Post From Dinar Updates
Chat Room Excerpts & Highlights
Dinar Updates Saturday PM Chat 8-27-16 Part 2 of 3
rcookie says():FOE ANYONE WANTING TO DO THE GAZINTAS FOR THEMSELVES.....
rcookie says():The external financing will be covered by loans from the IMF under the SBA ($1.9 billion), the World Bank under a Development Policy Loan to be disbursed in December 2016 ($1billion),
a bond issued with full guarantee of the United States ($1 billion), loans by the World Bank guaranteed by France ($450 million), the United Kingdom ($430 million) and Canada ($120 million) budget support loans by the Japanese International Cooperation Agency (JICA, $200 million),
and a Eurobond issuance in the last quarter of 2016 ($1billion). The external financing will also be covered by project loans from the U.S. government ($2.7 billion, ¶11), Germany (€167 million, i.e. the €500 million disbursed over three years, ¶11), JICA ($323 million), the World Bank ($120 million), Italy ($66 million), and the Islamic Development Bank ($54 million).
Tex says to JETSET():Yeah Boy ,,,, I'd be the happiest fella on the Lake,,,,have a hard time wiping the smile off My face..
JETSET says to _firefly_():no doubt! if you spend $600M on a boat you better have another $150M to cover your fuel, maintenance and crew for the next 20 years...
Tex says to JETSET():I may have to live in it...lol
_firefly_ says to rcookie():Love those numbers.
_firefly_ says to rcookie():Increase stability = increased international investment
rcookie says():The domestic financing will be covered by the issuance of Treasury bills (ID 14.9 trillion), out of which most (up to ID 12.6 trillion) will be refinanced by commercial banks at the discount window of the CBI, the issuance of national bonds for the general public (ID 5 trillion), and the drawdown of government deposits in the banking sector (ID 4 trillion).
The amount of central bank indirect monetary financing will be revisited on the occasion of the first review in light of the success in raising domestic financing by other means. If oil revenue is higher than programmed, the government commits to save the excess oil revenue collected over the amount programmed in order to reduce the indirect monetary financing of the budget deficit by the CBI.
rcookie says to _firefly_():(y)
Tex says to rcookie():Thats a lot of numbers , I would run out of fingers and toes to count on....lol
rcookie says():SOME ADDITIONAL 2016 IMF BENCHMARKS & INITIATIVES STILL ON TABLE FROM GLING INTO 2017 BUDGET DRAFT & RELEASE....
rcookie says():C.23.Revenue ReformsIn order to strengthen revenue, the government will implement the following measures:Broaden the tax base of wages.
The Council of Ministers approved a decision to include all salaries and wages of non-military government employees above grade 2 including base salary, supplemental pay, bonuses, overtime and any other allocations (excluding allocations for wife and children), in the taxable base (PA, Table 5).
This decision is expected to yield additional tax revenue of ID 0.3 trillion in 2016 and ID 0.6 trillion in 2017 when it will be implemented for the full year.
rcookie says():Audit the financial statements of the Development Fund for Iraq and Successor Account 300/600 at the CBI to check that all oil revenue reaches the treasury and monitor the use of the resources deposited in that account.
The Ministry of Finance will continue to have all the transactions moving the balance of its foreign exchange account 300/600 at the CBI audited by an international audit company every six month and will post the audit reports on its external website within six months after the end of each audited semester (SB, Table 5).
rcookie says():WOULD LOVE TO SEE WHAT WAS LEFT OF THE $38 BILLION DFI FUND...BEFORE IT WAS TRANSFERED TO SUCCESSOR ACCOUNT 300/600...
rcookie says():HERES THE UNDERSTANDING WHERE THE VAT WE READ ABOUT CAME FROM....NOT OSMOSIS....IMF..
rcookie says():Conduct diagnostics of the tax and customs codes to simplify them and broaden the tax base. The Ministry of Finance will, by end-September 2016, prepare tax policy measures to increase tax and customs revenue, with technical assistance from the IMF and the World Bank.
Such measures could include the introduction of a value added tax6 or sales tax, a personal income tax on pension earners, excise taxes, ... . The government will introduce tax policy measures to increase non-oil tax revenue in the 2017 draft budget.
rcookie says():SO THIS IS SOMETHING YOU CAN GUARANTEE YOU WILL SEE AS PART OF 2017 BUDGET..
rcookie says():NON OIL TAX REVENUES...
rcookie says():MORE TO LOOK FOR BEING EXECUTED BEFORE THE END OF 2016...
rcookie says():Conduct diagnostics of the tax and customs administrations with a view to modernize them and broaden the tax base, with technical assistance from the IMF, the World Bank, the World Customs Organization, and the United Nations Conference for Trade and Development (UNCTAD).
