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Parliamentary Finance issues a package of reforms that includes imposing a value-added tax and revie

rocky
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Parliamentary Finance issues a package of reforms that includes imposing a value-added tax and revie Empty Parliamentary Finance issues a package of reforms that includes imposing a value-added tax and revie

Post by rocky on Mon 30 Nov 2020, 2:48 pm

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


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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.
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rocky
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Parliamentary Finance issues a package of reforms that includes imposing a value-added tax and revie Empty Re: Parliamentary Finance issues a package of reforms that includes imposing a value-added tax and revie

Post by rocky on Mon 30 Nov 2020, 2:50 pm

12-page reforms launched by Parliament. 




Click [You must be registered and logged in to see this link.]  to download the 12-page reforms launched by Parliament
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Translation:

 
Whiteboard 27 Nov 2020 (2)
Iraqi Council of Representatives Finance Committee procedural proposals to address the financial crisis 2020
 
an introduction
 
The global economy is facing an unprecedented financial crisis affected by the Corona epidemic and the size of it
The damage from the crisis is more shocking and profound than any economic downturn
Recent decades.
 
As the Iraqi economy lives in the current situation in a state of weakness in the face of repercussions
The crises afflicting him as a result of the economic accumulations over the years, perhaps the most recent
The decline in oil prices, which directly affected the widening of the deficit gap and the scarcity of liquidity
The cash needed to finance the annual budget; which will lead to more withdrawals
The value of the Iraqi currency and the inability to restore the normal situation in light of the continuation
Low oil prices below $ 60 a barrel.
The failure of the local productive apparatus coincides with the continuing demand for imports
It resulted in an almost complete transfer of the reserve currency in Iraq abroad via
The Central Bank's obligations to finance foreign trade.
The crisis has worsened and complicated to the point where oil imports are no longer able to meet
Half of the salary and wages dues are accompanied by corruption, waste of money, and system failures
Clearly, tax and customs, and confusion in the financial and monetary system.
The Financial Committee has previously identified and predicted in advance what the economic conditions have turned into since
For a long time, the committee tried to reflect the parliament’s reform vision to maximize resources
Reducing financial waste, diversifying sources of income, and directing spending towards investment
This was reflected in fiscal laws and annual budgets; Except that the politics floundered

Sectors that reached the Iraqi economy to where it is today.
The House of Representatives supports and supports all government efforts to implement reforms on
All levels, and their [You must be registered and logged in to see this link.]  and their participation in leading the pillars of the macroeconomy as a policy

Borrowing is not an effective solution and is not sufficient on its own to overcome the crisis.
Attention should be paid to the importance of benefiting from the current crisis experience and addressing the imbalance
The structure of the economy, and it now requires familiarity with targeted, fundamental and inevitable reform measures
At the level of fiscal and monetary policy, to remedy the crisis and initiate
With fixes.
From this standpoint, the Parliamentary Finance Committee decided to present its vision to address the immediate crisis
In a quick and direct manner, according to a set of procedural proposals focused on maximizing
Revenue and expenditure rationalization, “reforming the fiscal and monetary policies,” in addition to reform
General economic policy.

1 - Immediate activation of compulsory collection of services provided to governmental and commercial institutions
Industrial, agricultural and household items such as (electricity, water, sewage and landline telephone).
And others) and directing state departments not to promote any transaction to any person unless he shows proof
Paying the above service bills and deducting them from salaries and grants from those who receive a salary or a grant
From the state, with the exception of those covered by the social protection network and all
State institutions pay the electricity bill and confirm semi-annually from their petitions.

 
2- Reconsidering the prices of crude oil prepared for the refineries and transferring the product distribution sectors
Oil, refineries and gradually filling gas to the private sector and stopping the distribution
Oil products free of charge to anyone.

 
3- Liquidation of paralyzed unexploited government assets (real estate, lands and
Buildings, vehicles, furniture, etc.) by selling them by public auction through
An electronic platform or entering into investment partnerships and selling the state's share in
Agricultural lands, in accordance with the laws in force, provided that these amounts are allocated
And the creation of a special fund to put all the money derived from selling the assets
The state's securities of real estate, cars ... etc, to be reallocated for exchange
On the major strategic projects that generate money for the state, and this is what we call
In the produced dinars, an inventory of all the wheels of the state, their finance and the display of the surplus ones
About the need to sell through a public and fair auction and to rely on lines
Mass transfer of employees to reduce fuel costs, maintenance and corruption cases
Tainted by.

 
3- Imposing a sales tax system 1/81 (value added tax) with a value of (96012).
 
