Walkingstick: Russian warplanes start leaving Syria on Putin’s orders
Published time: 15 Mar, 2016 08:22Edited time: 15 Mar, 2016 12:49
https://www.rt.com/news/335624-russia-planes-withdraw-syria/
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Walkingstick: Experts call for the revitalization of the tax system in the country’s new economic structuring
Under any process of economic reform, the ultimate goal is to establish a tax system efficiently based on coordination between direct taxes and indirect taxes, in addition to providing tax structure would be acceptable and fair between the taxpayers, so it has to be radical changes to reform the tax system in proportion to the internal and external environment so tax become an important tool in the treatment of many economic and social problems and to the fact that the economy is moving towards openness and change.
An expert on the economy Hamdi Algiashi said in a statement (Journal) that the tax system “is influenced by the political system in place, whether centrally or federally, and when the diagnosis of the tax system environment in Iraq, we find there are palaces and reluctance in the legislation of laws commensurate with the development of the new state and the failure to adopt the tax administration on the global cutting-edge methods in addition to the tax revenue is low and does not constitute at best 10% of the state budget revenues. ”
While confirming analyst Capital Markets Laith Jwamir’s (Il Giornale) that the elements of success of the tax system in Iraq is to amend legislation and tax laws and the fact that the tax system has not been given adequate attention and did not initiate or to adapt the tax laws, according to economic data the obvious, which led to the emergence of speculative taxes firing freedom guessing staff tax administration applications were inconsistent with the reality of knowledge and wealth to enter the absence of the tax system database, which is causing tax evasion and improper application of the tax.
It is imperative that the amended tax legislation and consistent with the general situation of the country. ” Algiashi He pointed out that the “heavy reliance on direct taxes is an imbalance in the tax policy of the state must be the tax policy directed towards making indirect taxes of large relative weight of the tax structure desired components, where the focus on indirect taxes must approach is an important element the tax reform programs, “adding that” the overall goal of the tax reform is to establish an efficient tax system, based on fair taxes can be accepted and implemented in practice and achieve sufficient income, but does not give rise to a minimum of economic distortions. “As that of the tax reform goals of increased economic growth and raise tax revenues and the percentage of their contribution to the total revenue of the general budget.
Stressing that “the success of any tax system must be based on achieving efficiency in tax collection, but by building bridges of trust between the tax administration and taxpayers as well as to increase tax awareness with the introduction of the developments of States, for example, but not limited to self-esteem corporate style.”
It should be noted that the economic systems of developed countries rely on the tax system as part of the overall system of the country it affects and is affected by the situation of the political aspects, economic, social, where the tax systems of these countries the reduction of tax evasion follow them modern methods because of its database of all taxpayers of individuals and companies that facilitated the deal and communication between the departments concerned and charged with using the modern technology used in banks reflected positively on the performance of tax administration starting from the inventory of taxpayers and promote transactions and the mobilization of annual questionnaires to Web sites ending to follow the electronic payment method in tax transactions that had a role in the completion of transactions and reduce the time and expense and effort.
http://journaliraq.com/%D8%AE%…..8A-%D9%81/
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Walkingstick: IRAN…………….
Tuesday, March 15, 2016 – 02:00
1st Treasury Bills Redeemed
The government redeemed holders of its first batch of Islamic Treasury Bills this week, paying bond holders 5.58 trillion rials ($164 million at market exchange rate) in the process.
Iran’s treasury sold its first batch of government bonds, called Islamic Treasury Bills, to domestic investors on Sept. 30. The new bonds were given as debt repayment to contractors who had the option to resell them in the Iran Fara Bourse over-the-counter market or wait and redeem them at maturity.
“Mutual funds and investment companies are the main customers of Islamic Treasury Bills,” said Reza Gholamalipour, deputy head of IFB.
Similar to the US treasury bills that provide the backbone of fiscal spending in the world’s largest economy, the Sharia-compliant bonds were sold at a discount to their face value in IFB.
According to Gholamalipour, bondholders earned a comfortable 11.4% return for the five months they held the bonds, bringing the real annual return on the treasury bills to 24.4%.
The effective interest rate on the bills has been higher than what banks offer on deposits. Capped by the Central Bank of Iran, banks currently offer interest rates of around 20% per year.
> Payment Issues
The government had to pay 5.75 trillion rials (about $169 million) to redeem all the bonds, but some bond holders did not submit their account information in time, leaving 170 billion rials ($4.9 million) of Islamic Treasury Bills unredeemed.
“State-owned lender Bank Melli will repay the remaining owners in the coming days,” Gholamalipour said.
According to Mohammad Reza Mohseni, chief executive of the Central Depository of Iran which is in charge of clearing and settlement of securities, the dues were paid three days in advance of the bonds’ maturity date on March 13.
The bonds were issued on Sept. 30, 2015.
> Borrowing to Cover Bills
The moderate government of President Hassan Rouhani is struggling with debts it inherited from its conservative predecessor, Mahmoud Ahmadinejad.
Tehran owes over 1 quadrillion rials ($29 billion) to the banking system plus an additional 550 trillion rials ($15 billion) to contractors. So the government is mobilizing all that it has at its disposal.
It is establishing a bond market and borrowing through it in various bond forms—from selling oil in advance to Islamic Treasury Bills.
Falling oil revenues—the government’s main source of income, due to a drop in global crude prices from above $110 per barrel a year and a half ago to around $30—have sped up government’s move towards better taxation and the introduction of debt financing, which have been a decade in the making.
Thus, bonds are making a comeback in Iran. After the 1979 Islamic Revolution, debt securities and even deposit accounts were considered usurious. So the existing corporate bond market was closed down and banking regulations were overhauled.
With the turnaround in policy during the last decade, private ownership and equity markets were given a place in the economy.
After the Sharia compliance for debt securities was hashed out in the late 2000s, Iranian bonds started being traded on exchanges.
More bonds are to come next year. This year, the administration only issued 75% of the bonds it was legally allowed. The Ministry of Economy was unable to sort out enough assets to back the bonds. It is now surveying ministries for upcoming bond offerings.
“This year, we were unable to back enough sukuk due to the lack of a comprehensive database of government assets,” said Economy Minister Ali Tayyebnia. “The first step is valuing our assets. The second one will be to manage them effectively.”
Short Url : http://financialtribune.com/ar…..s-redeemed
