[size=35][size=35]Alsumaria “dismantles” a government decision on electronic payment.. How will the merchant “deceive” the citizen and the state at the same time?[/size]
[You must be registered and logged in to see this link.]
[/size]
[You must be registered and logged in to see this link.][/size]
01-31-2024 | 02:15
[You must be registered and logged in to see this image.]
[/size]
4,029 views
Al-Sumaria News - Special:
[ltr]
0 seconds of 0 seconds Volume 0%
[/ltr]
The decisions included exempting citizens or “purchasers of goods and services” from the electronic payment commission, but not canceling the commission because it is the fee for electronic payment services that cannot be cancelled, but rather keeping it and charging it to the seller, as the Council of Ministers’ decision included that “the holder shall bear the electronic payment commissions from the private sectors.” And the payer does not bear any commissions for electronic payment.”
But what in return? The decision continues that the government will bear half of the commissions that the holder will bear, in a step that mitigates the “loss” of the money holders, including merchants, sellers, and service providers. However, the government will not pay this 50% to the merchant or holder, but will compensate him for it in another way.
As the decision is completed after the holder bears the electronic payment commissions, the government compensates 50% of the electronic payment commissions paid by the holder (the merchant, the employer, and all private sector entities).
But the decision stipulated that this 50%, which the state bears, will not be returned as cash to the cashier who paid his clients’ commissions, but rather it will be reduced from taxes or any money that the owner of the money must pay to the state, as the text of the decision says: “The government will compensate the 50%.” Of the electronic payment commissions paid by the holder, provided that they are used to pay the holder’s obligations to the state exclusively through electronic payment, such as renewing licenses, paying taxes, customs, fees, municipal fees, electricity fees, and everything owed to the state, and they cannot be recovered in cash under any circumstances.”
*what does that mean?
In an illustrative example, the owner of a company that sells furniture, for example, was selling to a customer a good or need worth a million Iraqi dinars, and the customer decided to pay electronically. The owner of the furniture company will have to bear the payment commission, which means that the buyer will not pay more than a million Iraqi dinars. As for the commission, which may amount to one thousand or even five thousand dinars, the selling company owner will bear it from his pocket to the electronic payment company or bank.
But repeating this process with all customers will make the company owner pay huge amounts of money from his profits to electronic payment companies.
For example, if we assume that at the end of the month, the company owner finds that the total commissions he paid on behalf of his clients will amount to two million Iraqi dinars, the state will compensate him with one million dinars, meaning it will bear 50% of the commission it bears, but the state will not give the company owner this million. A cash dinar. Rather, it will reduce it from financial obligations such as taxes, fees, or anything that must be paid to the state.
*How will the manipulation be?
But the process as a whole will be “annoying and tempting” for the merchant at the same time, as it is annoying because he has to bear the electronic payment commissions on behalf of his customers, and it is also tempting because he will obtain privileges from the state, especially if he can obtain these privileges and reductions in taxes and fees already without being exposed. For the annoying option of bearing his clients' commissions.
This means that merchants may raise the prices of the goods, commodities, or services they provide, even if by a small amount, in order to be equivalent to “taking the commission in advance and charging it to the customer, but as part of the price of the commodity and not a commission.”
At the same time, the merchant or seller will receive a reduction in half of his financial obligations to the state, without paying a single dinar, as he will go at the end of the month to inform the state that he paid two million dinars, for example, in commissions instead of his customers, but in fact, he obtained these two million in advance from By raising the price of goods to customers, at the same time, he will obtain a reduction in his obligations to the state in terms of taxes and fees by exactly half.
[You must be registered and logged in to see this link.]
[You must be registered and logged in to see this link.]
[/size]
Economy
[size][size][You must be registered and logged in to see this link.][/size]
01-31-2024 | 02:15
[You must be registered and logged in to see this image.]
