New Taxes in Iraqi Budget 2018 will Decrease Iraqi Dinar Value: Economic Expert

by **Ponee** Thu Mar 08, 2018 7:13 pm

New Taxes in Iraqi Budget 2018 will Decrease Iraqi Dinar Value: Economic Expert

On Tuesday, a famous economic expert Salam Samisem said that taxes in the Iraqi federal budget 2018 will lead to a significant amount of decrease in the income and the value of Iraqi dinar currency. She stressed that it will be an extra amount of burden on Iraqi citizens. Samisem said in a press interview with Mawazine News and said that the Iraqi citizens might become victim of double-taxation after the implementation of new taxes. She also indicated that it will be considered a Direct Tax because each Iraqi citizen will be covered by the income tax, including all state employees and pensioners, and its range will fluctuate between 3-15 percent. She added that there are consumer taxes and it has been considered an extraordinary burden on poor Iraqi citizens because they will pay double tax. The economic expert also stressed that imposing new tax will reduce the actual income value.

Ultimately, it will decrease the original value of Iraqi dinar currency due to an expected inflationary wave and an increase in market prices in the country. Point to be noted that the government of Iraq has announced the implementation of additional taxes on various types of products in the Iraqi federal budget 2018 and it will allow Iraqi government in collecting at least one trillion Iraqi dinars. It was also said that one employee will be appointed after the retirement of 5 employees and it will enable Iraqi federal government to save at least 600 billion Iraqi dinars. It is important that a special meeting took place at the headquarters of the Council. The Speaker of Iraqi House of Representatives, Salim Al-Jubouri headed the meeting and 220 deputies participated in this meeting. The Iraqi Committee on oil, energy and natural resources submitted a draft law of the Iraqi National Oil Company and the Iraqi Parliament voted on the draft law on Sunday.

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