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Iraq records a huge jump in non-oil revenues within 5 months of 2024
July 14, 2024 Last updated: July 14, 2024
The Independent / Follow-up / - The latest financial data revealed that non-oil revenues in Iraq witnessed a huge jump during the first five months of 2024 compared to the same period last year.
A source in the Ministry of Finance confirmed that Iraq's total revenues rose by 20.1%, reaching 54.70 trillion Iraqi dinars, compared to 45.55 trillion Iraqi dinars in the same period in 2023.
The source indicated that non-oil revenues rose significantly, reaching 7.06 trillion Iraqi dinars, which represents a contribution rate of 11.5% of the total revenues, compared to only 0.09 trillion Iraqi dinars in the same period last year, which represented 0.19. Only % of total revenue.
The source explained that the increase in non-oil revenues is due to the increase in taxes on income and wealth by 118.6%, and production fees by 285.4%, in addition to the huge increase in capital revenues by 375.2%.
He added that other revenues also saw a significant increase of 453.4%.
Regarding oil revenues, they increased by 6.5%, reaching 48.41 trillion Iraqi dinars, compared to 45.46 trillion Iraqi dinars in the same period last year.
Despite this increase, the percentage of oil revenues’ contribution to total revenues decreased from 99.81% to 88.5%.
Transfer taxes also rose by 121.9%, reflecting government efforts to improve the tax system and increase revenues from non-oil sources.
However, the source stressed that there are major challenges facing the government in maintaining this momentum and further diversifying revenue sources.
On the other hand, the data did not show the method or size of the corresponding expenditures, and whether there was a surplus or deficit in the budget during the same period.
It is noted that the Ministry of Finance may deliberately or refuse to publish a list of expenditures, whether operational or investment, for fear of being exposed to criticism from the media or observers and those interested in economic and political affairs.
Financial statements for the first five months of 2024 reflect a significant improvement in Iraq's non-oil revenues, which contributes to enhancing the country's financial and economic stability.
However, the Iraqi government remains facing major challenges in diversifying the economy and increasing reliance on non-oil revenues to ensure sustainable economic growth.
The question remains about expenditures and the extent of their transparency, which may reveal other aspects of the economic challenges facing the country.
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July 14, 2024 Last updated: July 14, 2024
The Independent / Follow-up / - The latest financial data revealed that non-oil revenues in Iraq witnessed a huge jump during the first five months of 2024 compared to the same period last year.
A source in the Ministry of Finance confirmed that Iraq's total revenues rose by 20.1%, reaching 54.70 trillion Iraqi dinars, compared to 45.55 trillion Iraqi dinars in the same period in 2023.
The source indicated that non-oil revenues rose significantly, reaching 7.06 trillion Iraqi dinars, which represents a contribution rate of 11.5% of the total revenues, compared to only 0.09 trillion Iraqi dinars in the same period last year, which represented 0.19. Only % of total revenue.
The source explained that the increase in non-oil revenues is due to the increase in taxes on income and wealth by 118.6%, and production fees by 285.4%, in addition to the huge increase in capital revenues by 375.2%.
He added that other revenues also saw a significant increase of 453.4%.
Regarding oil revenues, they increased by 6.5%, reaching 48.41 trillion Iraqi dinars, compared to 45.46 trillion Iraqi dinars in the same period last year.
Despite this increase, the percentage of oil revenues’ contribution to total revenues decreased from 99.81% to 88.5%.
Transfer taxes also rose by 121.9%, reflecting government efforts to improve the tax system and increase revenues from non-oil sources.
However, the source stressed that there are major challenges facing the government in maintaining this momentum and further diversifying revenue sources.
On the other hand, the data did not show the method or size of the corresponding expenditures, and whether there was a surplus or deficit in the budget during the same period.
It is noted that the Ministry of Finance may deliberately or refuse to publish a list of expenditures, whether operational or investment, for fear of being exposed to criticism from the media or observers and those interested in economic and political affairs.
Financial statements for the first five months of 2024 reflect a significant improvement in Iraq's non-oil revenues, which contributes to enhancing the country's financial and economic stability.
However, the Iraqi government remains facing major challenges in diversifying the economy and increasing reliance on non-oil revenues to ensure sustainable economic growth.
The question remains about expenditures and the extent of their transparency, which may reveal other aspects of the economic challenges facing the country.
[You must be registered and logged in to see this link.]
