Maximizing tax resources is one of the pillars of financial sustainability
Dinar Daily :: DINAR/IRAQ -- NEWS -- GURUS and DISCUSSIONS :: IRAQ and DINAR -- ARTICLE BASED INFORMATION and DISCUSSIONS
Page 1 of 1
Maximizing tax resources is one of the pillars of financial sustainability
Maximizing tax resources is one of the pillars of financial sustainability
11/28/2020

And the imposition of a direct tax in light of the import lists, their quantities, the amounts of remittances and the documentary credits in the window of sale of the currency in the central bank, and thus this measure will prevent tax evasion.
* An economic and banking advisor
11/28/2020

* Samir Al-Nasiri
Discussions, debates and debates are now taking place in economic, parliamentary and governmental circles regarding the 2021 budget and the programs and plans for urgent reform to activate and diversify sources of income by stimulating and stimulating the basic productive sectors such as agriculture, industry, tourism, and increasing non-oil budget resources.
The information indicates that the government and the financial reform cell are working to not be less The percentage of non-oil resources in the budget is about 25%. This means that the numbers that will be included in the 2021 budget must be consistent with the reform programs included in the white paper.
And since tax resources are one of the pillars of financial sustainability, we note that one of the most prominent problems facing tax collection is the deficiency in the tax system in Iraq, which is currently in force, the tax law in force and its amendments, which did not address changes in economic activity after 2003, the expansion of the tax map and the relationship with those covered by the tax And finding new mechanisms to reach taxpayers.
It requires the complete automation of tax work in a comprehensive and not partial manner, as it is now, and the development of a special electronic system for collection in coordination with banks that ensures accuracy of calculation and ease of collection without human intervention.
And the abolition of exemptions and exemptions for state institutions, as well as in particular on income tax on individuals and companies, benefiting from the process of resettlement of employee salaries in coordination with the Central Bank and banks, and the need to impose a value-added tax with a tax tax from the consumer of not less than 5% and not more than 20% on sales of goods and services that he owns and gets It is as is the case in most countries.
Likewise, collecting the direct tax on imports, which is the tax that must achieve large revenues exceeding the limits of 10 billion dollars annually, in the event that it is collected accurately and directly in accordance with the desired electronic system in cooperation with the Central Bank (window for selling the currency) and customs, where the total imports of the private sector are estimated at around 60 billion Dollars per year.
And the imposition of a direct tax in light of the import lists, their quantities, the amounts of remittances and the documentary credits in the window of sale of the currency in the central bank, and thus this measure will prevent tax evasion.
The important and fundamental thing is to unify tax instructions between the federal government and the Kurdistan Region and eliminate double taxation, as it is noticed that the region works independently from the federal government in collecting taxes according to special instructions for the region, and the private sector, as individuals, companies and banks, is obligated to pay tax rates to the region while most of these companies The banks are taxed according to their annual budget in the center according to the law in force, which constitutes a clear case of double taxation.
* An economic and banking advisor
claud39- VIP NewsHound
- Posts : 17070
Join date : 2018-11-04
Dinar Daily :: DINAR/IRAQ -- NEWS -- GURUS and DISCUSSIONS :: IRAQ and DINAR -- ARTICLE BASED INFORMATION and DISCUSSIONS
Page 1 of 1
Permissions in this forum:
You cannot reply to topics in this forum
» Frank26: "the Iraqi citizens right now concerning the new small category notes and the new exchange rate because they know" 1/26/21
» Guru Petra: "the budget is done and we're just waiting on the rate" 1/26/21
» MilitiaMan: "the agreements made will be sorted through the new value added" 1/26/21
» Fleming Update: "The master plan was to start the Shotgun Liquidity release this Tues. 26 Jan" 1/26/21
» MarkZ: "Most of the folks I know will be in place today" 1/26/21
» Judy: "These were huge amounts of monies to down-stream Tier 1-4A & 4B exchanges" 1/26/21
» Mnt Goat News Brief - (Guru Portion Only) 1/26/21
» THE ARAB MONETARY FUND ANNOUNCES THE SIGNING OF A COOPERATION AGREEMENT WITH "GB MORGAN" BANK TO LAUNCH SETTLEMENT SERVICES IN US DOLLARS THROUGH THE "BUNA" PLATFORM FOR ARAB PAYMENTS
» Parliamentary Finance: The budget will be ready for voting mid next week
» Parliamentary Finance reveals the results of its meeting with the delegation of the regional government
» 3 new decisions from the Kurdistan International Bank
» The agenda for the parliament session tomorrow, Wednesday, includes the questioning of the governor of the Central Bank
» Al-Kazemi: We are going to create a healthy environment for the work of major investment companies in Iraq
» Budget 2021 ... a move to add `` huge '' revenues
» SDR - Special Drawing Rights added to CBI.iqebsite
» Parliamentary Finance reveals violations in the 2021 budget of the Financial Management Law
» Parliamentary Finance confirms the resolution of the budget debate by the end of this week
» Saleh: Iraq faces an arduous task to address the recession of the economy
» Planning: We have 44 committees regarding the specifications of the construction materials industry
» Footforward - The best is yet to come
» The exchange rate of the dollar against the Iraqi dinar in the local markets today
» Judy Update claiming -- Wed. 27 Jan. was the date of the Global Currency Reset, at which time the general public Tier 5 would be able to exchanging foreign currencies at their new international rates.
» NICK FLEMING UPDATE, filled with dragons and lies
» COFFEE WITH MARKZ - Video and Transcript -- Jan-25 2021
» MarkZ claims -- I am not hearing any change on rates…could those high rates be reflective of the weakening of the US dollar? Yes- that is a possibility.
» Pimpy says it could be 3 more years before the IQD RV
» MilitiaMan says -- they are ceasing the Multi Currency Practices... 0 cash sales. A key indicator change is coming.
» Al-Halbousi and the Emir of Kuwait discuss activating the joint governmental and parliamentary committees between the two countries
» The International Development Bank announces its joining the "Bani" platform
» Source: The IMF knows very well that the Minister of Finance has lost the confidence of the people and will not loan it again
» Kuwait and Iraq hold talks on regional and international developments
» New statement by the Minister of Planning on the exchange rate and the agreement with China and the Port of Fao
» Footforward says -- Trump and Kushner have fixed things so that the RV can happen...
» Jeff says -- they are going to increase the value of their currency at the beginning of a new budget period.
» RayRen98 says == US banks and call centers are "on location" this morning being told to look for "activity" between this afternoon and Sunday evening..
» Bruce says -- Iraq is going to be the strongest currency and the strongest financial nation in the middle east and not too long from now...
» FLEMING UPDATE, 23 JAN
» THE BIG CALL HIGHLIGHTS, 23 JAN
» TNT WEEKEND UPDATE 1-23-21 SATURDAY