{Economic: Euphrates News} Financial expert, Daoud Ali Zayer, believes that the international financial system prevents Iraq from dealing with non-dollars.
Zayer said; Belernamp {free speech} broadcast by the Euphrates satellite channel on Sunday evening, that: “The exchange of dollars against the dinar is not determined by the exchange rate, but the official price, and the parallel market is shortened by the requirements for the import of goods and does not exceed 20% in the best money, and it meets the trade of inter-off countries for sanctions, and part of them meets extrajudicial requirements, including the trade in drugs, organs and others.”
He added, “156 thousand dinars against the 100 US dollars does not represent the real exchange rate of the dollar,” noting that “90% of importers for cars, i.e. {caders} meet their credits through the exchange rate 132 and 10% of them secure its import through the black market.”
“Iranian goods meet a large part of the requirements of the Iraqi market, most of which are food that meet the requirements of poor families or less, and the problem is reflected on the exchange rate on the black market and requires in such a situation a system that avoids US sanctions,” Zayer pointed out.
He explained, “The international financial system does not allow Iraq to deal with other than the US dollar, and it requires the time and emergence of other competing international powers to impose a new financial system parallel to the US system that exists at the present time.”
Zayer pointed out that “the United States dominates the domestic parallel market and legalizes the injection of dollars to Iraq, knowing that Iran’s intra-trade with the UAE reaches 7 billion dollars annually.”
He added that “the government of Prime Minister Mohammed Shiaa Al-Sudani accompanied the crisis of changing the exchange rate directly and struggled to reduce the price and pressure its revenue, but it gained something very large, which is the transformation of the banking system into a banking system through legal means by importing goods.”
“There is a complex problem in the tax system tainted by corruption and bureaucracy and addressed by the current government through tax system reform regulations, which will be early next month and will be fully implemented and resolved in the coming year, and the government’s steps are confident and successful,” Zayer concluded.
At its regular session held on September 17, 2023, the Council of Ministers issued a decision on the paragraph of reforming the tax system within the government curriculum, which stipulated the following:
– Accounts and financial statements are approved and approved by a certified auditor mainly for tax calculation, after approval by the Board of the Competary of the Auditing and Control profession on the validity of the seal and signature of the auditor, submitted by all taxpayers, individuals, entities, companies and offices of the General Authority for Taxes.
– For the financial statements submitted by the taxpayers to the General Authority for Taxes and not covered by the audit by a licensed auditor, based on the commercial bookkeeping system for income tax purposes No. (2) of 1985, what is stated in paragraph (1) above is valid, provided that it is organized by the accounting regulatory offices approved by the Syndicate of Accountants and Auditors.
-The tax amount is collected according to the data in (1 and 2) above and the taxpayer is discharged directly.
– The General Authority for Tax Auditing the accounts submitted in (1) above according to a mechanism to be prepared, in coordination between the General Authority for Taxes, the Federal Financial Control Office and the Association of Chartered Accountants, and in the event of any accounting or financial imbalance that the legal accountant bears responsibility, and the mechanism includes measures to combat tax evasion.
– Obliging all taxpayers, especially importers, to present a document proving their clearance issued by the General Authority for Taxation, and the period of effectiveness of the clearance shall be one calendar year from the date of its issuance.
– Cancelling the query from the calculator for the purchase of foreign currencies for all previous and current taxpayers when they are reviewed by the General Authority for Taxes.
– Failure to meet the tax secretariats at the previously applicable border ports, and tax accounting is carried out at the center of the General Authority for Taxes and branches, and according to the taxpayer’s registration authority in the tax departments according to the mechanism contained in paragraph (1 and 2).
-This decision shall apply to taxpayers who fail to tax accounting before its issuance.
https://alforatnews.iq/news/خبير-مالي-النظام-الدولي-المالي-يمنع-العراق-من-التعامل-بغير-الدولار
