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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

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    Al-Sudani’s government aims to raise non-oil revenues by 300%..Does the 2023 budget include a “huge

    Rocky
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    Al-Sudani’s government aims to raise non-oil revenues by 300%..Does the 2023 budget include a “huge Empty Al-Sudani’s government aims to raise non-oil revenues by 300%..Does the 2023 budget include a “huge

    Post by Rocky Sat 31 Dec 2022, 5:11 am


    [size=30]Al-Sudani’s government aims to raise non-oil revenues by 300%..Does the 2023 budget include a “huge tax package”?

    2022-12-31
    [/size]
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    Yes Iraq: Baghdad

    It seems that the budget for the next year 2023 aims largely to collect non-oil revenues by unknown means yet, in what appears to be compensation for expenses and salaries that will be spent on new appointments amounting to about half a million appointments between installing lecturers, contracts, administrators, and others.
    The first sign of boosting non-oil revenues in the 2023 budget was Finance Minister Taif Sami’s talk about imposing “taxes” on oil derivatives, as it is expected to raise a percentage of the subsidy on gasoline, kerosene and other derivatives, which may cause uproar in the coming days.
    Today, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, announced it explicitly that the government program aims to raise the contribution of non-oil revenues to 20% of the total revenues.
    Salih said, "The essential features drawn by the government curriculum, which was approved by Parliament in October 2022, are moving in two directions within the scope of addressing the unilateralism of the economy and the almost absolute dominance of oil over the conduct of economic life in Iraq."
    He added, “The first trend is represented in the field of public finance, which looks forward to the percentage of the contribution of oil revenues to total public revenues gradually falling from 93% to 80%, which requires accuracy and speed in obtaining public finances for smuggled tax assets, in addition to the availability of supportive policies for private activities that contribute to In maximizing the levels of individual income and gross domestic product in general, which is the source of tax bases supporting public finances from non-oil revenues.
     
    In looking at the revenues of the current year, it is expected that they will reach more than 160 trillion dinars until the end of the year, of which the value of non-oil revenues is 7.4 trillion Iraqi dinars.
    And if non-oil revenues constitute 20% of total revenues, then according to the total revenues, non-oil revenues should be more than 30 trillion dinars, up from 7 trillion dinars, which means an increase of more than 300%.
    Questions are raised about how to achieve this and achieve about 25 trillion dinars in additional non-oil revenues.
    Looking, for example, at the value of what the state loses by subsidizing oil derivatives, specifically gasoline. According to previous accounts of “Yess Iraq,” the state loses 1.4 billion dinars per day, which means more than half a trillion Iraqi dinars during the year.
    Even by lifting the full subsidy on gasoline, which is one of the most consumed derivatives, and lifting subsidies on all other oil derivatives and not just imposing a tax, it is not expected that the state will achieve more than 2 trillion dinars annually, at a time when it aims to obtain about an additional 25 trillion dinars. as non-oil revenues.
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