On Thursday, the Iraq Future Starting point for financial investigations and that’s what counsels reported, interestingly, non-oil incomes of the Iraqi state recorded 11% of absolute incomes, with oil incomes falling underneath the 90% hindrance.
According to the Foundation’s most recent report, “oil revenues reached 48.4 trillion Iraqi dinars (37,025,545,040.00 USD), while non-oil revenues totaled 6.24 trillion Iraqi dinars for the first five months of 2024.”
The report states that revenue from income and wealth taxes has increased by 128 percent, while revenue from commodity taxes and production fees has increased by 285 percent. Fee revenues have increased by 50 percent, while revenue from oil taxes has increased by 6.4%.
In Iraq, the oil industry is regarded as an essential economic pillar. During global crises, Iraq’s sole reliance on oil for its general budget presents a significant risk because fluctuations in oil prices force the country to borrow repeatedly to cover deficits. This demonstrates poor financial management and the absence of alternative financing options.
Over 92% of Iraq’s state budget comes from oil exports, making it the second largest producer in OPEC.
