KTFA:

Don961:  Parliamentary Finance issues a package of reforms that includes imposing a value-added tax and reviewing the dollar exchange rate

11/28/2020

Economy News - Baghdad:

The Parliamentary Finance Committee issued proposals to address the financial crisis in Iraq, which included reviewing the exchange rate of the dollar against the dinar, establishing a national telecommunications company and imposing a value-added tax.

The reforms presented by Parliamentary Finance included, from three axes, the first entitled Maximizing Revenues and Rationalizing Expenditures and included the immediate activation of compulsory collection of services provided to government, commercial, industrial, agricultural and household institutions, such as electricity, water, sewage, landlines and their deduction from grants and salaries, in addition to reviewing crude oil prices The provider of the refineries, and the unutilized government assets such as real estate and land flow through selling them by public auction, imposing a value-added tax of 12%, and obligating all institutions to send the Ministry of Finance's share of the total revenues up to date.

It also included stopping the work of embassies and attachés in countries where Iraq does not have any diplomatic, commercial or cultural exchange, negotiating to postpone the dues of oil companies or paying them in kind outside the OPEC quota, and allowing the export of gravel and sand and the investment of mineral resources such as phosphates, sulfur and uranium.

On taxes, it included the formulation of the tax withholding ladder by supporting the low-income segments by raising the minimum tax level, adjusting the tax price of the people concerned to a price close to the price of neighboring countries, and imposing annual taxes on all cars according to their type.

As for the second axis related to reforming the financial and monetary policies, it included the imposition of comprehensive insurance on cars, expatriates, cars, fuel stations, imported materials, companies, crude oil, building permits, residential units, etc. Rationing, medicines, water stations, and the educational and educational process only.

The reform paper also focused on the Ministry of Finance, in coordination with the Central Bank, to issue an electronic dinar for the purpose of collecting government revenues and deserved tags, reviewing the exchange rate against the dollar, deleting zeros, freeing banks from the hands of the Ministry of Finance and forming an independent financial body that includes banks, money transfer companies and insurance companies, and reducing The interest rate on investment projects.

As for the third axis, it includes restructuring public and losing companies, establishing a national telecommunications company, and presenting disabled government factories and factories to the private sector. Click here to download the 12-page reforms launched by Parliament.   LINK

Clare:  WOOHOO!  ...  THANKS DON!

MilitiaMan:  Surely they have presented the papers for the taxes at this time for a purpose. They will delete the zeros to be able to afford the 12% tax. Added value to the dinar will allow for the tax to be absorbed by even the poor..

Quite clear now they have full intentions of raising the three zeros and going to an international free market economy. 

They are going to issue the electronic dinar. Just as their neighbors are doing,, too. They are effectively going to be more cashless in the end run.

In the mean time the automation of the ports and borders will be taxing them, too. They will automatically be able to adjust pricing when needed.

 IF we recall the UN was in town this week. The UN wanted the correction to the White Papers.. Well that correction is the rate, imo..

The UN didn't show up just for shiz and gigs, be sure.. imo I hope this one Don961 brings us sets well for everyone, as the reviewing of the exchange rate to the dollar and the deletion of zeros is some serious meat on the bone.. lol ! imo ~ ~ MM

Don961: The Central Bank launches the electronic collection project for the housing fund

11/28/2020

Economy News _ Baghdad The Central Bank of Iraq announced, on Saturday, the launch of the electronic collection project for the housing fund, indicating that the project will enable the fund to automate all lending operations.

The bank said in a statement, which Al-Eqtisad News received a copy of, that an electronic collection project for the Housing Fund has been launched, indicating that the project will enable the strengthening of government resources and their collection in a safe and transparent environment, depending on the infrastructure of payment systems and electronic payment platforms provided by the Central Bank and its suppliers. Payment services licensed by him, "indicating that" the project generally targets ministries and collection departments that collect their revenues through bills and fees, on top of which is the Iraqi Housing Fund.

The bank added, "The project will enable the Housing Fund to automate all lending processes, adopt electronic payment tools and cancel cash transactions, which in turn will help alleviate the burden of citizens borrowing by accelerating the completion of transactions and using payment platforms instead of coming to the headquarters of the Housing Fund. This plan included The Fund provides a timetable for the inclusion of all its branches in the governorates with the collection project until the end of 2021. "  LINK

 MilitiaMan:  AUTOMATION.... They already told us about the ELECTRONIC DINAR!! More evidence they are gearing for a whole new economy and way of doing business.. Going DIGITAL.. Going Global... Love it.. ~ MM

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Don961:  The housing fund adopts electronic collection in collecting money

Baghdad - Special

In an event that is the first in Iraq, the Iraqi Housing Fund of the Ministry of Construction, Housing and Municipalities signed a contract with the Arab Company for electronic payment licensed by the Central Bank of Iraq to launch the electronic collection system for Iraqi housing fund borrowers in implementation of Cabinet Resolution No. 378 of 2018 and the instructions and controls of the Central Bank of Iraq .

This trend enhances government sector revenues, reduces spending and cuts red tape, also provides citizens with the ability to pay their bills or installments 24 hours a day and through electronic payment cards and electronic channels such as the mobile phone application of the housing fund, the phone application of the Arab company, as well as through automated teller machines and dependent payroll outlets. For the Arab company without the need to go to the headquarters of the Iraqi Housing Fund to pay the installments

It is noteworthy that the Arab Company for Electronic Payment is an Iraqi company established in 2013 and licensed by the Central Bank of Iraq to work as a provider of electronic payment services in Iraq. The company has worked for 7 years to provide modern electronic payment methods approved in the year and obtained international certificates in safety standards .

It also obtained a major member license from the global MasterCard and Visa in the field of issuing and collecting electronic payment cards of all kinds, and has made significant investments at the level of sober infrastructure and investment in human resources. In the shift towards a culture of electronic payment and abandoning cash transactions .  LINK  

MilitiaMan:  Fairly sure, the ATMs will have some new issues inside them.. Especially when we see them talking about the deletion of the zeros and the exchange rate to the Dollar.. Going to a market economy will require it.. imo ~ MM

 au·to·mat·ed tell·er ma·chine/ˈôdəˌmādid ˈtelər məˈSHēn/

 noun  plural noun: automated teller machines  a machine that dispenses cash or performs other banking services when an account holder inserts a bank card.