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Zig’s Place Chat and News Friday AM 4-16-21

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butterfly   NINA / The / Sadikoun / Parliamentary Bloc confirmed its rejection of Finance Minister Ali Allawi’s proposal to impose taxes on employees ’salaries.

The representative of the bloc, Abdul Amir Taiban Al-Dabi, called on the House of Representatives to dismiss Minister Allawi for violating the Federal Budget Law 2021.

The Ministry of Finance had proposed to the Council of Ministers to apply the tax deduction from the total salary, provided that the tax due on the total monthly salary be deducted, “the nominal salary, allocations, incentives, monthly and annual profits, bonuses, delegations and other forms of all income” with effect from the month of April, and that the amount of tax realized is to be paid in installments. For the months “January, February and March” of the year 2021 and will be completed during the same year.

butterfly   NINA / The Parliamentary Committee of Agriculture, Water and Marshlands Affairs called on the Council of Ministers to dismiss the Minister of Finance, Ali Allawi, while continuing his proposals that cause harm to the citizens’ livelihood and financial condition.

The head of the committee, MP Salam Al-Shammari, confirmed that he rejected the Finance Minister’s proposal to impose taxes on the salaries of employees, indicating that “the living conditions of citizens in general and employees in particular do not bear new crises in light of some seeking to continuously harm the people’s livelihood.”

In a press statement, Al-Shammari called on the Council of Ministers to reject this proposal and not allow it to be presented in the next cabinet session, indicating that “the majority of citizens are still suffering the repercussions of the decision to reduce the value of the dinar against the dollar.”

butterfly  NINA / The Parliamentary Labor and Displaced Affairs Committee criticized the Minister of Finance Ali Allawi’s insistence on continuing with the issue of deduction from the salaries of employees in the way of his illogical reforms, indicating that the Minister of Finance has become a burden on the Iraqi people and the Iraqi state and the time has come to put an end to his erroneous policy At the nearest session of the House of Representatives.

The head of the committee, Deputy Raad Al-Dahlaki, said in a press statement, “The issue of taxes on employees’ salaries has been permanently dropped, given that the employee’s salary is a red line that cannot be discussed, and deducting it exposes the employee to a double reduction within a period not exceeding four months.

” Returning that “the recommendation made by the Minister of Finance in the issue of deduction from the salaries of employees is a recommendation returned to its owner, and if he wants to deduct it, he will forfeit his salary and leave the simple citizen’s sustenance away from his illogical adventures.”

Al-Dahlaki added, “In any case, the prime minister wanted to complete his government for the remaining period of its life in a balanced manner and in a way that provides the appropriate ground for conducting the elections. He is demanding the exemption of the finance minister who was, is and will remain an element of weakening the government and causing no more crises,”

indicating that “the Ministry of Finance and its minister are discussing Regarding the inaccuracies in justifying these decisions, they refer to Article 34c of the budget in the deduction step, although it deals with the sale and purchase taxes and customs, noting that the article concerned with deductions for salaries was Article 20 of the Budget Law and was dropped by voting inside the parliament .

butterfly ( NINA ) – A government source denied the existence of any government decision or direction to impose additional taxes on the salaries of employees and retirees.

The source added in a press statement today that the Iraqi National News Agency / NINA / received a copy of it: “Prime Minister Mustafa Al-Kazemi had indicated on more than one occasion the need to pay attention to the income of the poor classes and to spare them the effects of fluctuations and economic crises.”

butterfly  The Parliamentary Finance Committee issued a clarification regarding the tax on the employee’s salary.

The head of the committee, Deputy Haitham al-Jubouri, said in a statement received by the Iraqi National News Agency / NINA / a copy of it: “We have reviewed the statement of the Ministry of Finance with its emphasis on Article 34 C of the Budget Law to reinstate Law 113 of 1982 regarding the tax on the employee’s total salary.”