4> Require all institutions to send the Ministry of Finance's share of total revenues, Powell W.
The first official in these institutions shall be responsible for the violation. The companies are reimbursed
The winning public is the Ministry of Finance’s share of the profits after its initial assessment (at the end of the second January of each year), provided that the differences are settled after approval of the final accounts of these companies, and these steps are done under the supervision of the Office of Financial Supervision.
5- The Ministry of Transport is responsible for collecting all aircraft passage fees (transportation and freight) through Iraqi airspace and paying them to the Ministry of Finance on a monthly basis.
6- Participation with international companies to transport Iraqi crude oil and benefit from the discount amount through the partnership between the Oil Tankers Company and these companies.
7- Stopping the work of embassies and attachés in countries with which Iraq does not have any diplomatic, commercial or cultural exchange.
8- Investing services in border crossings such as parking lots, commercial exchange, stores, restaurants, gas stations, and others.
9 - Negotiate to postpone the dues of oil companies or pay them in kind outside the OPEC quota and re-evaluate the disbursements of those companies and reduce them to a minimum
10- Canceling the CPA’s decision to ban the export of raw materials and the export of some materials such as gravel, sand and others, and start licensing rounds to invest some mineral resources such as phosphates, sulfur, uranium, and others.
11- Reconsidering all laws related to taxes and fees and amending them in line with the current economic situation.
12- Restructuring of the tax withholding ladder in two directions: First - Supporting low-income groups by raising the minimum tax liability (rearranging tax brackets). Second - Amending the tax price of the concerned persons to a price close to the price of neighboring countries. __-
13- Imposing annual taxes on all cars.
 
The second axis: measures to reform the financial and monetary Sebastian
[- Amending the laws on insurance in force to comply with compulsory insurance on (cars. "
Expatriates »Travelers» Petrol stations Imported materials Companies Companies Crude oil;
Building licenses; housing units, etc.).

2- Building the budget on a sectoral basis and at a fixed oil price for the operational budget
Mobile for the investment budget; And directing the budget for salaries and buying the ration
And worms and water stations and the learning and educational process only. And prepare customizations
Financial programs according to programs prepared in advance by the concerned party, provided that they are discussed with committees
To achieve professional service and economic integration.

3- The Ministry of Finance, in coordination with the Central Bank, to issue an electronic dinar for a purpose
Collecting government revenues and due fees; What distinguishes it is that it is not negotiable
In the markets as cash. Also, the state knows the value of those imports quickly.

 
 
4- Reconsidering the exchange rate (dinar against the dollar) with a study of the possibility of moving forward
Steps to delete zeros, provided that these procedures are accompanied by the following: -

A- Granting inflation allocations for job grades (from fifth to grade
The tenth), retirees and the social protection net by (9012) to reduce the impact of inflation
Potential on the fragile strata if the exchange rate changes.

B- Amending the currency sale mechanism to keep hard currency inside the country; and that it takes place
Selling and trading the dollar and other foreign currencies directly in the currency markets or from
Through the stock market in order to get a real price of the Iraqi dinar for
U.S. dollar; And that the guarantor of the prices is the value of the reserve available at
The Central Bank of Iraq in hard currency.

T - Establishing an import curriculum, stopping some non-urgent imports, and controlling outlets
Customs duties, [You must be registered and logged in to see this link.]  the tax system, and exempt the local product from the income strike for a period of two years.

W - the state to import vital food and commercial materials to the market and pump them within
The ration program, if its prices increase.

C- Maintaining the exchange rates of the dollar by linking all banking offices and companies
With a central electronic system, offices and companies are required to use a screen that shows a price
Exchange. The screen is fed with information from the central system; And an account is opened
A banker for each company or office, so that the deposit in Iraqi dinars is made by those
The companies and offices are directly received and received in exchange for them in US dollars, where these are fed
Accounts by the Central Bank after depositing in Iraqi dinars; thus, we size the window
Sell the current currency.

H- Activating the role of economic security and entering the competent government agencies to control the rhythm
Cash in the currency market and the foodstuff markets.


5- Preparing a new salary scale with a review of all previously granted allocations
To take into account the economic situation and achieve social justice while encouraging the employee to
Working in the private sector and preparing a draft law on that.

6- Not to allow the export of crude oil except through the Iraqi Oil Marketing Company
Otherwise, the price of the exported barrel is calculated based on the Brent price of the actual quantity
Exporting.

7- Automating the tax and customs tax system, import licenses, and strip all units
Subject to strike and customs by an electronic system, and customs duties are collected on
Imported goods on the basis of what was sold in hard currency to importers
Commodities, provided that the differences are settled after entering the imported and audited goods
By the concerned authorities and to reduce the method of dealing with the ration card
And converting them into coupons to be disbursed from the local market (by specifying
Commercial centers in each governorate) and that is how the state gets rid of the corrupt contracts

