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Diversifying revenues...the most prominent reform challenges
Second and third 08/20/2024
Baghdad: Huda Al-Azzawi
Specialists in financial and economic affairs believe that one of the basic principles included in the government’s approach to financial reform, which was approved by the House of Representatives in October 2022, is to maximize non-oil resources in the country’s general budgets, as
goals were set for them in order to increase their contribution to The total revenues generated by non-oil economic activity will be 20 percent, instead of their historical rates, which do not exceed 10 percent at best.
The Prime Minister’s Advisor for Financial and Economic Affairs, Dr. Mazhar Muhammad Saleh, told Al-Sabah that
“diversifying sources of non-oil revenues and maximizing them in public budgets is one of the biggest reform challenges in the financial and economic fields in the country, and
these challenges come from the link between successfully diversifying budget resources.”
Diversification in the country's gross domestic product, especially the three agricultural, industrial, and service sectors, as the
oil production sector still dominates a proportion of the components of that gross domestic product amounting to 60 percent, which gives the national economy a rentier character and direct coexistence on the financial flows provided by the oil resource without Mostly others.” He added,
“The first step taken by the current government in maximizing non-oil revenues began by adopting a new approach to tax reform, as the
Council of Ministers approved earlier this year eight new packages to reform the country’s tax system, led by the principle of expanding tax bases, especially those hidden or hidden revenues.”
Those who evade or neglect the annual tax accounting, as two packages have been launched to date, and the
rest of the packages will be launched sequentially and gradually within the government’s reform policy in the financial field and maximizing the state’s resources from sources of income and wealth from outside the oil sector.”
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Second and third 08/20/2024
Baghdad: Huda Al-Azzawi
Specialists in financial and economic affairs believe that one of the basic principles included in the government’s approach to financial reform, which was approved by the House of Representatives in October 2022, is to maximize non-oil resources in the country’s general budgets, as
goals were set for them in order to increase their contribution to The total revenues generated by non-oil economic activity will be 20 percent, instead of their historical rates, which do not exceed 10 percent at best.
The Prime Minister’s Advisor for Financial and Economic Affairs, Dr. Mazhar Muhammad Saleh, told Al-Sabah that
“diversifying sources of non-oil revenues and maximizing them in public budgets is one of the biggest reform challenges in the financial and economic fields in the country, and
these challenges come from the link between successfully diversifying budget resources.”
Diversification in the country's gross domestic product, especially the three agricultural, industrial, and service sectors, as the
oil production sector still dominates a proportion of the components of that gross domestic product amounting to 60 percent, which gives the national economy a rentier character and direct coexistence on the financial flows provided by the oil resource without Mostly others.” He added,
“The first step taken by the current government in maximizing non-oil revenues began by adopting a new approach to tax reform, as the
Council of Ministers approved earlier this year eight new packages to reform the country’s tax system, led by the principle of expanding tax bases, especially those hidden or hidden revenues.”
Those who evade or neglect the annual tax accounting, as two packages have been launched to date, and the
rest of the packages will be launched sequentially and gradually within the government’s reform policy in the financial field and maximizing the state’s resources from sources of income and wealth from outside the oil sector.”
[You must be registered and logged in to see this link.]
