Mazhar Mohammed Saleh announces an increase in non-oil revenues compared to previous years

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[size=52]Mazhar Mohammed Saleh announces an increase in non-oil revenues compared to previous years[/size]

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09/01/2024
He pointed to two factors that contributed to maximizing revenues...
Baghdad:
The Prime Minister's Advisor for Financial Affairs, Mazhar Muhammad Salih, announced an increase in non-oil revenues compared to previous years, while pointing to two factors that contributed to maximizing revenues.
Salih said in a press statement: "There are tangible positive indicators in the growth of non-oil revenues for the year 2024 compared to previous years that reached record levels," explaining that "the development of oil and non-oil revenues (at the semi-annual level) between 2023 and 2024 has shown a distinctive growth in revenues in general, and non-oil revenues in particular, as these available financial digital data indicate tangible levels of financial revenues."
He pointed out that “oil revenues (semi-annual) for the year 2023 amounted to 53.88 trillion dinars, while non-oil revenues amounted to nearly 0.42 trillion dinars (during the six months of the same year 2023),” indicating that “oil revenues in the first half of 2024 amounted to 58.80 trillion dinars, while non-oil revenues (at the end of the first half of 2024) rose to reach 7.18 trillion dinars.” He continued by saying: “This is a major development in public financial capabilities during the current year to maximize its resources from non-oil sources,” adding that “they are clear trends that have taken their practical course, relying primarily on a new approach to tax reforms (in both direct and indirect forms).”
Saleh added that “the positive development in non-oil revenues is due to two important factors, the first: the broad applications of government policies in the field of public finance reform (organizationally and procedurally) through paths that are in line with the principle of maximizing non-oil revenues stipulated in the government’s financial reform program, which calls for raising the contribution of non-oil revenues to 20% of total annual revenues compared to the previous low rates.” Saleh stated that “the Council of Ministers 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, as two packages have been launched to date, and the rest of the packages will be launched sequentially 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.” He pointed out that “the second factor stems from the importance of implementing e-governance operations, especially the serious progress in implementing digital service systems in cooperation and technical and organizational assistance provided with financial and commercial bodies and institutions affiliated with the United Nations.” He explained that “the adoption of digital applications in Border crossings and customs sites that have taken important parts of the audit and estimation processes, in addition to the expansion of the scope of digital customs and tax collection related to electronic payment, worked to maximize non-oil financial resources and control cash flows for the benefit of the treasury, which is a matter that began to flow into the integration of procedures for implementing the unified treasury account and imposing financial discipline on cash flows in the federal public finance at the same time.”[/size]
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