Morning News Comments 07/23/2015
The agenda of the session number (5) Saturday (25) in July 2015
July 25, 2015 The third parliamentary session legislative year the second chapter the first legislative
First: read verses from the Koran.
Second: Hosting Mr. Minister of Electricity.
Third: the first reading of the draft General Authority to monitor the allocation of federal revenue law. (
Finance Committee , Committee of the regions and governorates that are not organized in a region), (Article 15). session start time: eleven in the morning. Narej Published: Thursday, July 23, 2015 2:54:44 PM
[tlm724] I am not exactly sure what the federal revenue law is however I did find the below transcript from Iraq: Oil and Gas Legislation,Revenue Sharing, and U.S. Policy
Updated October 2, 2007
This MAY be what this law is but again I am not 100% sure Wink
Iraqi leaders continue to debate a package of hydrocarbon sector and revenue sharing legislation that would define the terms for the future management and development of the country’s significant oil and natural gas resources.
The package includes an oil and gas sector framework law and three supporting laws that would outline revenue sharing, restructure Iraq’s Ministry of Oil, and create an Iraqi National Oil Company.
Both the Bush Administration and Congress consider the passage of oil and gas sector framework and revenue sharing legislation as important benchmarks that would indicate the current Iraqi government’s commitment to promoting political reconciliation and long term economic development in Iraq.
Draft Revenue Sharing Law
Article 112 of the Iraqi constitution sets qualitative criteria for the distribution of oil and gas revenues and requires the Iraqi parliament to pass a law regulating revenue distribution. In February 2007, some officials in Baghdad and Washington indicated that a broad agreement to share oil revenues among regions based on population had been reached.
However, Iraqi leaders continued to negotiate the terms of the draft revenue sharing law through June 2007. In line with the constitutional requirement, a separate draft revenue sharing law has been prepared as a component of the hydrocarbon legislative package currently under consideration.
According to a draft of the revenue sharing law published by the Kurdistan Regional Government on June 20, 2007,10 the federal government would be empowered to collect all oil and gas revenue, with the stipulation that all funds be deposited into external and internal accounts based on their source.
The federal government would have priority to allocate the funds in the accounts to support national priorities such as defense and foreign affairs, “provided that this does not impact the balance and needs of the governments of the Regions and the Governorates which are not organized in a region.”
The remainder of the accounts would be distributed to regions and governorates automatically, on a monthly basis, based on agreed population-density-based percentages until a census can be completed.
The Kurdistan Regional Government would receive a 17% share of the remaining funds deposited in two accounts at the Central Bank of Iraq branch in Irbil.11 No specific provision is made in the draft for addressing requirements to meet the needs of “damaged regions” as required by Article 112 of the constitution.
The draft revenue law also would create a “Commission of Monitoring the Federal Financial Resources” composed of central government officials, experts, and representatives of each region and governorate.
The Commission would monitor deposits and allocations from the central revenue fund, in addition to facilitating international audits and producing monthly, quarterly, and annual transparency reports.
Article 7 of the draft revenue law reiterates the call for the establishment of a “Future Fund” for surplus revenue, but states that the operation of such a fund should be defined in a separate piece of legislation following further negotiation among federal, regional, and governorate representatives.
MP Araji suggests directing funds reduce the salaries of the three presidencies to serve the popular crowd
[tlm724] proposed National Alliance MP Qassem al-Araji, Thursday, directing the money that will be available because of the salaries of the three presidencies and those with special service for the popular crowd
[tlm724] thats a great idea ! They deserve it
Parliamentary investment: optimistic about the government's economic steps
[tlm724] submit a draft commercial agencies law and regulation agencies and agents measures to ensure the protection of the Iraqi market from fraud and manipulation and control of commercial agencies of the neighboring countries and activating consumer complaints courts
and facilitate the means to achieve their rights and make the insurance product and professional responsibility in relation to the goods and services produced compulsory
in order to protect consumer rights and tighten the penal system of fines on counterfeit and fake goods and to create a system to monitor goods and ensure quality across the border crossings and re consideration of financial, tax and monetary policies.
The joint forces stormed the Rafidain Bank in Baiji and the emancipation number of buildings surrounding it
[tlm724] The security forces and the popular crowd managed this morning, to break into the Rafidain Bank branch Baiji and edited with a number of buildings surrounding it from the control of the elements of Daash."