Among the costs of transportation and storage are materials due to the availability of a suitable environment for storage, as well as leaving the option for the citizen to choose the items he desires at the time he deems appropriate.
8- Freeing the banks from the hands of the Ministry of Finance and forming an independent financial body that includes (banks, money transfer companies, insurance and reinsurance companies, the stock market, and others related) and reducing the interest rate on investment projects, especially for loans granted from funds from state deposits. And the imposition of an agreement between banks and consulting firms to appraise investment projects before financing them by the banks. And encourage the return of the sums of Iraqi investors abroad by providing facilities, inducements, and tax exemptions.
9- Withdrawing the cash stock stored with citizens and trying to employ it for investment purposes through the following: A- Raise the interest rate for cash deposits in banks, even if the monetary authority (the Central Bank and the Ministry of Finance) is forced to [You must be registered and logged in to see this link.]  banks.
10 - Establishing projects in which the state contributes a certain percentage and the rest is offered for subscription. Especially in city center projects (1017
11 - Obligation for all financial government agencies to adopt multiple electronic fingerprints
For beneficiaries of salaries and grants, and coordination between the Ministry of Finance and the Ministry
Planning and the Office of Financial Supervision to audit the numbers and degrees of real employees
To create an accurate database by changing the mechanism for issuing the national card
Consolidated to include the following data:
Full name and surname.
- Social status.
- home address.
- The workplace and the directorate) Ministry m the directorate _- Uncle 6 .. etc. / Ktay from

Circle with the endorsement).
Occupational grade (book with job rank).
- Total salary (book with total salary).
- The bank or banks with which he deals (letter of confirmation from the bank).
The real estate he owns (a copy of the bond).
- In the case of rented housing, the rent value shall be mentioned with the attachment of the lease contract.
- The cars he owns (a copy of the annual).
- Residential address (locality - alley - house).

A - the diseases he suffers from.
And evaluation of the work of all state institutions from time to time criteria of cost and benefit.
In other words, we evaluate each ministry and institution in terms of the amount of funds allocated by it
The state of the ministry or institution with the amount of benefit derived from it, and here we need
- The number of employees on the owners - their total salaries.
- Number of contracts - total salaries.
- The number of daily employees - their total salaries.
- The organizational structure of the institution is detailed down to the smallest formation.
Enemies of employees and their specializations according to the organizational structure.
Study the workload according to the organizational structure and for each position.
 
The third axis: measures to reform the general economic policy
1] - Restructuring the losing public companies and establishing a bank for human resources linked to a council
Federal service and [You must be registered and logged in to see this link.]  for mixed sector companies.
Or joint operation.

3- Establishing a national telecommunications company (the fourth license) and offering it as shares for citizens.
4- Formation of joint stock companies in each governorate from saved funds with the participation of the state
Before banks and control the Office of Financial Supervision.

4- Study the possibility of issuing a sovereign guarantee to cover external loans to the sector
Private and raising the credit ceiling for government banks to grant loans and easing
Guarantees on loans granted to industrial, construction and agricultural projects
With adjusting the payments, reducing them to completion rates, and opening credits to move the sector
With the establishment of strict procedures to preserve public money and provide incentives
To borrowers from government banks by incentivizing them to pay more than
Pay at one time, as if the interest is decided to be reduced by everyone who pays three to six
One-time installments, the interest is reduced to a certain percentage, as it helps banks
To maintain liquidity to avoid the risk of sudden withdrawals as well as the possibility
Help the government out of this crisis »and go about granting loans
For industrial cities and agricultural lands, provided that they are protected and monitored beforehand
The state is in well-studied places, close to raw materials and regions
Marketing products and encouraging investors and providing them with all forms of [You must be registered and logged in to see this link.]  to ensure
Implementation of these projects.

5- Preparing an analytical study for local products and determining the percentage of their coverage of the market need for the purpose
Limiting or preventing the entry of similar or similar foreign goods through raising duties
The customs duties have different rates in line with the percentage of covering the local need for each local product
Fees were gradually raised with the increase in the percentage of GDP coverage for actual need
To be self-sufficient.

6- Presenting disabled or destroyed government factories and factories to the private sector
The local council is provided with a commitment to restart it within a specified period of time

7 Transitioning from the central administration of the economy to the decentralized administration by granting a role
The largest for the regions and governorates that are not organized in a region in economic planning.

. Investment in the public sector, public-private partnership and stimulation

Financial decentralization to ensure financial capacity to finance local economic development needs.

8- Approving and activating social security laws and social security for workers in the private sector.
9 - Reconsidering all laws related to taxes and fees and amending them in line with the current economic situation.
10 - Reviewing all the laws that were enacted after 2003 to identify and study the articles that added unjustified burdens to the budget through high expenditures, as we find that a large number of them were legislated according to partisan and factional interests or for electoral purposes, and for ill-considered reactions.
11- Reducing the method of dealing with the ration card and converting it into coupons that are disbursed from the local markets (by specifying the commercial centers in each governorate) and thus the state gets rid of corrupt contracts and the costs of transportation and storage of materials as the appropriate environment for storage is not provided, as well as leaving the option for the citizen to choose the items He desires it at a time he thinks is appropriate

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