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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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    How likely is it to raise taxes to cover the deficit? A government advisor answers

    Rocky
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    How likely is it to raise taxes to cover the deficit? A government advisor answers Empty How likely is it to raise taxes to cover the deficit? A government advisor answers

    Post by Rocky Sun 08 Sep 2024, 4:31 am

    How likely is it to raise taxes to cover the deficit? A government advisor answers

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    Baghdad Today - Baghdad
    Mazhar Muhammad Salih, the economic advisor to the Prime Minister, commented today, Saturday (September 7, 2024), on the possibility of the government resorting to raising tax rates in order to cover the financial deficit.
    Saleh told Baghdad Today, "Taxes in their direct and indirect forms are subject to the law, but the problem in our country is tax evasion by taxpayers."
    He added: "Therefore, what the state seeks in tax reform falls within the principles of the government's program to raise the contribution of non-oil revenues to become 20 percent of public revenues instead of the current dominance of oil at 90 percent of total public revenues."  
    Based on the above, Saleh added that “the first step taken by the current government to maximize non-oil revenues began with adopting a new approach to tax reform,” adding: “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 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.”
    Earlier today, Saturday, Al-Sudani's advisor downplayed concerns raised about a crisis in the employee salaries file due to the lack of cash liquidity in the state treasury, indicating that they are nothing more than rumours launched from time to time to raise anxiety among people.
    Earlier today, Saturday, the Ministry of Finance announced that the monthly salaries of employees and workers in the public sector are being financed according to the cash liquidity available to it.
    Finance Minister Taif Sami said in response to an inquiry regarding this matter, signed by her, which was viewed by Baghdad Today, that “there is no delay in disbursing salaries to all government departments, and according to the disbursement dates.”
    She added, "Financing is done according to available cash liquidity."
    Since September 4, 2024, global oil prices have witnessed a significant decline, with Brent crude falling below $74 per barrel.  
    For his part, economic expert Nabil Al-Marsoumi warned of a salary crisis affecting employees due to the drop in the price of a barrel of oil to $70, indicating that this drop has a negative impact on the national economy.
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