[/size]
4,029 views
Al-Sumaria News - Special:
In the regular session of the Council of Ministers held yesterday, Tuesday, the Council’s decisions included a set of decisions related to electronic payment in Iraq and encouraging it, but one of the decisions taken may include a “loophole” that merchants exploit to benefit the citizen and the state simultaneously and in a double way. In this report, Alsumaria News provides a reading and review of the decision and its interpretation.
[ltr]
0 seconds of 0 seconds Volume 0%
[/ltr]
The decisions included exempting citizens or “purchasers of goods and services” from the electronic payment commission, but not canceling the commission because it is the fee for electronic payment services that cannot be cancelled, but rather keeping it and charging it to the seller, as the Council of Ministers’ decision included that “the holder shall bear the electronic payment commissions from the private sectors.” And the payer does not bear any commissions for electronic payment.”
But what in return? The decision continues that the government will bear half of the commissions that the holder will bear, in a step that mitigates the “loss” of the money holders, including merchants, sellers, and service providers. However, the government will not pay this 50% to the merchant or holder, but will compensate him for it in another way.
As the decision is completed after the holder bears the electronic payment commissions, the government compensates 50% of the electronic payment commissions paid by the holder (the merchant, the employer, and all private sector entities).
But the decision stipulated that this 50%, which the state bears, will not be returned as cash to the cashier who paid his clients’ commissions, but rather it will be reduced from taxes or any money that the owner of the money must pay to the state, as the text of the decision says: “The government will compensate the 50%.” Of the electronic payment commissions paid by the holder, provided that they are used to pay the holder’s obligations to the state exclusively through electronic payment, such as renewing licenses, paying taxes, customs, fees, municipal fees, electricity fees, and everything owed to the state, and they cannot be recovered in cash under any circumstances.”
*what does that mean?
In an illustrative example, the owner of a company that sells furniture, for example, was selling to a customer a good or need worth a million Iraqi dinars, and the customer decided to pay electronically. The owner of the furniture company will have to bear the payment commission, which means that the buyer will not pay more than a million Iraqi dinars. As for the commission, which may amount to one thousand or even five thousand dinars, the selling company owner will bear it from his pocket to the electronic payment company or bank.
But repeating this process with all customers will make the company owner pay huge amounts of money from his profits to electronic payment companies.
For example, if we assume that at the end of the month, the company owner finds that the total commissions he paid on behalf of his clients will amount to two million Iraqi dinars, the state will compensate him with one million dinars, meaning it will bear 50% of the commission it bears, but the state will not give the company owner this million. A cash dinar. Rather, it will reduce it from financial obligations such as taxes, fees, or anything that must be paid to the state.
*How will the manipulation be?
But the process as a whole will be “annoying and tempting” for the merchant at the same time, as it is annoying because he has to bear the electronic payment commissions on behalf of his customers, and it is also tempting because he will obtain privileges from the state, especially if he can obtain these privileges and reductions in taxes and fees already without being exposed. For the annoying option of bearing his clients' commissions.
This means that merchants may raise the prices of the goods, commodities, or services they provide, even if by a small amount, in order to be equivalent to “taking the commission in advance and charging it to the customer, but as part of the price of the commodity and not a commission.”
At the same time, the merchant or seller will receive a reduction in half of his financial obligations to the state, without paying a single dinar, as he will go at the end of the month to inform the state that he paid two million dinars, for example, in commissions instead of his customers, but in fact, he obtained these two million in advance from By raising the price of goods to customers, at the same time, he will obtain a reduction in his obligations to the state in terms of taxes and fees by exactly half.
[You must be registered and logged in to see this link.]
Today at 7:29 am by Rocky
» Including the return of 21 wanted persons.. The Iraq Money Recovery Fund counts its achievements in
Today at 7:27 am by Rocky
» The path to development is the criterion between true patriotism and political clowning.