Al-Jubouri explained to the Ministry of Finance: “The use of this article is imprecise and does not give the right to what the ministry went to in its published book, since the intention of the legislator in this article is to cancel customs and tax exemptions related to the import of goods and commodities issued by decisions of the Council of Ministers, and it has nothing to do with it. Income tax related to the employee’s income or salary. ”

butterfly  The Ministry of Finance proposed to the Council of Ministers to apply the tax deduction from the total salary, provided that the tax due on the total monthly salary be deducted “nominal salary, allocations, incentives, monthly and annual profits, bonuses, delegations and other forms of all income” as of April, and that an amount be paid in installments. The tax realized for the months “January, February and March” of the year 2021 will be collected during the same year.

butterfly  Global oil prices continued to rise on Friday, and were on their way to achieving weekly gains of about 7% with improved expectations for oil demand and a strong economic recovery in China and the United States, offsetting concerns about the rise in cases of Covid-19 virus.

Brent crude futures rose 30 cents, or 0.5 percent, to $ 67.24 a barrel at 0551 GMT, and West Texas Intermediate (WTI) futures rose 28 cents, or 0.4%, up to $ 63.74 a barrel, after rising 31 cents on the day. Yesterday, Thursday.

China’s net imports of crude oil for 2021 are expected to grow by 3.4% this year compared to 2020 to about 11.2 million barrels per day, according to a unit of China National Petroleum Corporation, the largest oil and gas company.

16 Apr 21, 10:12 AM butterfly  16th April 2021 in Investment, Iraq Industry & Trade News

Alsaree3, Iraq’s Popular Food Delivery App, and Al Zajel, E-logistics Company, Close Second Round of Investment

Alsaree3 Group, consisting of Alsaree3 (food-delivery) and Al Zajel Express (last-mile delivery services), closed a 7-figure bridge round in late March 2021.

Coordinated by Iraq Tech Ventures and Innovest ME, the round included prominent Iraqi investors such as Euphrates Advisors, Shwan Ibrahim Taha, Chairman of Rabee Securities, Rawaz Rauf of Hiwa Rauf Group, Bassam Falah, CEO of Innovest ME, and Mohammed Khudairi and Subhi Khudairi of Khudairi Group.

Founder and CEO of Alsaree3 Group, Bassam Al-Ateia, commented:

“With this funding, we look forward to growing our fleet of drivers, improving our technology, and adding even more restaurant partners to maintain Alsaree3’s dominant position in the food delivery space in Baghdad. We will continue to grow Al Zajel’s client base, which serves B2B, B2C, and C2C markets in Baghdad.”

The group is also expanding both Alsaree3 and Al Zajel to Basra, where the food delivery and e-logistics markets are underserved.

Geoffrey Batt, Founder and Managing Member of Euphrates Advisors, said:

“Alsaree3 is part of a vibrant group of start-ups that seek to transform commerce in Iraq, using technology to problem-solve and offer Iraqis goods and services that will greatly improve their quality of life.

“Bassam and his talented team will play a vital role in developing e-commerce in Iraq by making the last step in the fulfillment process as efficient as possible. We are delighted to play a role in Bassam and Alsaree3’s efforts to modernize Iraq’s supply chain.”

butterfly   Bassam Falah, CEO of Innovest ME says:

“Alsaree3 has all the requirements for success: a well-grounded founder with business acumen, a solid founding team, a superior platform, a strong ground operation, and to close the circle, a consortium of strategic investors with a long-term view.

“This capital raise round was a key milestone for Alsaree3, and we look forward to continue to work closely with Alsaree3 management and the co-investors to be part of its exciting journey.”

Shwan Ibrahim Taha, Chairman of Rabee Securities in Iraq, added:

“Alsaree3 is the type of company we should all be proud of in Iraq. Companies like Alsaree3 are the workhorses that will drive the Iraqi economy.”

Alsaree3 launched in 2018 in Baghdad and quickly experienced success by focusing on expanding its fleet of in-house drivers and steady geographical expansion within Baghdad. It prioritizes the experience for customers and restaurant partners, leading to an extensive selection of restaurants for its customers (500+ restaurants) across Baghdad. Using its own POS technology and hardware, Alsaree3 Group ensures it meets the Iraq-specific needs of both its customers and partners.