The Ministry of Finance will, by end-December 2016, propose a strategy to strengthen the tax and customs administration, with technical assistance from the IMF and the World Bank.
The Customs Administration will, by end-August 2016, propose a strategy to implement the UNCTAD ASYCUDA information system in its administration.
Tex says to rcookie():All that would need IQD value increase wouldn't it.????
rcookie says():AS PER UNCTAD....THE MoF WILL BY END OF 2016 PROPOSE STRATEGY TO STRENGTHEN THE TAX ^ CUSTOMS ADMINISTRATION WITH TA FROM THE IMF & WB...
WHO WILL IN TURN....PROPOSE A STRATEGY TO IMPLEMNT THE UNCTAD INFORMATION SYSTEMS INTO ITS ADMINISTRATION....
rcookie says():THE IMF IS TELLING THEM THEY WANT THEM TO BROADEN THEIR NON OIL TAX REVENUES...AND THEN GOES ABOUT TELLING THE WORLD HOW THEY WILL GO ABOUT ATTAINING THE NUMBERS THEY ARE SETTING AS A GOAL...
magnetlady says():DIGI you ready for a break
rcookie says():THIS IS WHY THE VAT IS SUCH A BIG DEAL....
rcookie says():6 The introduction of a 5 percent VAT, as decided by the Gulf Cooperation Council states for 2018 could yield annual revenue of 2 percent of GDP in these countries.
rcookie says():THIS IS WHAT THE IMF TOLD THEM THEY WERE LOOKING FOR IN WAY OF EXPENDITURES....
Tex says to rcookie():Is the Value Added Tax a possibility in this country ?
rcookie says():IN IRAQ..
DIGIman1 says():Chat Copied ~~~~~~~~~~Alcohol gives you the ambition to do anything, while simultaneously destroying your ability to do so
rcookie says to DIGIman1():THAT IS ON A SIGN IN OUR OFFICE....SO FUNNY..
DIGIman1 says to rcookie():lol (y) :D
rcookie says():THE US IS IS THE ONLY COUNTRY IN OECD WITHOUT VAT..
Tex says to rcookie():Intresting thanks
rcookie says():SOME ARGUE VAT AS TOOL FOR DEFICIT REDUCING.....LIKE EVERYTHING..ARGUMENTS FOR AND AGAINST..
rcookie says():WHAT POLITICAL PARTY CAN YOU SEE AS PROPOSING YET ANOTHER TAX..EXPECTING TO SURVIVE..
rcookie says():D. Expenditure Reforms24. In order to decrease expenditure, the government will implement the following measures:
rcookie says():Control the evolution of wages and pensions by a combination of the following measures:
implementing a hiring freeze in sectors other than security, health and education in 2016;
conducting audits by the Board of Supreme Audit (BSA) of the wage and pension recipients by end-August 2016 to first identify, and then cancel payments to, ghost workers and ghost pensioners (two SB, Table 5); and
changing, by end-December 2016, the parameters of the public pension system as proposed by the World Bank.7
rcookie says():THIS IS WHY YOU ARE SEEING GHE PENSION LAW UP FOR READING & VOTE IN PARLIAMENT RIGHT NOW....
rcookie says():NOT A COINCIDENCE...
rcookie says():AND TO YOU AND I...OR THE AVERAGE JOE READING ABOUT IT SEEMS LIKE A REAL YAWN....
rcookie says():TO A COUNTRY LOOKING TO SQUEEZE EVERY DINAR OUT OF ITS ECONOMY GOING THROUGH TOTAL METAMORPHISIS....THIS IS WHY IT IS SO IMPORTANT.....
rcookie says():7 According to the World Bank, amending the pension law 9/2014 to introduce the following parametric changes would yield cumulative savings of over ID 1 trillion through 2018 and ID 31 trillion through 2028:
(1) decreasing the accrual rate from 2.5 percent to 1.5 percent;
(2) increasing the minimum length of service from 15 years to 20 years for pension salary eligibility;
(3) changing the base wage for pension calculation from the last three years to the last seven years; and
(4) reducing the qualifying conditions for survivorship pensions to only spouses, parents, and children (World Bank, Iraq - Emergency Fiscal Stabilization, Energy Sustainability, and State-Owned Enterprise Transparency Development Policy Financing, December 2015, ¶52, p.24).
rcookie says():31 TRILLION ADDED TO THEIR GDP THROUGH 2028...BY MAKING SIMPLE AMENDMENT TO A LAW WITH THE STROKE OF A PEN....