Today at 7:25 am by Rocky
» The file of the Presidency of Parliament is on the state administration table... this evening
Today at 7:22 am by Rocky
» Director General of the International Labor Organization: Many challenges in the world of work and t
Today at 7:20 am by Rocky
» Al-Sudani: The world is witnessing crises that reflect negatively on the Arab and international peop
Today at 7:11 am by Rocky
» Prime Minister: Our government has provided great support for the success of the activities, program
Today at 7:08 am by Rocky
» Al-Asadi: Iraq places the social protection file among its priorities
Today at 7:07 am by Rocky
» Al-Sudani: Iraq is one of the first countries in the region to join the International Labor Organiza
Today at 7:05 am by Rocky
» In the presence of Al-Sudani and Barzani, the State Administration Coalition holds an “important” me
Today at 7:03 am by Rocky
» Appreciating the presence of Al-Sudani... Director General of the Arab Labor Organization: Here from
Today at 5:29 am by Rocky
» Prime Minister: Our government has provided great support for the success of the activities, program
Today at 5:28 am by Rocky
» Appreciating the presence of Al-Sudani... Director General of the Arab Labor Organization: Here from
Today at 5:26 am by Rocky
» Al-Sudani: The world is witnessing crises that reflect negatively on the Arab and international peop
Today at 5:24 am by Rocky
» The Parliamentary Development Institute organizes a workshop on the political role of the representa
Today at 5:22 am by Rocky
» With Arab and international participation. Tomorrow will be the start of the Fourth Baghdad Internat
Today at 5:21 am by Rocky
» OPEC Secretary General: The end of oil is not on the horizon
Today at 5:19 am by Rocky
» Closing a number of unlicensed offices and companies south of Baghdad
Today at 5:16 am by Rocky
» Repercussions of the bombing...intensive government movements to resume work in the “Kormor” field
Today at 5:15 am by Rocky
» In the presence of Al-Sudani...the opening of the Arab Labor Conference in its 50th session in Baghd
Today at 5:14 am by Rocky
» Al-Sudani: We are working on drawing future visions regarding the “green and digital” economic secto
Today at 5:13 am by Rocky
» Barzani after the Kormor attack: We are ready to coordinate with Baghdad to put an end to these atta
Today at 5:10 am by Rocky
» Al-Sudani directs the formation of an investigative committee into the circumstances of the Kormo fi
Today at 5:08 am by Rocky
» Bismayah is confused about the new electronic portal.. What about the landlord and the subcontracts?
Today at 5:07 am by Rocky
» Kurdistan Government: Loss of 2,500 megawatts of electricity due to targeting the Kormor field
Today at 5:06 am by Rocky
» Crisis in Kurdistan: 12-hour daily power outage and complaints of “confusion”
Today at 5:05 am by Rocky
» The Supreme Anti-Corruption Commission demands Nineveh for the contracts concluded by “Najm Al-Jubou
Today at 5:04 am by Rocky
» Al-Khanjar, Al-Samarrai, and Abu Mazen are hosted by Shaalan Al-Karim to discuss accelerating the se
Today at 5:03 am by Rocky
» Iraq asks the countries of the world to respond to its requests to extradite wanted persons: We have
Today at 5:02 am by Rocky
» “It is coming soon.” The Sudanese advisor sets the date for the referral of the Baghdad metro and th
Today at 5:01 am by Rocky
» Al-Mubarqa: Iraq reserves its full right to respond to the Australian behavior
Today at 5:00 am by Rocky
» Dollar exchange rates on Iraqi stock exchanges... recorded a decline, and this is the list
Today at 4:58 am by Rocky
» Mr. Al-Sadr supports the position of American university students
Today at 4:56 am by Rocky
» Iraqis are ranked 7th in the Arab world on the list of those most seeking immigration to America. He
Today at 4:55 am by Rocky
» The UAE company ADNOC resorts to Iraqi oil. Find out the reasons
