Investment and an effective means of tackling unemployment
[tlm724] said adviser in matters of international trade Tawfiq inhibitor (morning ) should be developed banking system and make refineries international regulations so that Iraq can benefit from this agreement. He said that the agreement gives member states the legal cover for the freedom of action of the banks along with granting facilities to the business of banking
[tlm724] pointing out that the banks operating in Iraq covered by the Convention "Alvta" reduction of tax evasion when entering Iraq to the Convention effectively
[tlm724] so I am thinking this is a big deal but I am not familiar with this program but its definitely a good thing, accounting for tax evasion etc
[BondLady] timmy that article
[BondLady] I think its like what was done with Switzerland an other different countries, where USA citizens tried to hide money to keep from paying taxes
[BondLady] I thought it was odd especially the timing of the whole thing don't you ?
[lightingcslt] you mean like off shore accounts?
[BondLady] USA talking to them about any Americans making money now or in the future in Iraq ?
[tlm724] yes interesting timing for sure
[BondLady] that taxes owed the USA for any kind of money made or hidden
[BondLady] they want Iraq to expose them as other countries did so the USA gov can go after them, maybe it does have to do with our investment and maybe it doesn't
[rsp1] lightingcslt that's exactly what they mean...offshore accounts.
[BondLady] but the implications are there imo and think of this also
[tlm724] I would have to agree Bondlady, wasn't there talk of changing the tax rules in the recent past ?
[BondLady] when Iraq finally decides to rv or whatever their intent is
[BondLady] some of us will go on to invest in things in Iraq such as the ISX, other types of investments, its a new frontier as far as making money and lots of it
[BondLady] and its open to us as well or soon will be and the good ole USA wants their cut from the ones who might venture into business with Iraq in one way or another
[BondLady] and Iraq has been workin on different laws that would pertain to something like this for the last 3-4 yrs
[lightingcslt] BondLady yes so they want laws in place to where these transactions and funds are monitored
[BondLady] I just felt the timing of this article was important to us as investors in Iraq's currency and country
[tlm724] its a good sign !
[BondLady] and this article says Iraq is complying with the USA laws per hiding income from USA citizens in Iraq in whatever way it might be done and maybe also within the currency exchange
[BondLady] I dont know if I'm right on any of this only an expert like shredd or time will tell...imo
[lightingcslt] no, I believe you hit it right on the head
[tlm724] lightingcslt right I think she did also
[rsp1] I believe it also has to do with House of Rep. Bill 2847 : H.R. 2847, also known as the Hiring Incentives to Restore Employment Act (or HIRE), was a Congressional bill passed into law in March 2010 that sought to provide payroll tax breaks and incentives for businesses to hire unemployed workers.
A section of that bill, the Foreign Account Tax Compliance Act (known as FATCA), sought to eliminate the non-compliance of U.S. taxpayers who hold foreign accounts by requiring those taxpayers (including those living outside the U.S.) to report certain foreign accounts and offshore assets to the government, and by requiring foreign financial institutions to report information about the ownership of overseas assets held by U.S. taxpayers to the government:
[rsp1] this bill is supposed to go into effect 7/1/14.
[BondLady] ty just a few thoughts pertaining to the article
[tlm724] BondLady tyvm !
[tlm724] rsp1 awesome ty !
Map construction and high interest .. highlighted difficulties housing loans
[tlm724] so it appears from this article the CBI is going to change the law to simplify getting these loans
[tlm724] " by saying that the banks own in the country which granted housing loans, do you turn the development to resolve the housing crisis, but rather focus on the business both in terms of setting the terms of the loan and the interest incurred by him, which is inconsistent with the goals of economic development in the country and activate their role in society. ,
and continued that guarantees many required by banks to borrowers, do not lead to positive results that will be reflected on the economic reality, both in solving the housing problem,
or the elimination of unemployment or activate the sectors of industry and agriculture, urging them to adopt new mechanisms that will move the wheel projects and thereby raising the rates of economic development, respectively. private banks
[tlm724] urging them to adopt new mechanisms that will move the wheel projects and thereby raising the rates of economic development, respectively. private banks
[tlm724] this speaks of so much more then just housing loans
[tlm724] it speaks of a free market society where many of the citizens are involved in the making of the economy and keeping the economic wheel turning !
U.S. expert criticizes the policies of Iraq's oil and calls on Kurds to export oil through the SOMO
[tlm724] called on the KRG to export oil in cooperation with the company (SOMO ) oil, noting that this solution satisfies the United States, Turkey and Baghdad and international companies.
[tlm724] called Knights KRG to export oil in cooperation with the government company for marketing oil SOMO (SOMO) where you will Baghdad to transfer financial returns directly to the Kurdistan region," noting that "this is what Americans want and the government Turkish and international companies and even Baghdad also, and this is the solution for the benefit of all parties.
[lightingcslt] yes it is
[tlm724] so it seems the ball is in the Kurds court
[tlm724] won't be long before we know Wink
Businessmen are demanding enactment of laws revive the economy and attract international companies
[tlm724] that the legal registration of companies and organizing commercial agencies, "no longer fit" with the economic reality of the current Iraqi, are calling for legislation to further meet the needs of the market and encourage international companies to enter the local market
[tlm724] the law regulating commercial agencies, issued by the Revolutionary Command Council dissolved in 2000 , and remains in effect despite the "no-aligning" with the current phase, as well as it "does not help" the transition to a market economy
[tlm724] the Council of Ministers, announced in late December 2013, call for the State Council to accelerate the audited draft law on the organization of the agency business and proposal form a new law, not an amendment to the law in force
[tlm724] once again we see where the lack of legislation is hindering progress ! The new parliament has their job cut out for them but these laws can done with relative ease if they work together instead of against each other
Shaways begins an official visit to Iran to discuss relations between the two countries
The entourage Shaways included the Minister of Finance Agency purity of net debt and Sami al-Araji, head of the National Investment Commission and Ambassador Walid Cltag head of the neighboring countries in the Ministry of Foreign Affairs and a number of consultants and general managers in the Office of the Deputy Prime Minister and the Ministries of Finance, Planning and the Iraqi Central Bank and the National Investment Commission. sold statement will be made during the visit,
[tlm724] thats a heavy line up ^^
[tlm724] discuss developments to enhance Bending of economic and trade cooperation, especially the two draft agreement on the encouragement and protection of investment and avoidance of double taxation and a memorandum of understanding in the field of Alkmarki and standardization and quality control and other files of common interest