Minister of Oil: We have developed plans to provide an appropriate investment environment for international companies
The Iraqi Oil Minister, Ihsan Abdul-Jabbar, confirmed that his ministry has set in its plans to provide an appropriate investment environment for international companies to work in the oil and gas sector in Iraq.
On the sidelines of his participation in a video meeting with the American Chamber of Commerce in Houston, he said, “The ministry has set in its plans and priorities to provide the appropriate investment environment for international companies wishing to work in Iraq, especially in the gas, clean and renewable energy sectors, infrastructure development and improving the environment.”
Abdul-Jabbar pointed out that “the government and the ministry are keen to develop the oil and gas sector and increase the volume of investments in clean and renewable energy projects in cooperation with specialized international companies.” link
Barham Salih, President of China: The stability and sovereignty of Iraq are central to the security of the region
The President of the Republic, Barham Salih, made a phone call to Chinese President Xi Jinping, on Wednesday.
A statement by the Presidency of the Republic, a copy of which was received by Mawazine News, said that Saleh congratulated President Xi Jinping on the centenary of the founding of the Communist Party of China, and the phone call emphasized the depth of the historical relations between the two countries, the importance of expanding the horizons of joint cooperation in the economic, commercial and industrial fields, and the role of Chinese companies in the reconstruction of Iraq and their contribution to the sectors of infrastructure, energy and oil in a manner that serves the interests of the peoples of the two friendly countries.
The statement added that, during the call, it was emphasized the need to enhance cultural cooperation between the two countries, increase the number of fellowships for Iraqi students in Chinese universities, and value China’s role in helping Iraq confront the Corona epidemic by sending vaccines and experts to help Iraqi health cadres.
The phone call also discussed developments in the region, where President Barham Salih stressed the importance of work and coordination in order to defuse crises and reduce their tensions, noting that Iraq’s security, stability and sovereignty are based on the security and stability of the region. link
The Ministry of Finance forms a central committee to reform the tax system
The Ministry of Finance has formed a central committee to activate the reforms included in the white paper and address the problems that the General Tax Authority is experiencing.
According to a document seen by “Nass”, Finance Minister Ali Abdel Amir Allawi issued a ministerial order in which it was decided to form a central committee that will undertake several tasks, foremost of which is ” following up on the implementation of the tax system reforms listed in the white paper.”
The Minister of Finance, Ali Abdul-Amir Allawi, had launched a conference on reforming the tax sector in Iraq a few days ago.
The conference discussed a number of main axes that, in total, constitute the roadmap for implementing the reform and development plan for tax policy. According to a statement issued by the ministry, “Nass” received a copy of it, (August 14, 2021). Iraq, real estate tax, government contracts tax and direct deduction, in addition to discussing the income tax axis on oil licensing companies, private and public sector employee salaries, mobile phone and business tax, and currency auction taxes.
The statement pointed out that “the aspect of tax exemptions on investment projects was discussed, as it is considered one of the incentives to attract investors and expand the base of promising development opportunities.”
And the Minister of Finance indicated that “the conference aims to discuss mechanisms to reform and modernize the current tax system by reviewing legislation and tax laws and instructions for their implementation in line with the challenges of the current economic reality, and the impact of the tax sector on the monetary and financial policy in the country.”
The ministry’s statement stated that “the importance of holding the conference came in accordance with several necessities, the most important of which is that the current tax system does not meet the requirements of economic advancement and does not support the elements of achieving comprehensive and sustainable development.”
He pointed out that “these reforms will have positive repercussions that will provide the necessary revenues to finance the state’s public expenditures, activate the investment reality and establish development projects that provide new job opportunities among young people.”
Allawi stressed that “the Ministry of Finance is moving towards implementing its reform programs related to tax policy, as it is one of the most important strategic objectives stipulated in the white paper,” noting that “the ministry pays great attention to the introduction of global technology and modern digital systems through the complete automation of tax work and benefiting from international expertise. And discreet companies specialized in the tax field and providing tax services with high quality and accuracy. link
Source: Dinar Recaps
If I’m not mistaken, I believe the Afghanistan’s currency was to be included with the currencies that are revaluing; if so, looks like their currency may be removed from the basket of other currencies. Just read the following news article: “The International Monetary Fund announced that Afghanistan will not be able to access the Fund’s resources, against the backdrop of the uncertainty surrounding the legitimacy of the authority in it after the Taliban took control of the capital, Kabul.”
With all the progress that’s been made by Iraq & how they’ve been doing a lot of talking, I’m thinking this issue may speed things up a little bit for us with the RV, though.
Kasey, Im of the mind they originally were going to release it, internationally, on the 1st but due to processing, it was extended due to the bond sales to increase their reserves 1st week of August. Believe their debt level was reduces as their reserve level increased
In agreement with you; the Afghanistan issue seems to be having a slight impact for us, but not necessarily in a bad way, just want to be clear on that point; I’ve been reading info on the funds received by the Taliban so I’m sure this RV release is on the minds of those involved with the implementation of the RV.
I don’t see an RV for awhile with the Failure in Afghanistan
Iraq and Afghanistan are two different issues,, the progress Iraqs made is showing now for the release. Afghanistan is reason enough to do it so they don’t end up like them.
I wonder if things are on hold or are things still moving toward end of month with no roadblocks. Are banks anticipating or have they retreated?
Doc, from what I’ve been reading, I would venture to say by the end of the month, if not sooner.
Doc, as I expressed to Kasey, things are full speed ahead with an expected end. The Supreme Court case has no effect on the release of the currency. Its am argument on procedures to address other issues and the Baghdad Summit is set to go in order to parade their accomplishments for investors and surely, they will not be boasting of progress with a program rate.
Source: Dinar Recaps
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