Millionday News 7/7/15 Part 1 of 2
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Millionday: Iraqi Ministry of Trade with a delegation from the US embassy in Baghdad, Iraqi negotiators development skills to join the World Trade Organization as well as the development of economic and trade relations between the two countries.
According to a ministry statement received by the agency all of Iraq [where] a copy of it, "Hashim Mohammed Hatem, Director General of the Department of trade and economic relations in the Ministry of Trade met with Deputy Economic Counselor at the US embassy in Baghdad, was discussed during the meeting in the development of trade and economic relations between the two countries."
Millionday: NOTE -- THE US AND IRAQ MET TODAY TO DISCUSS THE DEVELOPMENT OF TRADE WITH BOTH AND WTO ENTRY
Millionday: He stressed Hatem according to the statement that "During the meeting, emphasized to overcome all the problems that hinder the work of American companies in Iraq, in addition to the development prospects of cooperation between Iraq and the United States with respect to Iraq's accession to the World Trade Organization and the development of skills and abilities of Iraqi negotiators in this aspect."
The official stressed in the Ministry of Commerce, "the need for the active participation of US companies in session 42 of Baghdad International Fair of what to this review of a positive effect on activating cooperation between the two countries in the field of investment and trade.
Millionday: WOW -- WOULD HAVE LOVED TO BE A FLY ON THAT WALL
Millionday: NOTE -- THEY STRESSED THE NEED FOR THE US TO HAVE ACTIVE PARTICIPATION IN THE NEXT TRADE (INTERNATIONAL) FAIR -- WOW
Millionday: For his part, Deputy Economic Counselor at the US Embassy for "his pleasure to participate in the next session of the Fair Baghdad International stressing that he would approach the concerned authorities for the purpose of taking the necessary measures,
"stressing at the same time on the" ready Economic Section at the Embassy of the United States of America the sustainability of cooperation and work with the Ministry of Commerce and the strengthening of relations between the two parties "
Millionday: SO THIS IS GREAT TO SEE >>>"stressing at the same time on the" ready Economic Section at the Embassy of the United States of America
puffdragon: Are they referring to the upcoming fair during Ramadan?
Millionday: THEY STATED SESSION 42 SO I AM NOT SURE -- WILL RESEARCH IT FOR US THOUGH
Millionday: THAT WOULD SEEM A LITTLE QUICK BUT WE CAN HOPE SO --
Millionday: Governor of the Central Bank of Iraq and the Agency on the Keywords, the Federal Court to accept the appeal in private financial budget law materials Bank as "supports the independence of the Bank and deported to influence its policies and decisions."
Millionday: NOTE MORE FROM CBI ON THE POLICIES
Millionday: Keywords and said in a press release, "The foreign currency sales (the dollar) is not an option and are not the business process or coverage of the activities of a commercial, but is in the Iraqi situation,
as is the case in countries which controls the export of foreign currency and a monopoly by virtue of the nature of its oil resources such as States,
the process of replacing the existing Iraqi dinar to the dollar in trading in order to provide the Ministry of Finance dinar against the dollar, which is received by oil sales, which do not need even need the Iraqi dinar to finance the general budget. "
Millionday: NOTE -- THEY ARE SAYING THAT THEY HAVE TO GET RID OF THE US DOLLAR AS ANY COUNTRY NEEDS TO GET FOREIGN CURRENCY OUT OF THE COUNTRY PER POLICY SO THEY CAN SUPPLY THEIR OWN -- THE DINAR IN THIS CASE
Millionday: NOTE -- REMEMBER THE AMOUNT PER ARTICLE 50 WAS 75 MILLION --
Millionday: Keywords and added that "determining the dollar sales ceiling means the result determine the amount of the taxpayer dinar general budget," explaining that "in the case of specifically taking, as stated in the General Budget Law, it means a shortage and a large decrease in the amount required to cover the budget expenditures of the dinar."
And that "if the central bank sold $ 75 million a day as set out in the budget law, it means that the central bank will sell annually the equivalent of almost 22 trillion dinars, while operating expenses (JD) about 70 trillion dinars."
Millionday: NOTE -- THE CIRCUMSTANCES IN OTHER WORDS WILL DETERMINE THE AMOUNT SO CBI NEEDS TO BE ABLE TO DETERMINE FOR IRAQ`S ECONOMIC HEALTH
Millionday: He explained Keywords, that "this fact is clear to many who call invitations determine the dollar sales ceiling, as well as a lack of understanding the role of the central bank and its mission to stabilize the exchange rate and public prices, which require high and persistent in the quantities sold by the bank flexibility."
He pointed out that "there is a big difference in the exchange rate between the official rate and the parallel market price is paid by the citizen and the economy, investment and hurt huge profits in the pockets of greedy and malicious, and can not curb all this only to control the quantities beyond a shadow of those dangerous phenomena."