In early 2020, Alsaree3 Group launched Al Zajel, which provides e-logistics services in Baghdad. It serves a wide variety of public and private sector clients in Iraq, as well as individuals through the Al Zajel mobile app.

(Source: Iraq Tech Ventures)

butterfly   16th April 2021 in Investment

Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 15th April 2021).

Please click here to view a table of listed companies and their associated ticker codes.

According to ISX’s official letter, during the month Ramadan, official working hours will be from 8:00 am till 2:00 pm. Trading sessions will be as follows for the five days of the week: 9:30 – 10:00 pre-opening, 10:00 – 12:00 trading hours, 12:00 – 12:30 cross transactions. Working hours will resume to normal timing after Eid break.

The RSISX index ended the week at IQD938 (-3.2%) / $817 (-4.5%) (weekly change) (+29.3% and +23.2% YTD change, respectively). The number of week traded shares was 6.6 bn and the weekly trading volume was IQD5.7 bn ($3.9 mn).

butterfly  ISX Company Announcements

On Wednesday, CBI decided to increase the amount of cash sales in foreign currency. According to a document issued by the bank and directed to banks, exchange companies and brokerage companies, for the purposes of meeting demands for foreign currency and for the purpose of achieving monetary policy objectives and ensuring the stability of the exchange rate, the CBI decided to increase the amount of cash sales from foreign currency, to the above entities and fully meet them as shown follows: banks’ share is $200,000 per week, share of a Class A exchange company is $1,500,000 per week, share of the Class B exchange company is $500,000 per week and the share of the Class C exchange company is $50,000 per week. (Alsumaria)

According to the announcement by the CBI, the CBI was keen to take into account the current exceptional circumstances related to the financial and economic aspect and the repercussions of the Corona pandemic, so it has been decided to “reduce all the interests imposed on loans granted within CBI’s IQD1.0 trln initiative as follows:

1) Reducing the interest paid to CBI for large projects from 2% to 1%,

2) Reducing the interest paid to banks on housing loans from 4% to 2% ,

3) Amending the CBI’s commission for housing loans from 0.7% to 0.5%, and 4) All interests for banks and guarantor companies are to be “decreased.”

Baghdad Soft Drinks (IBSD) disclosed on Apr. 14, that the ownership percentage of Al Bawadi Al Khadraa Company, owner of Al-Zaki Group, has changed in IBSD from 2.48% (4,394,464,573 shares) to 15.37% (31,396,464,573 shares).

butterfly  Al-Taif Islamic Bank (BTIB) invited its shareholders for the public subscription on 50 bn shares starting Apr. 13, 2021 to increase its capital from IQD153 bn to IQD203 bn through 32.7% rights issue. The subscription will be at least for 30 days and not exceed 60 days, while the first 15 days will be for shareholders.

New shares of Al Mustashar Islamic Bank for Investment & Finance (BMUI) from the capital increase from IQD150 bn to IQD200 bn through 33.3% rights issue resumed trading on Apr. 12, 2021.

butterfly   16th April 2021 in Security  The Central Emergency Response Fund (CERF) contributed US$ 1.6 million to UNFPA for two years to provide integrated sexual reproductive health (SRH) and gender-based violence (GBV) interventions in Iraq.

The funding will strengthen the capacity of national actors, in particular women empowerment organisations, in their response to gender-based violence following a survivor-centred approach and will ensure that women and girls have access to quality mental health and psychosocial support services, supported with livelihood opportunities.

The CERF grant will allow a scale-up of the mobile teams and deployment of community mobilisers to deliver integrated GBV and SRH services for internally displaced persons and returnees among the host community.

Dr. Rita Columbia, UNFPA Representative, thanked CERF for their support. “We are extremely grateful to CERF for supporting our programmes that put women and girls’ needs first,’ she said. “Women and girls are more determined than ever to have a dignified life, free of violence despite the humanitarian crisis in Iraq exacerbated by the COVID-19 pandemic. The funding will allow us to continue to reach the most vulnerable.”

The new contribution will bring Iraq one step closer to achieving transformative results for 2030: ending gender-based violence and harmful practices, ending unmet need for family planning, and ending preventable maternal death, thus ensuring women and girls are protected and empowered to make informed choices and reach their full potential.

