The Parliamentary “Finance” in Iraq reveals a joint plan with the private sector to maximize revenues

The Parliamentary “Finance” in Iraq reveals a joint plan with the private sector to maximize revenues

archival August 14, 2021 11:43 PMnull

Mubasher: The Parliamentary Finance Committee in Iraq revealed, today, Saturday, a joint plan between the committee, the Ministry of Finance and the private sector, which will be developed to address some points that will maximize revenues, strengthen the economy and solve its problems.

Member of the Committee, Deputy Sadiq Al-Sultani, told the Iraqi News Agency (INA), that “after the approval of the 2021 budget law, observations were made in the private sector after the increase in the Iraqi dinar exchange rate against the dollar, as prices changed in the markets in addition to changes in the local economy in the sector. special when comparing this change with tax deductions that included several paragraphs.

Al-Sultani added that “a joint workshop was held between the Finance Committee and the Ministries of Finance and Planning to find out the problems that hinder the work of the economy, businessmen and the private sector and how to address these points in the next year’s 2022 budget.”

He pointed out that “the workshop also discussed the reform paper developed by the Ministry of Finance, in addition to many discussions,” stressing that “joint committees will be formed before approving the 2022 budget, between each sector, whether at the level of the private sector for energy or some agricultural and industrial sectors, to come up with results and data. A mission that marks in the next budget in order to advance the service and economic realities in the country.

Speaking about the parliament’s amendments to the text of the current year’s budget, he pointed out that “many paragraphs of the 2021 budget have been amended, in order to maximize tax revenues, and if we compare today to what was 8 months ago, we find that a qualitative leap has been achieved in the amounts of tax revenues.”

He noted that “the private sector suffers from these taxes, and when the state and its institutions increase them in order to advance revenues for the public interest, there is an objection from the private sector because the matter may cause an increase in prices.”

He continued, “Therefore, a joint plan will be drawn up between the private sector, the Ministry of Finance and the Finance Committee in order to identify these points that may lead to a weak economy and weak taxes, and the results that lead to an increase in revenues will be addressed through these committees,” noting that “the budget numbers It is subject to its completion before the elections by government institutions.”

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