Millionday: NOTE -- CBI HAS TO BE ABLE TO CONTROL THE RATES AND THE PARALLELS
Millionday: Keywords He continued that "the Federal Supreme Court's decision to accept the appeal submitted by the Central Bank in the materials, which included limitations and orders to the bank, came accordance with the Constitution and the law of the central bank,"
saying the court's decision "constitutes a great importance because of its impact in promoting and supporting the independence of the Central Bank and the dimensions to influence policies and decisions,
and this independence is not a matter of form but is the basis of the requirement to enable the central bank to achieve its tasks, particularly in monetary policy by the diversity of nature on the tools and flexibility orientations. "
Millionday: SO AS WE SEE -- CBI IS EXPECTED TO DO THEIR JOB SO THEY NEED TO BE ABLE TO USE THEIR TOOLS FOR THE MONETARY POLICY
puffdragon: Is this Alaqs incompetence speaking or does this have meaning ?
Millionday: THIS IS FOR CBI AS A WHOLE SO PERMANENT CHANGES PER FEDERAL COURT --
Millionday: HE HAS NO INPUT REALLY -- THIS IS MORE TO DO WITH THEIR POLICY ALLOWANCE
Bax: I still dont understand how they are getting rid of the dollar..when yesterdays auction was the highest ever of over 225 million....
Millionday: THEY ARE GETTING CHANGING FOR DINAR (BANKS)
Bax: Im glad you understand it.... so I will take your word for it that this is good
Millionday: ITS IN COUNTRY -- SO IT IS CONFUSING -- THIS IS FOR OIL SALES WHICH ARE DONE IN US DOLLAR
Millionday: NOTE -- THIS IS AMAZING AND SHOWS THE ROAD OF RELATIONS THEY ARE HEADED TO -- REMEMBER THE FIRST REPORT ABOUT THE US AND IRAQ
Millionday: al-Hashimi at a time when the House of Representatives and awaits the arrival of draft legislation on the central bank to comply with US tax law (Vta) before the middle of next September,
an economist called the Parliamentary Finance Committee to conduct a thorough study on officially join Iraq to this agreement being subject Michaba and needs careful and prudence on it.
Millionday: NOTE -- IRAQ INTENDS TO COMPLY WITH UNITED STATES' TAX LAW (INFORMATION ETC)
Millionday: defines "Alvta" which is an acronym for "Foreign Account Tax Compliance Act" as measures limiting evade US citizens from paying taxes to the Government of the United States, and entered several countries in this Convention recently.
In this regard, said the economist d. The appearance of Mohammed Saleh told the "morning" that there thousands of Iraqis are now holding US citizenship and most of them are making an income in Iraq. Some of them owns properties or a pension or other and this is a problem if approved officially enter Iraq to the Convention "Vta."
Millionday: NOTE -- THIS MAINTAINS THE HIDING OF FUNDS WITHOUT PAYING TAXES OBVIOUSLY
Millionday: and of due to the central bank to submit draft legislation between Iraq and the United States on tax compliance with US law (Vta) for submission to the House of Representatives in the coming period to decide before the fifteenth of September 2015 according to an earlier statement, the Ministry of Finance.
and questioned the benefit of all the Iraqi which will supply side US accounts of these citizens, it is assumed that Iraq is cooperating with the US Treasury in this regard as one of the international cooperation,
noting the difficulty of controlling the accounts do not have the bank accounts in banks, as the government would be unable to bear so the burden under the circumstances taking place in the country.
Millionday: NOTE -- SO THE PARLIAMENT IS AWAITING THE WRITTEN LAW AND IRAQ PLANS TO COMPLY
Millionday: He favored by banks Iraqi request for a written from customers who Iromon open an account they have no access to US citizenship, pointing out that Iraq has a strategic framework agreement with the US side, a comprehensive convention for all economic, military and administrative aspects and others, especially the financial side where Iraq has a relationship with the US Treasury,
and I think they will face another problem with all countries, including Arab and not with Iraq only in the application of tax compliance with the law of the fact that There are no free migrants and dual nationality country.
Millionday: NOTE -- REQUIREMENTS WILL BE APPLIED ON BANK ACCOUNTS PER RELATION WITH US TREASURY -- SMILE
Millionday: In the opinion of experts that Iraq's accession to the Vta agreement "presented by the secret violation of citizens' accounts in local banks, calling that this law (or the Convention) came to the rescue of US Treasury heavily indebted while the Iraqi constitution allows citizens to own more than one nationality as well that this law - in their view - makes countries like collector of American taxes free of charge and without charge.
He said the benefit to the need to examine the Parliamentary Finance Committee the subject full length as well as he needs to international cooperation and financial relations with the United States accurate and detailed, indicating the need of the Iraqi reforming the tax system.
Millionday: NOTE -- THIS IS DUE TO DUAL CITIZENSHIP
Millionday: There is a need to resolve this overlap in case it is decided to join officially because he will cause a large part of the investment movement within the country and determine the responsibility of duplication calculated by the tax in this case, considering that Iraq is free of double taxation country.
Salih stressed, that the study of the subject in the Finance Committee and cooperation with the United States is important but it should be at the same time so rational as well as the Americans want to international cooperation and the protection of their interests
Balmemkn I support the Finance Committee to give its opinion to this topic and orientation and dimensions being is the core in the debate on the subject and show its recommendations as a watchdog for government departments.
Millionday: NOTE -- THIS IS TO SAVE DOUBLE TAXATION -- WOW SOUNDS LIKE A MESS TO UNDERSTAND FOR BUSINESSES -- HOPE THEY MAKE THIS AS SIMPLE AS POSSIBLE
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