04/05/2011Auction currency between the decision of the Central Association and the demands of private banks
بغداد-حيدر فليح الربيعي BAGHDAD - Haider al-Rubaie Filaih
Called the Association of Banks on the need to reconsider the decision of the Central Bank, which prevent which the participation of any of the private banks in exchange auctions daily before the submission of statements of settling accounts tax them, at a time indicated the Association that the decision is contrary to confidential information of clients of the banks non-governmental organizations.
MALE An official source at the Central Bank were among the most prominent of good that is being addressed at the present time is to create harmony between monetary and fiscal policy, which is the tax system one of the main pillars of those two policies, denying at the same time, the frequency of fears about rising inflation after the decline in sales of the Central of the dollar due to lack of participation of private banks, which did not disclose Thasabha tax, stressing that the bank's reserves of foreign currency of approximately $ 54 billion, which contributed to strengthening the power of the dinar which he said was the strongest currencies in the region now ..
In the meantime, Director General of the reduced General of Taxation of the importance which he described as (natural), indicating that the private banks is a joint-stock companies what they must be settling accounts and tax according to tax law No. 113 of 1982 in force ..
The central bank has asked the participants in the auctions daily currency held by the need for settling accounts tax as a condition to participate in those auctions, which led to a decline in sales of the Central of the dollar to reach without a $ 20 million, after the average sales in the periods that preceded the decision nearly 130 million in the words of his adviser, Dr. appearance of Mohammed Saleh, who said during his speech for the (morning) that the banking secrecy that some claim should be saved in the private banks should not intersect and the country's economic policy, describing the frequency of demands for cancellation of resolution or review by the being contrary to the privacy of customers of private banks, b (words to be right for the wrong reasons), emphasizing those liabilities may contribute to the promotion of money laundering or it is hiding something more behind it ..
Saleh said also: The currency market is the market officially in Iraq, has been found for the purposes of intervention in the stability of the Iraqi dinar exchange rate, it is used as well as many indirect means to ensure exchange rate stability, and became the private sector depends directly on the financing of his business and his works from that auction , so it is natural to deal with the legality of other banks that participate in the daily Mzhadath, settling accounts and request the tax is nothing but a key part of the policy advocated by the central bank continuously ..
He also called for the need to create a kind of intimate relationship between the tax system and between the holders, stressing the importance of re-evaluation of some of the tax laws that can reflect the status of the trust Alachkad Balthacb charge of taxation and away from them the fears that haunt them from it ..
And on fears of rising inflation due to falling sales of the Central of the dollar, between the benefit that the bank has the power as he can to reverse the country's financial stability, and has more measures that enable greater stability in the rates of prices in the provision of foreign currency, adding that the Iraqi dinar is now one of the strongest currencies in the region, and enhanced the magnitude of the volume of bank reserves, which it said amounted to approximately $ 54 billion ..
He explained that the Director General of Taxation Kazem al-Husseini during his speech for the (morning) that the economic activity in Iraq in all its forms is subject to the charge for tax, noting that private banks operate through the formation of companies, so they are subject
So to the provisions of the Income Tax Act in force and that they must be continuously settling accounts with the Tax Authority ..
The al-Husseini, the roof tax in Iraq at 15 percent of the net profits of any economic activity, describing the ratio Balaoto compared to the rest of the neighborhood, which is subject to settling accounts of tax to legal action strict and rates are very high .. pointing out that the ceilings tax in Iraq does not pose any burden real process of capital accumulation to various economic activities as much as it is considered an investment in support ..
In a reference to the implications of Central Bank's decision to reduce the possibility of investment activities of private banks mentioned by a number of stakeholders in the matter between Husseini said talking about negative effects can be triggered by the tax system to limit economic activities, including the work of private banks is lacking in accuracy and objectivity ..
According to the Director General of Taxation, the rate of 15 percent of the net profit is the amount of settling accounts tax is in many countries within the (advantages and tax incentives) will be granted only to economic activities that are meant to encourage, while in Iraq, giving the general economic activities other than oil in order to encourage ..
In turn, called the Association of private banks (an association working to unify the work of private banks in the whole of Iraq and seeks to organize its work can contribute to the economic process is an active and influential) demanded that the Central Bank of the importance of stopping the resolution or review by, the Association claimed on the lips of CEO that intersects the resolution and confidential banking information to customers in particular ..
Abdul Aziz al-Hassoun during the interview with the (morning): The central bank asked banks on the need to settling accounts tax has greatly impacted on the size of private banking in Iraq, especially in the field of foreign exchange, adding that many of the dealers with the private banks are reluctant to provide any information about their tax as well as the move is contrary to the confidentiality of private banking, according to Hassoun ..
