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Tackle tax evasion and diversify the revenue necessary to overcome the crisis
2/3/2016 0:00
[rtl] Baghdad _ Hussein al - Tamimi Tgb
enable the oil sector and activating investment in the overall production and service sectors is one of the important recommendations of the International Monetary Fund on reducing the effects of lower oil prices on Iraq.
Christian Josh head of the IMF Mission for Iraq said «morning»: The expand imports requires focus the oil sector and non - oil, and mitigate the impact of low oil prices, should the Iraqi government to take the actions necessary to ensure the achievement ofits objectives related to oil production, which requires the implementation of oil investments that enable them to achieve production targets. increase revenue , adding the government should increase non - oil revenues as well, it can generate additional non - oil revenues through the implementation of reforms along the lines of the package announced by Dr Abadi prime minister in 2015 and include treatment of tax evasion and increase tax collection rates, the implementation of the customs Act for 2010. Moreover, the structure of tariff reforms and support system in sectors such as the energy sector will not be limited its role to generate revenue , but it will let area also to improving theservices available to the Iraqi people in terms of availability and level. in a question required from the Iraqi government 's role to address the current crisis of lack of income?he said with a fall in global oil prices and the continuation of Iraq fight al «Daash», the increase in oil exports and implementation of powerful strategies for fiscal consolidation are a key factor in 2016 and in the medium term to achieve consistency between spending and available resources. and on loans from the international Monetary Fund to Iraq Is a positive case for the economy , said Josh there are obvious advantages of helping to ease the pressure on public finances provide some funding through this difficult period. In addition, the entering into a funding agreement with the IMF sends apositive signal to the market. And establishing a positive performance and a clear record in the field of economic reforms, which is a prerequisite to enter into a financing agreement with the IMF, Iraq can earn additional sources of funding from other multinational institutions, bilateral donors and international financial markets. Financial correction and noted that the Fund expects oil prices crude this year in light of the recent developments in the international oil market, the average price in Iraq about $ 30 a barrel in 2016 and demanded to continue the commitment to fiscal correction andeconomic reform that the government should focus on containing the primary deficit is oil, which is the difference between the non - oil revenues the initial expenses of non -oil, noting that in 2015 achieved fiscal adjustment primarily the result of reduced investment in non - oil expenses, but also to be in 2016 and the medium term modification of current expenditures , such as salaries of government bloated bill (addressing the issue of phantom workers, and the freezing of nominal wages, and other procedures), pointing out that it leads to make room for the increase in non - oil investments that can promote economic growth in the non - oil sector. The Government should examine public investment projects and prioritized according to the feasibility analysis. The private sector and the negative effects of stop Josh Project said work on the diversification of the economy while giving the private sector a greater role can be acatalyst for job creation fund is advised, and the government should accelerate structural reform to encourage private sector growth and create new jobs, and areas of reform toachieve equal opportunities for private banks and strengthen the financial infrastructure.It also requires reforms to improve the business environment in order to address the difficulties faced by the private sector, noting that Iraq is currently ranked 156 among 189 countries in the comparative report between the countries of the World Bank on Doing Business 2015 compared ranked 151 in 2014 . Iraq occupies a low rank inparticular with regard to the start of business procedures, and access to credit, and trading across borders, enforcing contracts, resolving insolvency cases. It is possible to perform address these issues as well as the security situation improves to help theprivate sector to play a more effective economy role. Powerful strategies Josh Among the most important reforms that side fund Iraqi advised adopting to overcome the crisis ,implement powerful strategies for fiscal consolidation in 2016-2017. Despite thecontribution of corrective measures to reduce the non - oil primary deficit in 2015, the financial control elements were not perfect. It lost the bulk came from the patch from capital spending rather than current spending items. In the medium term, the authorities should also limit the current expenditures, including payroll bloated, to make way for encouraging increased investment expenditures for non - oil growth. Investing oil isnecessary to generate the needed oil revenues to finance most of the public spending items, and therefore should be protected. The quality of spending and stressed the importance that the government continues to reform public financial management to improve the quality of public spending and raise the efficiency of the implementation of the budget. This involves amendments to the Public Finance Management Act, and move towards the adoption of a single treasury account and implementation of anintegrated system of financial management information, and the authorities should improve the supervision of the banking sector to include both private banks and thebanks owned by the state. The implementation of the audit on the most important state -owned banks operations (Rafidain and Rasheed) first very important step in this direction, because of the three state - owned banks which Rasheed Bank and theRafidain Bank of Iraq and the Trade Bank accounts for about 90 percent of banking system assets in Iraq.[/rtl]
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