Fnu Lnu [Post 2 of 2] It is also not true that one must have a receipt or pay 40-50% in taxes. The tax code is written for both kinds of people. Those who pay taxes and those who do not. Guess which side the rich are on? They use Asset Protection…to defer and reduce…tax liabilities and anyone can do it…Do not be misled. Consult an ASSET PROTECTION ATTORNEY and forget the rest of what you hear and read. [Consult your tax professionals and APA at the appropriate time to build a tax strategy that’s right for your unique circumstances]
Fnu Lnu [Post 1 of 2…..] [Response to Guru Henig post 3-16-2024 below] The taxation issue is not complex and I have it directly from the taxing authority (IRS) and an agent within the IRS. The taxation will be a matter of choice (YOU DECIDE). You may either pay tax as “REGULAR INCOME” or as Capital Gains. YOU CHOOSE! Depending on your structuring for tax advantages…Regular Income is the easiest way to deal with the income/profits as it is amenable with classic Asset Protection…The notion that you must have receipts is not true because you can choose Regular Income.
Above mentioned post is below
Henig Question about Guru Frank26 tax post 7-15-2024 below “I specifically asked last year did we have to have receipts of when we purchased dinar...i was told no we did not. now…frank says-Yes you’re going to pay taxes, that’s why it’s important to have a receipt…please let me in on what is going on. need receipts or not?” IMO receipts aren’t needed for the exchange transaction itself…But when you do your taxes I believe there’s a VERY good chance that the IRS would want to know the dates on which you purchased your currency in order to determine whether it falls into long term capital gains or short term capital gains for tax purposes.
Walkingstick [Response to the recent video below and articles coming out about Iraq’s monetary reform] That’s how it’s supposed to work. The monetary reform education to the citizens. There’s going to be a slew of articles that are still coming. This is just the beginning.
Sandy Ingram A major financial change in Vietnam…Decree 52 regulates non-cash payment in Vietnam and will significantly alter Vietnam’s financial landscape...Decree 52 marks a significant milestone in Vietnam’s journey towards a cashless economy. If you have VND bank notes you will need to find out how you can comply with Decree 52 as a foreigner. [We] will research the topic and report back as soon as we understand the procedure. According to the news report the banks have 24 months to comply…
Buckeyetree Dropping the zeros is primarily from the exchange rate, that is, moving the decimal point over 3 places which causes the need for new currency, the lower notes, which delete the physical zeros on the notes themselves. We are anticipating a rate that is better than 1 to 1 because Sudani said that the dinar will be stronger than the dollar… Dropping the physical zeros and rate change for reinstatement need to happen at same time. Otherwise, lower notes would be practically useless.
MarkZ [via PDK] That is not impossible [emails could start today]…but with the crazy conflicting stories floating around…I still think the timing will be a surprise. We need discernment and patience right now.
Pimpy It’s not the job of the World Trade Organization to handle Iraq’s currency exchange rate. That’s not what they’re there for. It’s called the World Trade Organization not the World Exchange Rate Organization.
Mnt Goat We heard this week that Al-Sudani again told the citizens that they can expect a “new currency” and so we know its not more of the 3 zero denominations since the CBI told us they are not going to issue the 20K note or any more other of these notes along this line. So what could this mean? It can only mean fresh new notes of lower denominations reverting back to the currency denominations of the past and finally ditching these 3 zero notes…
Samson Article: “Minister of Trade arrives in Geneva to head the negotiating team for Iraq’s accession to the World Trade Organization”
Clare [Referencing The Drop the Zeros Video below] THAT VIDEO…IS HUGE…THEY ARE EDUCATING THE PEOPLE ABOUT THE DELETION OF THE ZEROS PROJECT. THE ZEROS WILL COME OFF THE EXCHANGE RATE WHICH CHANGES THE VALUE, AND THEN AT THE SAME TIME INSIDE IRAQ NEW NOTES ARE RELEASED WITHOUT THE 3 ZEROS. IT IS THAT SIMPLE. YOUR NOTES OUTSIDE IRAQ REMAIN THE SAME – AND YOU CAN EXCHANGE THEM AFTER THE RI HAPPENS.
Frank26 Here’s the video [below]. Do you see a 50,000 Iraqi note? Do you see the 3-zeros have been slashed off the 50,000 note? Isn’t that wonderful? Educating the citizens. Those of you who understand Arabic enjoy! Woohoo! It’s not a secret anymore. Everybody knows…It’s from the Saudi Arabia area. Quote “The project to delete zeros from the currency is still in place. It was confirmed by the Governor of the Central Bank of Iraq...It means the value of 1,000 note is 1,000 dinars and will be replaced by a note worth one dinar of the new currency.“