He opposes laws goldfinch private banking with a central bank which provided not allowed to disclose information on clients of banks, but to the judicial authorities and the decision of the court ..
Stressing that the commitment of private banks to provide data on their customers is a violation does not allow its norms professional banking business, as well as caused by the reluctance of clients and customers of those banks, is that the worst that can result from the decision by the Executive Director of the Association of private banks is to resort customers to the routes may be illegal to transfer money abroad, and received without recourse to the banking system in the country,
He pointed out that this matter has already started on the ground is evidence of decline in central bank sales, which represents the bulk of foreign remittances ..
The central bank has asked the participants in the auctions daily currency held by the need for settling accounts tax as a condition to participate in those auctions, which led to a decline in sales of the Central of the dollar to reach without a $ 20 million, after the average sales in the periods that preceded the decision nearly 130 million in the words of his adviser, Dr. appearance of Mohammed Saleh, who said during his speech for the (morning) that the banking secrecy that some claim should be saved in the private banks should not intersect and the country's economic policy, describing the frequency of demands for cancellation of resolution or review by the being contrary to the privacy of customers of private banks, b (words to be right for the wrong reasons), emphasizing those liabilities may contribute to the promotion of money laundering or it is hiding something more behind it ..
Saleh said also: The currency market is the market officially in Iraq, has been found for the purposes of intervention in the stability of the Iraqi dinar exchange rate, it is used as well as many indirect means to ensure exchange rate stability, and became the private sector depends directly on the financing of his business and his works from that auction , so it is natural to deal with the legality of other banks that participate in the daily Mzhadath, settling accounts and request the tax is nothing but a key part of the policy advocated by the central bank continuously ..
He also called for the need to create a kind of intimate relationship between the tax system and between the holders, stressing the importance of re-evaluation of some of the tax laws that can reflect the status of the trust Alachkad Balthacb charge of taxation and away from them the fears that haunt them from it ..
And on fears of rising inflation due to falling sales of the Central of the dollar, between the benefit that the bank has the power as he can to reverse the country's financial stability, and has more measures that enable greater stability in the rates of prices in the provision of foreign currency, adding that the Iraqi dinar is now one of the strongest currencies in the region, and enhanced the magnitude of the volume of bank reserves, which it said amounted to approximately $ 54 billion ..
He explained that the Director General of Taxation Kazem al-Husseini during his speech for the (morning) that the economic activity in Iraq in all its forms is subject to the charge for tax, noting that private banks operate through the formation of companies, so they are subject
So to the provisions of the Income Tax Act in force and that they must be continuously settling accounts with the Tax Authority ..
The al-Husseini, the roof tax in Iraq at 15 percent of the net profits of any economic activity, describing the ratio Balaoto compared to the rest of the neighborhood, which is subject to settling accounts of tax to legal action strict and rates are very high .. pointing out that the ceilings tax in Iraq does not pose any burden real process of capital accumulation to various economic activities as much as it is considered an investment in support ..
In a reference to the implications of Central Bank's decision to reduce the possibility of investment activities of private banks mentioned by a number of stakeholders in the matter between Husseini said talking about negative effects can be triggered by the tax system to limit economic activities, including the work of private banks is lacking in accuracy and objectivity ..
According to the Director General of Taxation, the rate of 15 percent of the net profit is the amount of settling accounts tax is in many countries within the (advantages and tax incentives) will be granted only to economic activities that are meant to encourage, while in Iraq, giving the general economic activities other than oil in order to encourage ..
In turn, called the Association of private banks (an association working to unify the work of private banks in the whole of Iraq and seeks to organize its work can contribute to the economic process is an active and influential) demanded that the Central Bank of the importance of stopping the resolution or review by, the Association claimed on the lips of CEO that intersects the resolution and confidential banking information to customers in particular ..
Abdul Aziz al-Hassoun during the interview with the (morning): The central bank asked banks on the need to settling accounts tax has greatly impacted on the size of private banking in Iraq, especially in the field of foreign exchange, adding that many of the dealers with the private banks are reluctant to provide any information about their tax as well as the move is contrary to the confidentiality of private banking, according to Hassoun ..
He opposes laws goldfinch private banking with a central bank which provided not allowed to disclose information on clients of banks, but to the judicial authorities and the decision of the court ..
Stressing that the commitment of private banks to provide data on their customers is a violation does not allow its norms professional banking business, as well as caused by the reluctance of clients and customers of those banks, is that the worst that can result from the decision by the Executive Director of the Association of private banks is to resort customers to the routes may be illegal to transfer money abroad, and received without recourse to the banking system in the country,
He pointed out that this matter has already started on the ground is evidence of decline in central bank sales, which represents the bulk of foreign remittances ..
