the cooperation agreement with GBMorgan, our growing network of participating banks is able to send and receive intermittent payments in US dollars, in real time and directly from the sending bank to the recipient bank.” This matter constitutes an additional testimony in depth. Our commitment to our plan is to be a multi-currency payment system capable of providing clearing and settlement services for payments in Arab and international currencies With the support of all parties and entities working in the financial and banking sectors, especially the Arab central banks and the Arab Monetary Fund, we are progressing in achieving all our goals and we will continue to work on Providing value to our network of participating banks and helping them enhance their services, through our modern and innovative solutions, and our high commitment to all aspects of compliance and safety rules.

It should be noted that the "Buna" platform is an integrated system specialized in providing clearing and settlement services for payments in Arab and international currencies, aiming to enable financial and banking institutions in the Arab region and beyond, including central and commercial banks, to send and receive intermittent payments throughout the Arab region and beyond. Safe, reliable, affordable and highly effective. Bunna offers participants modern payment solutions that comply with international standards, principles and international compliance requirements. Bona contributes to enhancing economic and financial integration opportunities in the Arab region and supporting investment ties with trading partners in various continents. It is mentioned that participation in the platform is available to all banks and financial institutions that meet the criteria and conditions for participation in it, foremost among which are the standards and procedures for compliance aspects.


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THE ARAB MONETARY FUND ISSUES A STUDY ON "DIGITIZING TAX COLLECTION IN ARAB COUNTRIES" Empty Re: THE ARAB MONETARY FUND ISSUES A STUDY ON "DIGITIZING TAX COLLECTION IN ARAB COUNTRIES"

Post by claud39 Sun Jun 13, 2021 4:53 pm

THE CENTRAL BANK OF IRAQ AND THE ARAB MONETARY FUND ARE ORGANIZING A WORKSHOP TO ENROLL BANKS OPERATING IN THE REPUBLIC OF IRAQ ON THE "BANI" ARAB PAYMENTS PLATFORM. WIDE PARTICIPATION OF COMMERCIAL BANKS REFLECTS THE GROWING INTEREST IN PARTICIPATING IN THE PLATFORM.



 2020-07-13


THE ARAB MONETARY FUND ISSUES A STUDY ON "DIGITIZING TAX COLLECTION IN ARAB COUNTRIES" Logo-ar



With the announcement of the launch of the "Bani" platform for Arab payments of the Regional Corporation for Clearing and Settlement of Arab Payments owned by the Arab Monetary Fund, the fund continues its efforts in following up the process of joining central and commercial banks on the platform. In this context, a fund, in cooperation with the Central Bank of Iraq, is organizing today, Monday, July 13, a workshop to enroll banks operating in the Republic of Iraq on the platform, in which senior officials from all banks operating in Iraq will participate.

The workshop discusses the process of joining banks operating in the Republic of Iraq on the "Bani" platform and the proposed business plan, and addresses the technical requirements and steps required to ensure that they are easily linked to the platform. It also includes a presentation by the Central Bank of Iraq, in which it reviews the most important features of the platform in developing payment services in the region and the services it provides to banks in enhancing their role in supporting investments, intra-trade and economic ties with the trading partners of Iraq.

It should be noted that this workshop comes after more than thirteen workshops were held at the level of the Arab region, during which there was wide participation from commercial banks operating in the Republic of Iraq, which showed a growing interest in participating in the group of first users of the platform. This workshop is also the eighth in a series of workshops dedicated to joining banks in every Arab country.

It should be noted that the "Bani" platform represents a multi-currency payment platform that provides clearing and settlement services in Arab currencies and international currencies that meet eligibility requirements for clearing and settling inter-Arab financial transactions, as well as financial transactions between Arab countries and the main commercial partners of Arab countries. 

The platform aims to enable financial and banking institutions in the Arab region, including central and commercial banks, to send and receive intermittent payments throughout the Arab region and abroad in a safe and reliable manner, at an appropriate cost and high efficiency. The Bani platform offers participants modern payment solutions that comply with international standards, principles and international compliance requirements.

The platform contributes to enhancing opportunities for economic and financial integration in the Arab region and supporting investment links with the trading partners of Arab countries on various continents.

It is mentioned that the platform is available to all banks that meet the criteria and conditions for participation in it, foremost among which are the standards and procedures for aspects of compliance. 


His Excellency the Director General, Chairman of the Board of Directors of the Fund, Dr. Abdul Rahman bin Abdullah Al-Hamidi, expressed his gratitude for the continuous support of His Excellency the Governor of the Central Bank of Iraq for the Arab clearing project and his colleagues' cooperation in preparing the workshop and speeding up the attachment of banks in Iraq to the "Bani" payment platform. He also praised the great enthusiasm shown by Iraqi banks to participate in the platform.


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