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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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    Al-Sudani's advisor reveals the importance of the electronic payment experience: it reduces transact

    Rocky
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    • Post n°1

    Al-Sudani's advisor reveals the importance of the electronic payment experience: it reduces transact Empty Al-Sudani's advisor reveals the importance of the electronic payment experience: it reduces transact

    Post by Rocky Sat 03 Jun 2023, 7:03 am

    [size=45][size=41]Al-Sudani's advisor reveals the importance of the electronic payment experience: it reduces transaction costs by 5%[/size]
     22 hours ago
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    The financial and economic advisor to the Prime Minister, Mazhar Muhammad Salih, revealed the importance of launching and generalizing the electronic payment experience in government and private institutions.
    Saleh said, in a press interview seen by Taqaddam, “Electronic payment at the level of individuals and the market in general is a digital monetary phenomenon that contributes to improving the functions of money itself through the development of payment systems in the economies of the world. Rather, electronic payment has become a tool that reduces transaction costs compared to transaction costs that It relies on direct cash payment, as transaction costs for direct cash payment are estimated relative to the gross domestic product of not less than 5% as a result of cash circulation between individuals, the market and banks, and these high costs come due to the cost of managing the same liquid cash mass between family spending units, the market, the banking system and the government. .
    And he stated, “This is how the advanced economies are today paving their way to an era of transparent digital cash payments with high governance, devoid of ambiguous cash transactions and the various security risks that surround them due to the absence of an element of transparency and certainty, as well as the availability of payment speed and accuracy of payments in electronic payment systems and their role in activating the capabilities of The banking system is an effective player in the management of digital payment systems.
    Saleh added, "Given the government's significant economic role in the economy, which increases the contribution of government activity to the gross domestic product to 63%, and government spending through the budget rises to approximately 50% of the GDP itself, the electronic government collection will have an important contribution to The speed of cash flow and collection within the framework of maximizing public revenues in the annual general budget, instead of stalling, stagnating and accumulating financial revenues with collection units and through separate sub-accounts for months and even years sometimes without benefiting from them.
    He pointed out that “electronic taxation, due to the interconnection of systems, will be more rapid in flow, collection and spending, and is characterized by high accounting transparency and the implementation of the principles of financial governance, especially when the so-called unified treasury account is available (which is a unified accounting center that reflects an accurate and timely picture of cash flow from collections and expenditures of public finances and in all Moment) Thus, electronic collection will enable the financial administration to disburse and act without facing temporary deficits in financial revenues due to delays in collection and collection by traditional methods, which are still caused by collection methods in their primitive forms.
    And the financial and economic advisor to the Prime Minister continued, “It can grant encouraging allowances to payments made through electronic collection in exchange for setting an additional wage when resorting to traditional collection, and this generates an effective differentiation between the two types of collection in the interest of the progress and development of government digital payment systems.”
    Saleh noted that "electronic taxation as a system will help combat an important aspect of financial corruption that is achieved through traditional collection methods that are based on cash payment for government services by individuals and the costs, burdens and problems it causes when collecting."
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