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Cabinet agrees to exchange instruments of private banks to pay taxes
3/24/15
Iraqi Central Bank announced on Tuesday that the Economic Committee of the Council of Ministers approved a proposal to accept issued by private banks instruments to pay taxes and fees all. The central bank said in a brief news received "tomorrow Press", "The Economic Committee of the Council Ministers agree to accept the proposal of the Central Bank issued by private banks instruments to pay all taxes and fees and without a fixed roof with flags of the Central Bank of Iraq. "
this is big news gang. they actually are following through with empowering the private banks. up until this point banking was stacked on the side of state owned banks. for instance, anyone paying any form of tax or fees to the government could only pay through state run banks. this is common practice of a centralized government (dictatorship). well now we see these restrictions and barriers being removed in a major way. the proposal was approved to allow private bank instruments (ie checks written against private bank accounts) to be used for payments to the government.
really we should take pause and appreciate our observance to an unprecedented event happening in modern day Iraq. we are watching with our own eyes the transformation of an economy from centralized to decentralized, from administrated to liberalized. the private banks are becoming more competitive day by day which paves the way for a market economy. :bravo:
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3/24/15
Iraqi Central Bank announced on Tuesday that the Economic Committee of the Council of Ministers approved a proposal to accept issued by private banks instruments to pay taxes and fees all. The central bank said in a brief news received "tomorrow Press", "The Economic Committee of the Council Ministers agree to accept the proposal of the Central Bank issued by private banks instruments to pay all taxes and fees and without a fixed roof with flags of the Central Bank of Iraq. "
this is big news gang. they actually are following through with empowering the private banks. up until this point banking was stacked on the side of state owned banks. for instance, anyone paying any form of tax or fees to the government could only pay through state run banks. this is common practice of a centralized government (dictatorship). well now we see these restrictions and barriers being removed in a major way. the proposal was approved to allow private bank instruments (ie checks written against private bank accounts) to be used for payments to the government.
really we should take pause and appreciate our observance to an unprecedented event happening in modern day Iraq. we are watching with our own eyes the transformation of an economy from centralized to decentralized, from administrated to liberalized. the private banks are becoming more competitive day by day which paves the way for a market economy. :bravo:
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