Outside The Debt Circuit
Economic 2025/02/24 Bashir Khazal For many years, external debt formed a great burden on the treasury of the Iraqi state, to pay the debts of countries, banks and global organizations, due to the absurd wars that have rolled over the country since the eighties The state’s revenues are mortgaged in a large part to pay that debt.
However, the rotation towards an effective and successful economic policy in the recent period led to the enforcement of Iraq from the largest part of it, and it has become out of the danger of banks and creditors abroad.
A step in the right direction is calculated for the current government in its program for developing the Iraqi economy.
For the first time, the Iraqi state gets rid of the burden of external debt that it has set economically after the war from the year 1980 to the present time.
Currently, the remainder of debts to international parties constitute only less than 9 billion A dollar is from now to the year 2028, and
the ratio of this debt compared to GDP does not constitute a burden on the state,
It constitutes what is 5 percent of GDP, and the
global standard allows 60 percent of GDP to be external debts.
At this stage, Iraq has become a well-fortified country in the place of external debt.
More precisely that it has become outside the dangers of external debt, which gives the country high credit in the field of global credit rating,
with an integrated coordination between the Central Bank of Iraq and the Ministry of Finance in paying debt dues, whether debt services are “benefits and installments” or pay the debts once”,
It is also calculated to perform these economic institutions that were able to take good steps despite the presence of corruption cases from here and there, the
government is still working to fight it. By all means, exercising successful policies by public finances in the subject of debt, through the
financial strengthening of external debt extinguishing, and
borrowing in a lower rate,
which led to positive results that reflected its reality on the entire Iraqi economy, and by 2028 the external debts will remain due.
Steps in the right direction in the government’s economic policy that supports its foreign policy, and
Iraq has the opportunity to turn into the most important global economic country,
especially since foreign investments put its eye that Iraq is a country of diverse resources and raw materials necessary for a large strategic industries that enter a large part of it in the field of energy production.
Despite the difficult crisis and conditions that the region and the regional environment in particular, we see that
Iraq also succeeded to distance itself as a country away from the conflicts and wars that can deplete its wealth, capabilities and human and natural resources, as
the successful policy is that the decision is correct and effective in crises and returns to it. Multiple-sided benefits in the present and future. https://alsabaah.iq/110621-.html
Cooperation Between Iraq And The ITIC Center To Promote Tax Reform
Economic 2025/02/24 Baghdad: Hussein Thaghab In a move that is a qualitative shift towards promoting tax reform, an Iraqi local institution signed a strategic cooperation agreement with the International Center for Taxes and Investment (ITIC) in Washington, with the aim of supporting efforts to reform the tax system in Iraq.
This agreement, signed by the “Asset” organization, came at a time when the data showed the increase in tax revenues during the year 2024 to more than 3.5 trillion dinars, which reflects a remarkable improvement in managing this vital sector.
The Chairman of the tax reform committee, Counselor Dr. Abdul Hussein Al-Anbaki,
the agreement as an “important step towards reforming the tax system in Iraq”, stressing that
cooperation with ITIC represents a qualitative shift in the reform process. Al-Anbaki told Al-Sabah:
“The International Center provided a team of full -time experts specializing in tax reform to
study the current reality of taxes in Iraq, and work to
reform the pillars of this sector.” He added:
“Our goal is to build a fair and transparent tax system,
dependent on best practices International, and
contributes to strengthening the investment environment and
supporting the national economy.”
He continued: “We pay great attention to the private sector, as we seek to attract investments by providing an ideal environment.
Our supreme goal is to raise the contribution of the private sector to GDP in greater proportions.”
For his part, Khaled Al Jabri, head of the “Assets” organization and member of the Higher Committee for Tax Reform in Iraq, described
this partnership as “an important and strategic step towards strengthening international cooperation in the field of tax and investment reforms in Iraq.” Al-Jabri told Al -Sabah:
“This cooperation contributes to achieving a more transparent and sustainable economic environment, and enhances non-oil revenues by improving the business environment, especially for foreign companies operating in Iraq or that wish to enter the Iraqi market.” He added:
“This cooperation works to provide the Iraqi government with the expertise necessary to
achieve growth in all areas of the economy, and to enhance non-oil national imports at the expense of oil imports.”
Al-Jabri pointed to the growth of tax revenues in Iraq, as the year 2024 witnessed the investigation of tax revenues of 3.755 trillion dinars, stressing that
the work continues to address the main problems that hindered the performance of the tax system for a long time. He revealed that the coming days will witness the treatment of three main problems that have burdened the taxpayers, the
first of which is the problem of similarity of names, which are being addressed through an advanced digital system that prevents procedural errors.
Inquiry about the taxpayers will also become completely digital, which facilitates the knowledge of the tax situation without the need to review the body. In addition,
inquiries about companies will become an electronic available for government departments, which enhances transparency, encourages investment and speeds up procedures.” He pointed out that the
role of the Supreme Committee for Tax Reform in achieving growth is clear, as the Supreme Committee for Tax Reform contributed directly to improving revenues,
by organizing the tax administration within the General Tax Authority, which
helped reduce corruption and
celerate the completion of transactions, and
issue motivational decisions such as exempting the taxpayers Of fines and benefits, which encouraged them to pay the dues. https://alsabaah.iq/110620-.html
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