Today at 4:53 am by Rocky
» Soon.. 3 new hospitals will open in Baghdad
Today at 4:52 am by Rocky
» Sponsored by Al-Sudani...the opening of the Arab Labor Conference in its fiftieth session in Baghdad
Today at 4:51 am by Rocky
» Al-Shammari chairs a meeting at the controlling headquarters to review the results of the security o
Today at 4:49 am by Rocky
» Arab Labor Organization: We commend Iraq's interest in the Arab Labor Conference
Today at 4:48 am by Rocky
» Al-Sudani: The development road project will provide many job opportunities
Today at 4:47 am by Rocky
» utube MM&C 4/26/24 Iraqi Dinar - US Treasury Exchange Rates- Focus - Banking Partnerships - Rate C
Yesterday at 5:11 pm by Rocky
» Sudanese advisor criticizes Kuwaiti analyzes regarding the development road project
Yesterday at 2:21 pm by Rocky
» Al-Mandalawi stresses the need to strengthen economic and trade cooperation between Iraq and Poland
Yesterday at 2:04 pm by Rocky
» Power maneuvers: America provides defensive weapons to Kurdistan in exchange for withholding from Ba
Yesterday at 10:26 am by Rocky
» Kuwait is drilling an oil well near Umm Qasr, towards Iraqi territory
Yesterday at 10:24 am by Rocky
» In the document... the first Iraqi ministry identifies the obstacles to changing the new official wo
Yesterday at 10:22 am by Rocky
» Italian Institute: Iraq is stuck in its own crises, including Baghdad’s efforts to undermine the “au
Yesterday at 10:21 am by Rocky
» The head of the Integrity Commission announces the holding of an international Interpol conference i
Yesterday at 10:18 am by Rocky
» Planning: Iraqi companies are not efficient in conducting the population census
Yesterday at 10:14 am by Rocky
» utube MM&C 4/24/24 Support - USA- Turkey - Timing- Currency Value - Tabled
Yesterday at 8:08 am by Rocky
» MM&C 4/25/24 National Bank of Iraq goes live with Temenos core banking and payments
Yesterday at 8:06 am by Rocky
» A banking official indicates a "danger" to Iraq by depriving more than half of its banks of dollars
Yesterday at 7:55 am by Rocky
» With the participation of the Association of Private Banks, investment opportunities are on the tabl
Yesterday at 7:45 am by Rocky
» Within a month... an Iranian border crossing recorded a noticeable increase in exports of goods to I
Yesterday at 7:44 am by Rocky
» The Association of Private Banks appreciates the efforts of the government and the Central Bank to c
Yesterday at 7:43 am by Rocky
» Al-Maliki's coalition presents a third candidate for the position of governor of Diyala
Yesterday at 6:57 am by Rocky
» Arab gathering: The Kirkuk problem is getting complicated and the Sudanese must intervene
Yesterday at 6:56 am by Rocky
» Next week.. a Kurdish delegation will visit Baghdad to meet with the Minister of Finance
Yesterday at 6:54 am by Rocky
» Under the pretext of salaries... Al-Party refrains from handing over port revenues to Baghdad
Yesterday at 6:53 am by Rocky
» Association of Banks: For the first time, we are witnessing a clear targeting of depriving half of t
Yesterday at 6:51 am by Rocky
» Parliament does not know the reason for the delay in sending the 2024 budget schedules: Voting takes
Yesterday at 6:49 am by Rocky
» Applicants for the 2024 Hajj are demanding that the Central Bank secure the dollar for them through
Yesterday at 5:09 am by Rocky
» Governmental and private banks will showcase their services tomorrow during Financial Inclusion Week
Yesterday at 5:08 am by Rocky
» Iraq's oil exports rise despite OPEC+ cuts
Yesterday at 5:06 am by Rocky
» A study explodes a "surprise"... Iraq is among the countries that export oil to "Israel": How is the
Yesterday at 5:04 am by Rocky
» Al-Araji emphasizes working to strengthen national identity
Yesterday at 5:02 am by Rocky
» Al-Sudani visits Saudi Arabia to participate in the World Economic Forum in Riyadh
