Representative financial: international monetary conditions to approve a budget including tax increases

2016/8/22 15:10

{Baghdad: Euphrates news} parliamentary Finance Committee Member said Ahmed Haj, budget for 2017 accordingly approve next IMF conditions.

Pilgrim said, {Euphrates news}, "required to pass the budget in accordance with the timetables set by the Financial Administration Act and the public debt," he explained, "at the present time as there is an agreement between the IMF and the Government, must be adhered to.

He noted that "the first item on the Convention, refers to the preparation of the budget in accordance with the terms prepared by the International Monetary Fund, which include lack of expenditure and increase revenue, and reconsider the high salaries, as well as to increase the tax base and the multiplicity of taxes."

"Pilgrim" and the budget draft law was discussed in the Cabinet and it will be sent to the House by the time the timings on the 10th of next October and needs Parliament to 50 days for examination and then approved as law and become legally effective for the Government. "

"There's no tax on fuel under budget.

The IMF demanded in may, during the Convention, which stipulates an initial loan Iraq grants exceeding $ 5 billion, imposing strict controls on doors of disbursement, subjecting the entire salary and allowances for senior State officials, and senior grades, private income tax.

While not containing the terms allow prejudice to the ration card, no social safety net salaries, and not government subsidies for displaced people has ended.