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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


    Experts: Preparing an effective tax system contributes to redistributing income among the social cla

    Rocky
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    Experts: Preparing an effective tax system contributes to redistributing income among the social cla Empty Experts: Preparing an effective tax system contributes to redistributing income among the social cla

    Post by Rocky Wed 28 Aug 2024, 5:05 am

    Experts: Preparing an effective tax system contributes to redistributing income among the social classes

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    Economy News - Baghdad
    Diversifying and maximizing non-oil revenue sources in public budgets is the “biggest challenge,” in light of the government’s desire to implement economic reforms and end the oil rentier state.
    The most prominent of these steps is preparing tax reforms that contribute to increasing revenues and activating productive sectors, in a manner that is consistent with the volume of business in the Iraqi economic cycle and available opportunities.
    Economic experts believe that preparing an effective tax system contributes to redistributing income among the classes of society, and helps the government enhance various services throughout the country, noting that the current tax system is characterized by stagnation.
    Economic expert Dr. Abdul Karim Al-Issawi said in an interview with “Al-Sabah” followed by “Al-Eqtisad News” that “the Iraqi economy is characterized by absolute rentierism, as oil revenues dominate 96 percent of the state’s total revenues, while non-oil revenues represent the smallest part,” noting that “this is due to wrong economic policies.”
    He added that “the current tax system is characterized by stagnation and backwardness, in addition to administrative and financial corruption, as well as the difficulty of determining the tax base, which leads to increased tax evasion due to the unfairness of taxation.” Al-
    Issawi stated that “taxes, in light of this, do not play a major role in non-oil revenues, nor do they play an influential role in redistributing income between the rich and poor classes that expect various social services from the government.” The
    expert believes that “the process of imposing taxes is a national responsibility that the taxpayer must pay when subject to its controls. Rather, the national duty requires the citizen to pay the tax on the nature of the work he does through annual disclosure and accounting. When a country has a balanced and comprehensive tax system, social and economic justice is achieved by maximizing the benefits to local income.”
     For her part, academic and economics specialist Dr. Wafaa Al-Mahdawi explained that “financial sustainability requires a system in which the rate of taxes paid is equal to the rate of costs for each citizen, including a certain share of future infrastructure, so that service levels remain at the same level.”
    “The call for higher tax rates is to maintain existing levels,” she added, noting that “obtaining measures of the net financial impact of population growth in local and country governments is difficult.”
    Al-Mahdawi explained that “tax exemptions granted to investment projects in certain areas can cause erosion of the tax base.”
    The Prime Minister’s Advisor for Financial Affairs, Mazhar Mohammed Saleh, confirmed the day before yesterday that “the first step taken by the current government to maximize non-oil revenues began with adopting a new approach to tax reform.”
    It is noteworthy that the Council of Ministers had approved earlier this year 8 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.


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