Iraqi News Highlights Saturday Evening 10-22-22
Full and dangerous details.. In this “easy” way, the $2.5 billion was stolen in Iraq – Urgent
1,006 Economie 10/21/2022 20:02 Baghdad today – Baghdad
Economist Mustafa Akram Hantoush revealed the full story of the theft of the $2.5 billion, which turned out to be “supported” by law, due to the backwardness of laws, especially that the law dealing with the issue of refunding tax deposits dates back 40 years and contains a large loophole that facilitated the theft process.
Hantoush said, in televised statements, which were followed by (Baghdad Today), that “the parties that stole the amount of tax deposits reviewed Article 21 in Tax Law No. 113 in 1982, that is, the headquarters 40 years ago,” noting that “the nature of financial laws after 3 years, corruption can enable corruption.” and become useless.”
He added that “this Article 21 is called rebate, and that the thieves reviewed this article before their operation, as the article states:
“The financial authority must return to the taxpayer what he had paid to it in tax more than the amount verified, provided that he submits an application for this within 5 years, starting from end of the fiscal year in which the increase was paid.
He explained that “those responsible for the robbery noted that the opportunity is favorable to take the accumulated amounts in the trust account, as after 5 years, these amounts will be withdrawn and go to the state treasury.”
Regarding the origin of this money, Hantoush explains,
“The importer, for example, opens a documentary credit of 10 million dollars, and
when his goods are incomplete or the amount of tax is only 7 million dollars, 7 million dollars are taken from this documentary credit as a tax to the state treasury, and this remains The 3 million dollars are in the trust account until the importer completes bringing his goods, so
the state takes this remaining money, or
if the goods do not come, the importer is required to recover his remaining tax money from the trust account.
He added, “When they noticed the accumulation of these sums and there is no clear law to deal with them and how to dispose of them, which are supposed to be state funds and were about to be transferred to the treasury,
they decided to withdraw them,
but with a small treatment and through the House of Representatives and the Council of Ministers, where they were convinced that “this money For traders and importers who want to
recover it without obstacles, and it was long overdue for them, and to facilitate the matter,
the request was that it be excluded from auditing by the Financial Supervision Bureau, because
it will delay the recovery of the money of the claimants, and
in the interest of “humanitarian” and facilitating the matter of investment companies,
the Financial Supervision Bureau was excluded, and
the matter became in the hands of the Commission Taxes that were easily able to issue bonds of exchange for these companies.” https://baghdadtoday.news/ar/news/203911/تفاصيل-كاملة-وخطيرة-بهذه
Aware / A Member Of The Finance Committee Reveals The Beginning Of The Story Of Theft Of Trillions Of Taxes (document)
October 20, 2022 7 Views conscious / Baghdad / A member of the Parliamentary Finance Committee, Mustafa Sanad, revealed the beginning of the story of the theft of trillions of tax authority funds.
Sanad said in a post on Facebook and attached to a document he received (Iraqi Media News Agency / INA)
“From here the story began, when the tax, through its former manager, harassed twenty oil companies that had amounts deposited in the tax as tax insurances for the purpose of transferring the amount to the treasury.
Three sides fought over the money at the same time:
1- The state’s treasury (in a fundamental way) earned one trillion dinars
2- Foreign oil companies (tax evasion and their pressure on the Minister of Oil and the Prime Minister) and an attempt to recover the deposits
3- The organized crime network, which won the battle and stole about four trillion dinars
واع / عضو باللجنة المالية يكشف بداية قصة سرقة تريليونات الضرائب (وثيقة)
Iraq’s export of its oil in the form of derivatives instead of crude… It will bring in 60% more revenue to achieve $15 billion per month
Fri, 21 October 2022 11:54 AM Follow-up / National News Center
Government talks and advice from economists are increasing on the
need to diversify the Iraqi economy and the
extent of the danger of continuing dependence on oil,
amid expectations that the demand for oil will change by 2030, that is, after only 8 years.