This funding is part of CERF’s first-ever allocation of $25 million specifically to support GBV programming in 11 countries globally.    (Source: UNFPA)

butterfly  16th April 2021 in Politics, Security

By Samir Sumaida’ie, former Iraqi Ambassador to the United Nations and the United States, for The Wilson Center. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News.

The Hijacking of Democracy: The Role of Political Parties in Iraq

In the eighteen years since the fall of Saddam’s regime, more than 250 political parties were registered. But those who hold power now are far fewer. About a dozen parties and “alliances” remain; some of which are buttressed by armed militias.

A power triangle has formed, comprised of the parties (or political blocks), the militias, and the state.

Of this trio, the state is the weakest. It has the trappings of a normal government but has extremely limited independent political will.

butterfly  2021-04-16 07:57   Shafaq News/ The Iraqi Ministry of Finance (MoF) issued a clarification on the official documents appended by the signature of Minister, Ali Abdul Amir Allawi, which went viral on social media.

In a press release, the Ministry said today that the documents signed by Minister Allawi regarding tax cuts came in accordance with the provisions of Article 34, paragraph (c) of the Budget Law.

According to the statement, the proposed tax cuts do not include the lower classes, and the Council of Ministers has the power to annul it.

butterfly  2021-04-16 09:09   Shafaq News / Ahmed Mulla Talal, a former spokesman for Prime Minister, Mustafa Al-Kadhimi, said that he did not receive any salary for his previous work.

Talal tweeted, “I have not received a single dinar from the state for the past five months,” adding, “I asked the prime minister’s office for 500,000 dinars, and I gave them to a needy citizen in Basra.”

He added, “I bought my office from my own money and it still is in the government palace,” calling on the Integrity Commission, the Bureau of Financial Supervision, the council of Representatives, the media, the UN Security Council, “to prove him wrong”.

On November 26, 2020, the Iraqi Prime Minister’s spokesman, Mustafa Al-Kadhimi, announced his resignation from his post, about four months after taking office.

Alberta   Not alotta poop today huh folks

Sheila   Alberta calm before the storm

Butterfly   A government source denied the existence of any government decision or direction to impose additional taxes on the salaries of employees and retirees.

The source added in a press statement today that the Iraqi National News Agency / NINA / received a copy of it: “Prime Minister Mustafa Al-Kazemi had indicated on more than one occasion the need to pay attention to the income of the poor classes and to spare them the effects of fluctuations and economic crises.”

butterfly  Deputy Speaker of Parliament, Hassan Al-Kaabi confirmed that Article 34 of the Budget Law has nothing to do with deducting the salaries of employees in any way … and the Finance Book is a misleading inference and a deduction for the legislative text.

butterfly   Kuwait condemned the terrorist attack on Erbil airport and the terrorist act that targeted a market in eastern Baghdad.

The Foreign Ministry expressed Kuwait on Friday to condemn and denounce the State of Kuwait extreme terrorist attack that Erbil International Airport targeted in the Kurdistan region and the terrorist act that targeted a market in eastern Baghdad in the Republic of Iraq and led to the killing and wounding a number of people.

Confirmed the Kuwaiti Foreign in a statement According to the Kuwait News Agency, the State of Kuwait stands by the brotherly Iraq and supports it in all the measures it takes to preserve its security and stability. ”

I expressed my sincere condolences and sincere sympathy to the families of the victims, and wished the injured a speedy recovery .

butterfly   Deputy Speaker of Parliament, Hassan Karim Al-Kaabi, confirmed that Article 34 of the 2021 budget and all its paragraphs did not stipulate or mention any deductions or taxes on employees, in any way, and has no relation whatsoever to the employee’s income tax, warning of any An illegal interpretation or directive contravenes the will of the Iraqi legislator.

