Post From Dinar Updates By Rudie Part 1 of 2
Millionday News 1/27/14
[millionday] looks like very excited and we have some good news too --- let me say some things
[millionday] we have the parliament working tomorrow and maliki is making it clear that he is very happy about the 5$ and and also they are going to vote on it to speed up the process
[millionday] so they are voting through the 5$ and the budget is on the table - the agenda is very important that we have for tomorrow - the banking act has been demanded by parliament to be in their hands tomorrow
[millionday] and of course we have the banking conference - so let me grab some news for us brb
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[millionday] before the night is out i am going to show you why the metals and their sales is important to the CBI
[millionday] now this is going to talk about something we are going to be very very aware of very soon -- capital gain is a tax that is paid to the federal government -- and of course they are very happy about it rolling in with their development so here is this
millionday] the joy of pumice in order to make way and capital investment companies subject to tax so-called "low-exploitation", called an economist for the amendment of Article (16) of the Companies Act No. 21 of 1997 to achieve the benefit of society and the economy of the country.
Economic Advisory Ali Mahmoud urged the importance of a conversion radical and structural mechanisms of action of the General Authority for taxes by giving priority to the tasks of development in the functions of the body before the functions of collection,
noting the country's need to develop instructions and legislation tax towards the purposes of development, economic development and technological therein.
[millionday] note -- this is saying that they will activate the amendment they have done with article 16 and 21 (the companies act) - this is to benefit the country and of course uphold the government`s budget
[millionday] note -- they have also stated within this announcement that their taxes will be low --
[millionday] the companies act is the regulation of all expectations and requirements
[millionday] added Mahmoud "morning", that draws the working mechanisms tax Current based on the side of my rights at the expense of development orientation, so called for the exemption of the shares in kind of corporate capital income tax., and on tax reforms required, expressed expert importance of the amendment of Article (16) of the Companies Act No. 21 of 1997,
by adding a new paragraph provides for the exemption from income tax for the stakes kind of corporate capital when the company registered with the Registrar of Companies, considering that the implementation of this proposal would create a great boost in investment activity, job creation and reduce unemployment, especially
[millionday] note -- they are considering that it will draw a lot of investment companies in by giving tax exemptions to start
[millionday] given that the capital-kind currently disabled or low exploitation and of real estate and farmland and non-agricultural fixed assets Other. either investment law, it was stated Mahmud he supports tax exemption as a means to attract and encourage investment, especially as the establishment of an investment project industrial, agricultural or tourist or healthy or otherwise linked to the need to establish and register a company with the Registrar of Companies,
said: "The law offers tax breaks as a magnet, but the work of the bodies and registered investment companies are required settling accounts tax in advance, and this is not consistent with the orientations of the Investment Law."
[millionday] so as we see the investment law is not stating that right now and they want to use it to bring as many in from the globe as they can -- so they plan to start without taxation and then allow this to be changed throughout the year or whatever they decide
[millionday] very good news because they are very reliant on this coming in as revenue and the provinces will be needing taxation as well but they need as many industries as they can get right now so the citizens can get to work
[millionday] tax exemption is another tool they are adding to the list
[millionday] this report is long but very very important
[millionday] Mehdi al-Hafez accept it at the beginning of the seminar a number of important points indicating the importance of visibility and integrated to address the economic problems of economic life for all sectors ,
including the banking sector. Create a middle class Hafiz stressed that Iraq's future is directly linked to the promised creation of a growing middle class and economic reform and monetary and financial and reconsider all traditional practices that weakened the strength and vitality of the economy driving Kalmward financial and other
[millionday] note -- a healthy economy has three classes -- high, middle (working) and low -- without all three the country has an unhealthy economy and it is controled in that fashion by governments ---
[millionday] Indeed, the banking consultant of the World Bank to restructure the Iraqi banks , an economist Majid picture talked about the reality of the Iraqi banking sector and big problems suffered by pointing out that the banking system is made up of 54 banks ,
including seven state banks , one of them an Islamic newly established and there are 23 commercial banks, a special 9 of which Islamic banks As well as having 15 branches of foreign banks not to mention the many institutions that do some banking , including 34 companies transform Mali,
about 200 companies banking subsidiaries of banks or dealing with banks or with the company to ensure the loans and the company to finance small and medium enterprises with the two companies for banking services and
[millionday] smile -- this shows just how busy they have been >>>>>
[millionday] electronic smart card as well for about 800 branch belonging to the banks and distributed among all of Iraq's provinces .
Heavy legacy and attributed the picture deteriorating banking reality to the heavy legacy inherited by Iraq and led to the collapse of the Iraqi economy and the failure of the banking system as a result of war and siege ,
militarization and implicate the government banks ties from internal and external complex led to the obvious weakness in the banking culture and the decline of international confidence and the decline of the role of banks in economic activity and development .
[millionday] note -- as we know the one thing ---the smart cards are done -- that is in ink and a fact -- also -- we also know that they have had to build from ground zero due to war -- that is an understatement
[millionday] Banking reform Suri gave a brief vision for reform of the banking system through the restructuring of government banks ( Rafidain and Rasheed ) and specialized banks and credit controls at the central bank , pointing to the need for the reform process and the development of appropriate regulations based on Basel .