Despite this complete conviction, nothing has happened by successive governments to act according to this conviction,
while Iraq continues to approach the danger that all data confirm the inevitability of its occurrence, no matter how long it takes, while specialists describe that “filling the needs of the current generation will be on Calculating the development and needs of future generations,” a frightening sentence.
Perhaps one of the opportunities for economic transformation and to remedy the danger of complete dependence on oil is for Iraq to export, in addition to crude oil, gasoline and other fuels.
Government advisor Mazhar Muhammad Salih says:
“Currently we are importing gasoline to achieve self-sufficiency.
We must create an infrastructure that achieves sufficiency and exports the surplus.
In this context, we must go to develop the petrochemical and refining sector, and
the benefit here will be great, as refining one barrel of crude oil.
It gives us derivatives more than 5-7 times its value, and
the energy sector is responsible for 50% of GDP, 93% of financial resources and 98% of foreign flows, and
therefore the oil sector must be restructured.
A barrel of crude oil, which amounts to 159 liters, can produce
73 liters of gasoline, and
38 liters of kerosene, in addition to
aviation fuel in an amount of 14.82 liters, as well as
liquefied petroleum gases in an amount of 6.6 liters, in addition to
heavy fuel oil in a quantity of 6.4 liters. And
other products with an amount of 25.8 liters.
And if we calculate at today’s prices, the average price of a liter of gasoline and kerosene globally is more than 1 dollar per liter, and jet fuel is 0.7 dollars per liter, and if we calculate the rest of the remaining less valuable products at an average price of 0.5 dollars per liter,
this means that one barrel will bring in revenues of more From 110 dollars from selling tars of gasoline and kerosene resulting from one barrel, more than 10 dollars from selling jet fuel, and 20 dollars from selling other derivatives, so that
the return from refining and selling one barrel of oil is more than 140 dollars per barrel,
while the price of a barrel Oil is currently $90 a barrel,
which means that revenues will be 60% greater than the revenue from exporting a barrel of oil. In other words,
if Iraq refines all the barrels of oil that it exports at the present time, amounting to 3.3 million barrels per day, and
exports them in the form of derivatives instead of exporting them as crude oil,
Iraq’s daily revenues will reach 495 million dollars, or about 15 billion dollars per month,
but when exported as crude oil. Its revenue will be approximately $297 million per day, or less than $9 billion per month. https://nnciraq.com/158795/
Parliamentary Move To Toughen Penalties Against Theft Of Public Money
Politics Yesterday, 21:26 Baghdad – I know Today, Friday, the Parliamentary Legal Committee revealed a move to find an amendment to the Iraqi Penal Code that supports the anti-corruption process and holds public money thieves accountable with strict articles,
noting that it will seek to include in it paragraphs preventing dual nationals from taking high positions in the state.
A member of the committee, Representative Aref Al-Hamami, told Al-Iraqiya News, and the Iraqi News Agency (INA) followed it, that
“the effective Iraqi penal code was initiated decades ago and does not rise to the level of the current challenges, especially the anti-corruption file, and
it should be amended to deter the theft of public money with strict materials.”
He added, “The committee is working to find a new legal amendment in the Iraqi Penal Code that provides clear and explicit articles that will hold the corrupt and the thieves of the world’s money accountable to curb this phenomenon. to flee the country.
He added, “The formulations of the amendment require holding meetings and hosting representatives from the Ministry of Justice, the Supreme Judicial Council and jurists, and
we will work to include in it very severe penalties that will hold the corrupt accountable and stop wasting public money.” He pointed out that
“the anti-corruption file also requires the expansion of the use of technological development in the administrative systems within the state and its circulation,
especially electronic governance to deter corruption and monitor money exchange operations.”
https://www.ina.iq/168364–.html
To read more current and reliable Iraqi news please visit BondLady’s Corner:
https://www.bondladyscorner.com/