Al-Kaabi said in a statement received the Iraqi National News Agency / NINA/ A copy of it, today: “At a time when we were hoping that the Ministry of Finance would strive to overcome the negatives indicating the draft budget that it had prepared and which assigned the House of Representatives great time and effort to develop alternative texts that are consistent with the aspirations of citizens and their living conditions and contribute to raising the burden on On their shoulders,

we are surprised by the book issued by the Ministry of Finance to the Cabinet Secretariat to impose an income tax deduction on employees ’salaries, noting that the ministry’s inference to justify what was stated in its book in Article 34, paragraph C is a misleading inference and a deduction for the legislative text from its context, and diverting it from its intended purpose.

Especially since the aforementioned text came within the context of Article 34, which talks about exempting companies from paying royal fees for raw materials or imported components that contribute to creating “added value.”And the commitment of the state departments to purchase their needs of local products and to cancel all exemptions and tax exemptions granted by a decision of the Council of Ministers in this regard,

butterfly   He added, therefore, that the articles of this article complement each other, and it is not permissible to interrupt the text of any clause in isolation from those clauses, as required by the rules and principles of sound legal interpretation, because this article constitutes a single membership unit.

He stressed that the text of the paragraph has absolutely nothing to do with deduction of salaries or employee allowances under any name or any form, pointing out that for more than a year, the segment of employees has been subjected to a threat to cut salaries or reduce them or impose fees and taxes on them under the pretext of reducing spending or maximizing Revenues, and the Ministry must be well aware that the employee’s instability, the confiscation of his right and the continuation of fighting him will lead to a major defect in government performance and the instability of the employee in his tasks, duties and productivity, and this will negatively affect the efficiency of all state institutions in general.

The Vice President of the Council called on the Ministry of Finance to withdraw its book and recommendation and not resort to deducting or reducing the salaries of employees at all, especially after raising the price of the dollar, which reduced the value of their salaries, which coincided with the high prices of commodities, as well as the rise in oil prices, which calls for not resorting to the idea of deducting salaries or allocations. , Stressing that the House of Representatives and in the event that the Ministry proceeds with this inaccurate, illegal and ill-considered procedure, it will take all the necessary legal measures against anyone who tries to compromise the salaries of employees and tamper with their and their families.

butterfly   The Secretary-General of the National Movement of My Country, the representative of the Basra Governorate, Zahra Al-Bajari, confirmed that “the policy of starving the Iraqi people is proceeding with rapid steps, and that the Al-Kazemi government is deliberately fighting the livelihoods of citizens and violating the law.” The public opinion has their actions and their policy.

Al-Bajari indicated, “according to a statement,” that the book published by the Minister of Finance titled Tax Withholding provides for a legal violation of the Constitution as the Iraqi Constitution stipulates that there is no tax, fee, or exemption except by law and not instructions, decisions, or controls.

The Council of Ministers does not have the reduction, but rather the salary increase in the case of inflation by increasing it only to cope with the increase in the general level of prices, according to Article 3 of the Law on Salaries of State Employees No. 22 of 2008. The 2021 budget stipulated not to deduct from the employee, and it was voted on.

Al-Bajari noted that “the government’s policy and those who support it from the political blocs are to fight the citizen by raising the price of the dollar and the inflation resulting from the high price of the dollar.” With him. / It’s over

butterfly   Dollar exchange rates in the local market for today 2021/04/16   USD-Iraqi dinarBaghdad / Al-Mawred News

Al-Mawred News publishes the exchange rates of the US dollar against the Iraqi dinar on Friday (April 16, 2021).

Selling price: 147.900 dinars   Purchase price: 147,800 dinars

The selling price of the dollar in the Iraqi market recorded, on Thursday (April 15, 2021), 148,250 dinars for every $ 100, while the purchase price recorded 147,250 dinars for every $ 100.    almawrid.news

butterfly  A deputy calls on the government to evaluate the pros and cons of the decision to raise the exchange rate

2021-04-16 | 03:56    A deputy calls on the government to evaluate the pros and cons of the decision to raise the exchange rateAlsumaria News / Baghdad, a member of the Parliamentary Economic and Investment Committee, Nada Shaker Jawdat, called on the government to conduct a comprehensive study and evaluation of the negative and positive aspects of the decision to raise the exchange rate of the dollar against the dinar, while indicating a set of measures that must be taken in the event of insisting on keeping the exchange rate as it is now.