Yesterday at 5:01 am by Rocky
» Iraq is talking about producing one million additional liters of gasoline
Yesterday at 4:59 am by Rocky
» The Council of Ministers approves the implementation of the Baghdad Metro project
Yesterday at 4:56 am by Rocky
» Minister of Commerce: We formed a joint economic committee with Türkiye
Yesterday at 4:55 am by Rocky
» Resources: Government measures have contributed to improving the water situation in Iraq
Yesterday at 4:53 am by Rocky
» Parliamentary Finance: Baghdad will continue to send salaries to the region’s employees until settle
Yesterday at 4:51 am by Rocky
» A parliamentarian describes the corruption of Iraqi ports as “ghouls” and reveals the involvement of
Yesterday at 4:49 am by Rocky
» Obelisk Hour: Basra is the subject of political conflict and ambiguity over the fate of the funds al
Yesterday at 4:48 am by Rocky
» Turkmen leader: An agreement on the local government of Kirkuk is near
Yesterday at 4:45 am by Rocky
» Anbar calls for the operation of its factories despite financial obstacles
Yesterday at 4:44 am by Rocky
» Turki: The crisis of the Presidency of Parliament prompted the Sunnis to amend the Council’s interna
Yesterday at 4:43 am by Rocky
» The Agriculture Committee confirms the existence of Iraqi-Turkish-Iranian discussions on water
Yesterday at 4:42 am by Rocky
» Resources diagnose the challenges facing the water file in Iraq
Yesterday at 4:38 am by Rocky
» Parliament pledges to the Interior Ministry: We will transfer money to buy weapons from citizens
Yesterday at 4:33 am by Rocky
» Al-Issawi is the closest.. Parliament sets the date for deciding the choice of the new president
Yesterday at 4:31 am by Rocky
» Deputy: Iraq's investments have risen and need a comprehensive review of previous years
Yesterday at 4:30 am by Rocky
» Iraqis consume 7 billion eggs annually and import about $900 million
Yesterday at 4:28 am by Rocky
» The Iranian role complicates attempts at open cooperation between Iraq and Turkey. Turkey is trying
Yesterday at 4:26 am by Rocky
» Move in Iran to obtain $242 billion from Iraq in compensation for the eight-year war
Yesterday at 4:25 am by Rocky
» 12 decisions from the Council of Ministers regarding the Baghdad Metro and Najaf-Karbala train proje
Yesterday at 4:23 am by Rocky
» Sudanese Advisor: The path to development has begun... the Baka and the militias “we silence them wi
Yesterday at 4:21 am by Rocky
» Not from Kurdistan.. How did Iraq become a source of oil for “Israeli tanks”?
Yesterday at 4:19 am by Rocky
» Parliamentary Agriculture criticizes the Sudanese and Erdogan agreement: Türkiye will control water
Yesterday at 4:16 am by Rocky
» The Iraqi government issues new decisions
Thu 25 Apr 2024, 2:35 pm by Rocky
» The story of “reduced oil” to Jordan, from “compulsion” to mutual benefit.. Is there a loss?
Thu 25 Apr 2024, 2:33 pm by Rocky
» The Council of Ministers takes 12 decisions for the Baghdad Metro and the Najaf-Karbala train
Thu 25 Apr 2024, 2:32 pm by Rocky
» utube MM&C 4/23/24 Iraqi Dinar - IQD Update - Development Road Project - Saviour of Global Banking
Thu 25 Apr 2024, 10:18 am by Rocky
» Kidney from pig transplanted into deathly ill New Jersey woman — and begins working almost immediat
Thu 25 Apr 2024, 10:15 am by Bama Diva
» The most difficult option.. Warnings of the danger of floating the Iraqi dinar without achieving an
Thu 25 Apr 2024, 9:48 am by Rocky
» Trade from the “Economic Committee” with Türkiye: It will overcome all obstacles facing the traders
Thu 25 Apr 2024, 9:46 am by Rocky
» Washington's hope for stable relations with Baghdad clashes with Iraqi parties' rejection of the Ame
Thu 25 Apr 2024, 9:41 am by Rocky
» Karim Badr: Development is America’s will to kill silk
Thu 25 Apr 2024, 9:36 am by Rocky
» Oil: Opening of a new port for liquid gas for vehicles in Baghdad
Thu 25 Apr 2024, 9:33 am by Rocky