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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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The low contribution of oil to the federal budget, and an expert describes it as a lie

rocky
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budget - The low contribution of oil to the federal budget, and an expert describes it as a lie Empty The low contribution of oil to the federal budget, and an expert describes it as a lie

Post by rocky Wed 15 Dec 2021, 6:53 am

[size=52]The low contribution of oil to the federal budget, and an expert describes it as a lie[/size]

[size=45]The Iraqi state accounts for the month of October for the fiscal year 2021 showed an increase in the contribution of the non-oil sectors by 10%, while an economist described these revenues as a lie.[/size]
[size=45]Shafak Agency followed the data and tables issued by the Ministry of Finance in December for the accounts of last October, which indicated that oil is still the main resource for Iraq's general budget, despite its decline by 2.17% from last July, bringing the contribution of oil to the general budget 90% after that It was 92% last July, which indicates that Iraq is still a rentier country in light of the current Iraqi government's attempt to reform the Iraqi economy.[/size]
[size=45]Through the financial tables, it shows that the total oil revenues from the beginning of January to October amounted to 73 trillion and 197 billion and 221 million and 726 thousand and 776 dinars, which represents 90% of the total revenues, while the total non-oil revenues amounted to 8 trillion and 452 billion and 696 One million and 977 thousand and 257 dinars, which constitutes 10% of the total revenues, while the total oil and non-oil revenues amounted to 81 trillion and 649 billion and 918 million and 704 thousand and 33 dinars, which is 80% higher than the same period last year 2020 as a result of high oil prices.[/size]
[size=45]According to the Finance report, the non-oil revenues for the month of last October came from the current revenues represented by taxes on income and wealth at 1 trillion and 369 billion and 888 million and 636 thousand and 366 dinars, and they also came from commodity taxes and production fees at 869 billion and 626 million and 874 thousand and 105 dinars. Of the fees, which amounted to 877 billion and 993 million and 532 thousand and 545 dinars, and from the share of public sector profits at a rate of 194 billion and 496 million and 344 thousand and 656 dinars, and from the transfer revenues that amounted to 4 trillion and 382 billion and 617 million and 927 thousand and 866 dinars and from other revenues and 384 million and 38820 dinars One thousand and 658 dinars.[/size]
[size=45]It also came from capital revenues, which amounted to 39 billion and 406 million and 277 thousand and 763 dinars.[/size]
[size=45]For his part, the economic expert, Dergham Muhammad Ali, considered in an interview that “the non-oil revenue is a lie, as it is a recycling of oil revenues,” noting that “Iraq’s exports, which bring national revenue resulting from oil only, and the rest are from oil revenues that come through taxes, customs and fees. “.[/size]
[size=45]He added, "The government has begun imposing fees without returns, which is an immoral behavior that harms the economic reality of the lower-income groups and is not considered oil development."[/size]
[size=45]The Prime Minister’s Advisor for Financial Affairs, Mazhar Muhammad Salih, had confirmed in March 2021 in an interview that the reasons for the economy’s survival as rentier are due to wars and the imposition of sieges during the past era and the political conflicts we are witnessing today, which led to the dispersal of economic resources.[/size]
[size=45]Saleh pointed out that "development, stability, diversification of the economy, and the transition from a rentier economy require political stability and stable institutions, which the state has missed over the years."[/size]
[size=45]The continuation of the Iraqi state to rely on oil as the only source of the general budget makes Iraq at risk from the global crises that occur from time to time due to the impact of oil on it, which makes Iraq tend every time to cover the deficit through borrowing from abroad or inside, which thus indicates the inability to manage Effectively state funds, and the inability to find alternative financing solutions.[/size]
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    Current date/time is Thu 06 Oct 2022, 12:41 pm