Jawdat said in an interview with Alsumaria News, “With regard to the issue of raising the exchange rate of the dollar against the dinar, it was done through an agreement between the government and political blocs, which was confirmed by the governor of the Central Bank during his hosting of the Parliamentary Economic Committee,”

indicating that “the government decision was his Justifications to prevent the collapse of hard currency reserves on the grounds that the currency auction has become the largest outlet for corruption in Iraq The government wanted to address them in addition to the recommendations of the International Monetary Fund. ”

She added, “Approximately 95% of the goods in the local markets are imported goods. Therefore, the rise in the price of the dollar has led to an increase in the prices of these goods, and the citizen has paid the price for corruption and mismanagement, and he is the one who is punished because of those policies.” “The government’s insistence on its decision to raise the price and not to retreat from it, for it is required to take effective measures on the ground to protect consumers, especially the middle and poor classes, who have been greatly affected by the high prices in the markets.”

butterfly   She pointed out that “among the measures that must be taken is to activate economic security at all levels, especially through the Ministry of Interior, in order to try as much as possible to hold greedy merchants accountable, because from the security of punishment, security has worsened and our economic security is almost non-existent, in addition to the government continuing to create cooperative markets.”

It provides the products that the citizen needs at subsidized prices, which contributes to protecting the citizen from the greed of merchants, and at the same time creates a kind of competition in the market that necessarily leads to lowering the prices of products in the market. It will also give messages of reassurance to the citizen that he will not leave an opportunity for the greedy merchants.

She continued, “Putting Iraq He did not need to raise the exchange rate and it was possible to take measures to control the currency auction and not to impose other measures with which the citizen fights. Iraq He can take many measures to reform the economic situation without going to the option of reducing the value of the national currency.

As for countries that have taken measures similar to what the Iraqi government has gone through, such as Turkey These countries have a different status Iraq It has local produce however Iraq All he has is little agriculture, but industry is non-existent.

Therefore, those decisions are more harmful than beneficial, calling on the government to “conduct a comprehensive evaluation of the pros and cons of its decision to raise the exchange rate in order to settle the decision in an integrated study to keep the current price or return it to its previous one because the retreat from those decisions.”

“The step will restore confidence in society, but it seems that the government is unable to take such measures because of the pressure exerted on it by some blocs.”    alsumaria.tv

butterfly   Will the dollar exchange rise to 1600 dinars? Governmental response and important clarification

Posted, 04/16/2021 22:31:14  Will the dollar exchange rise to 1600 dinars Governmental response and important clarificationThe government responded to the news of the intention to raise the exchange rate of the dollar to 1600 dinars to one US dollar in the local market.

Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, said in a press statement that “the current fluctuation in the exchange rate of the dollar, which ranges between 145 to 147 thousand dinars for one hundred dollar bill, is a normal matter} and is not a difference with the price announced by the Central Bank.” .

And, “a rate of 2% of the change and foreign commission differentials are applicable in the global dollar market,” adding that “the bank seeks to impose its pricing to be approved in order to stabilize the exchange of the dollar market.”

Saleh added, “The bank has no intention of changing the established exchange rate, especially as it is working to buy the dinar and sell the dollar to make the market stable. According to him.

He considered,” The arrival of the exchange rate of 147 thousand dinars per $ 100 note is normal, and within the specified range in the price difference. What is between what the bank sells and what is sold in the market. ”

The advisor to the prime minister continued, “The talk about crossing the dollar from 1500 dinars to 1600 dinars or even more than this number falls within the rumors and price speculation, which are untrue.” .

butterfly   The exchange rate of the dollar had jumped in the local market in the past two days in the local markets to more than 1490 dinars against the dollar, which led to a rise in the prices of various foodstuffs and others, and while citizens and owners of banking offices criticized this rise, they called on the government to remedy the matter.

The Central Bank of Iraq had settled in a previous statement the controversy over the exchange rate of the dinar against the dollar, and a demand to reduce it, declaring that “there is no return to the previous price, and the price will not be reduced under any circumstances,” stressing that there is no intention to raise the official rate announced by the bank from 1450. Dinars per dollar.   alforatnews.com

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