Restructuring of the banking system and added the picture that in 2006 signed a Memorandum of Understanding between the Ministry of Finance and the Central Bank of Iraq under the auspices of the International Monetary Fund and the World Bank and the U.S. Treasury to achieve
[millionday] note --- the compliance to Basel is international compliance -- each bank has a role as we do here --- hometown banks -- credit unions -- international investment banks -- etc etc
[millionday] a restructuring program of the banking system in Iraq pursuant to one of the terms of reference between Iraq and the International Monetary Fund relating to the restructuring of state institutions Iraqi included reconsidering the organizational structure and diagnose problems of financial , operational and regulatory faced by all government banks . Governance Suri pointed to the importance of achieving everything related to the principles of good governance and issue appropriate regulations by the central bank to regulate the work of the government and private banks
[millionday] so they have announced success of achieving all related to regulation in private and government banks -- huge huge announcement
millionday] . And the importance of the revision of laws related as well as activating the role of the central bank in monitoring and supervising the work of banks without distinguishing between public and private ,
noting that this requires the establishment of Higher Supervisory Committee to oversee the achievement of the restructuring of banks consisting of the Governor of the Central Bank and the Finance Minister and Chairman of Supreme Audit Finance.
[millionday] note -- the monitoring group is formed as well as we have seen working
[millionday] The international banking industry and the picture that the aim of the restructuring is to strengthen the internal construction of the banks and work on the foundations of good governance and upgraded to the level of the international banking industry and activating the role of banks in economic activity and the process of economic development as well as the development and consolidation of international relations of the Iraqi banks
[millionday] huge -- the international banking is able to happen due to the established success of the announcement of completion in the regulations and also Basel compliance -- this is so big
[ROBINREDHED] IT IS A DOOZIE
[traveler] it is amazing to think that Dr. Shabibi could have tried to revalue the IQD 2 years ago without all this having been completed and NOT NOT collapsed the Iraq economy! ????
[millionday] . He stressed the need to develop the banking culture and change the thinking of the methodology employed in the banking industry in Iraq. He pointed to the picture that all the studies submitted by the consultants confirmed that it can not achieve the principles of good governance ,
control and surveillance and immediate precautionary by the banks and the supervisory authority , but using the banking system overall .
Restructuring and said that the achievement of the restructuring of the banking system in general , both governmental and private requires procedures and continuous follow-up , pointing to the need for legal reform of the banking sector , noting that
[millionday] traveler almost makes it seem not true -- smile
[millionday] it will lead to improving the performance of Iraqi banks and improve the reputation of local and global noting that it will not work on activating the economic role unless it is make the necessary adjustments in the Banking Act that are consistent with the requirements of the Iraqi economy is growing .
Distinguish between targets and called at the conclusion of his speech to the need to distinguish between the activity of banks on the basis of the goals that arise for it and identify areas of work in accordance with the requirements phase on the basis of commercial banks are actively banker and investment banks is determined by its work in the field of investment , and
[millionday] Islamic banks operate according to Islamic law and the banks developmental operate within the limits of the objectives of the economic policy of the state in the areas of productivity ,
in particular such as industry and agriculture. Dr Mehdi al-Hafez said at the conclusion of the meeting the importance of developing and expanding research in economic and financial issues and start the adoption of an integrated program for it , pointing out that this is what seeks him " the progress of the Institute of Policy Development " in the future
[millionday] so his speech is saying that they are through with regulations and now they place the banking act to be passed -- they need to promote their banking as a reputable industry worth and stable to invest in
[Richard Incrocci] WOW
[dovi] at 8/10000s of a penny?
[millionday] this is so good to hear -- banking reform at the beginning of the banking conference and also the statement of where they are at this point will bring success from the banking conference
Richard Incrocci] Dovi....all preparation for many great things
[millionday] know one thing -- the banking industry invests too -- they bring huge business and also expand the stock market with all of their tools for all investors so this is huge to say the least
[dovi] Richard Incrocci mmmmhmmm
[millionday] now with us seeing in ink that all of this is complete and they have the banking act on the agenda which is the entirety of all of these regulations etc --- we see that the economic reform is a step that can be made ---
part of this is the reality of the economy and the currency value so this is very big news for us and also for the country with the smart cards done we can also know this
[millionday] that is visa and mastercard --- the stepping stone of international economy -- atms /etc we sure can smile at the timing brb with more
[millionday] dovi this would make little sense -- also let me say something else
[millionday] Iraq used to be a very large gold market and of course we know about the oil production -- those prices are set prices internationally --- so as we know for them to be gold backed --- the value is set in the global market and they have made it clear they will be exporting very quickly --- so be excited about that
[millionday] so there we have greeeatt news and brb with more
[millionday] here we go >>> Al-Sabah said the Commission on oil and energy parliamentary, on Monday, Prime Minister Nuri al-Maliki said her survival allocations of five dollars to the provinces producing oil,
indicating that some political parties wanted to invest the subject of the election campaign. Said Committee Vice Chairman Ali Fayad's "Center Brief Media Network Iraq, "that" al-Maliki said to me in a telephone conversation of his insistence and support to get oil-producing provinces on the amount of five dollars a barrel, single-product, "noting that"
[millionday] note this is what maliki is saying about the barrel distribution price
[millionday] al-Maliki between he first launched a project to support oil-producing provinces, an increase of petrodollars from one to five dollars.
He added Fayad, "I told the provinces that first met in Basra yesterday, the need to stay away from throwing the ball in the court of a particular destination on the petro-dollar allocations for the sake of political polarization or delude the Iraqi people determine the identities of the people they are faithful.
[millionday] so he is now saying that they are stating he is not for the 5$ just because of political reasons and to make him look bad in so many words he was for it the whole time --- poor misunderstood maliki brb with more