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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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    Diversifying revenues.. the most prominent reform challenges

    Rocky
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    Diversifying revenues.. the most prominent reform challenges Empty Diversifying revenues.. the most prominent reform challenges

    Post by Rocky Tue 20 Aug 2024, 5:01 am

    Diversifying revenues.. the most prominent reform challenges

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    Economy News - Baghdad
    Financial and economic experts believe that one of the basic principles of the government’s financial reform program, which was approved by the House of Representatives in October 2022, is to maximize non-oil resources in the country’s general budgets, as targets were set for them to increase their contribution to the total revenues generated by non-oil economic activity to 20 percent, instead of their historical rates that do not exceed 10 percent at best.
    The Prime Minister's Advisor for Financial and Economic Affairs, Dr. Mazhar Mohammed Saleh, said in an interview with "Al-Sabah", followed by "Al-Eqtisad News", that "diversifying non-oil revenue sources and maximizing them in general budgets is one of the biggest reform challenges in the financial and economic fields in the country. These challenges come from the link between diversifying budget resources and the success of diversifying the country's gross domestic product, especially the three sectors of agriculture, industry and services, as the oil production sector still dominates a percentage of the components of that gross domestic product that reaches 60 percent, which gives the national economy a rentier character and direct coexistence with the financial flows provided by the oil resource and nothing else, mostly." 
    He added, “The first step taken by the current government to maximize non-oil revenues began with adopting a new approach to tax reform. Earlier this year, the Council of Ministers approved eight new packages to reform the country’s tax system, led by the principle of expanding tax bases, especially those that are hidden, evading, or neglecting annual tax accounting. Two of these packages have been launched to date, and the remaining packages will be launched in succession and gradually within the government’s reform policy in the financial field and maximizing the state’s resources from sources of income and wealth outside the oil sector.”
     


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