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Cabinet Secretariat: There is no truth to converting self-financing companies to central financing
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Baghdad Today - Baghdad
The General Secretariat of the Council of Ministers denied, today, Wednesday, August 21, 2024, news of converting self-financing companies to central financing.
The Secretariat of the Council of Ministers said in a statement received by "Baghdad Today", "There is no truth to the conversion of self-financing companies to central financing, and public companies were and still are governed by the Public Companies Law (No. 22 of 1997), and no change can be made except by a law enacted by the House of Representatives."
He added, "As for raising the treasury's share in settling public companies' accounts from 45% to 75%, the company's net profits are calculated after calculating and covering all of the company's expenses, including salaries, allowances and incentives, and none of them are affected by the increase in the treasury's share. It must be noted that raising the treasury's share has previously been implemented in previous governments to support the state treasury."
The statement explained, "As for what is being circulated about the procedure of raising the treasury's share by the recent Cabinet decision to transform profitable companies into loss-making companies, this is absolutely untrue."
He pointed out that "the Cabinet's decision to amend the percentages is based on Article (11/Fifth) of Public Companies Law No. (22 of 1997), which is an explicit authority for the Cabinet stipulated by law."
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