Thread: Iraq/Dinar News. 09/05 to 01/14/07

Thanks Adam. I love these people on this forum; almost as much as I love my dinars

Originally Posted by readytogo

Thanks Franny,

I sure would not mind a $2 peg. Since you are retired from the Treasury Dept did you see my Post 5997 referring to the exchange not being taxed? Were you the one who posted the same? If you were, Great Find! Does it mean what I think it means, in plain English........When we exchange our dinars we will not have to pay taxes?

I do appreciate your input on this Franny.

Monica

Hi Monica,

The only exchange that would not be taxed is if you converted a small amount of USD to Dinars and travelled to Iraq for business or pleasure and then converted it back to USD and made a small profit. It would have to be a reasonably small amount, not millions!! I have done this many times on trips to Japan and China for business and have never had a problem. Usually I had converted no more than 2 or 3 thousand USD and maybe made a couple of hundred dollars profit if I was lucky. Lost sometimes too.

My tax advisor is a former IRS agent (30 years) and he has told me that my exchanges will be long or short term capital gains period. Unless you are a pastor with a corporation sole setup or have some kind of totally charitable organization setup, taxes will be due. Be careful or you might invite scrutiny into your life that could take your freedom away. It is not worth it. This will be the last comment I make on taxes and the irs.

danny

Hi guys. I caught a bit on the BBC news this morning on NPR, that Zimbabwe is set to lop zeros and re-val their currency tomorrow. They are also getting new notes. This is to help curb runaway inflation which has gotten much worse lately there. I know this has nothing to do with the dinar, but I found it pretty interesting!
Am I in there too Franny?

Information indicating that "collusion" from the inside, in some cases
Source : Newspaper Conference - 20/08/2006
Have flourished in recent times and in different regions of Iraq robberies on banks, governmental and non-governmental, or even on public and private companies. It is noteworthy that these operations are carried out in broad daylight and during official working hours, and implemented in ways that the various methods, show how professionally and enables implementers of such thefts in which they receive the money and the government suffered heavy losses. According to information obtained by Asharq Al-Awsat from official sources indicated that most robberies and theft to be carried out in coordination and cooperation among some members of the gang and the "misguided" Priyadharshana. staff working in those banks and companies that have been stolen, as well as criminal investigations showed in some cases, or confessions made by defendants after they are found sufficient evidence of involvement in such operations. One of the officials working in the Department Rafidain Bank, which asked to remain anonymous said of Asharq Al-Awsat that the means and methods used by the gangs of theft in Stoha on banks learnt reveal the extent of readiness and the willingness and ability of these gangs to carry out its operations according to the plans of deliberate and the Court so be domination entirely on the place of a crime can not employed in these banks to carry out any action that could fail the theft and that means exposing their lives to danger, Besides, the lack of monitoring devices or means of revealing robberies before they occur in the country has helped to increase those operations which took place in a quantum leap, as revealed by previous incidents ". The government official added that "some robberies occur under the guise of a formal In the process of robbing a branch of the Rafidain Bank in Amiriyah, west of Baghdad, the band more than the number of members of the 20 people who were wearing clothes similar to those worn by the Iraqi security forces, police and the National Guard and command cars also typical Auto government blocked the road leading to the bank and disseminating F rad outside the bank building, and thus control the whole and then to enter inside and the theft of all financial assets, estimated at $ 2 billion Iraqi dinars after it killed some members of the protection of the bank and Ro'wa 196,400, and the impact of this section have been transferred from the bank to the area of Al-Mansour, not far from Amiriyah. , which is also received by the theft follows a similar one occurred bank branches in Ameriya district, ". Eyewitness coincided with the presence in the Bank of Baghdad exposure Leet armed description of Asharq Al-Awsat, saying learnt that all the armed men who attacked the bank were non-pilots did not show signs of fear and carried out the theft Organization if trained to repeatedly After obtaining the faithful departed from the bank and quietly flew on cars that were Tntz Ram abroad ". And linking many of the Iraqi officials and members of the House of Representatives between robberies this and the financing of operations learnt terrorist "where he is a member of the House of Representatives Abbas Bayati learnt Undoubtedly the robberies which have occurred and will receive now for some banks, banks, companies used to finance terrorist groups which launch attacks pain Shoh and suicidal against State institutions and infrastructure of Iraq and against the innocent people ". He added that these groups "have begun wire this method to finance its operations after it lost its sources of external funding which comes from other destinations do not want charity Iraq".

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Danny I have a question for you or at least like to hear your opinion... :)
I'm all for seeing a tax attorney and paying required taxes tho will want to know what I can do to legally minimize... What makes me nervous is to suddenly come into wealth that my bank accts have never seen before.. will this put a spot lite on us that we really don't want? There were rumors a few days ago that there might even be a time frame ... maybe 3 weeks to exchange the larger notes.. if so.. even if we tried to get entities set up to hold the larger amounts from the dinar we may not have enough time to do so.. so we would have to cash out into our existing bank accts... I'm wondering if we should be nervous to suddenly come into alot of money .. ? The banks are already on high alert to report anything that is out of the ordinary.. Sorry if this is long winded.. Anyone is welcomed to also comment on it.. ezcash

Source : Morning newspaper - 19/08/2006
The center of Iraqi economic reform and in a series of symposia designed to evaluate and develop the proper foundations for the advancement of economic reality and work to solve the problems, a symposium on the draft Iraqi investment law which hopefully will be put before the House of Representatives for approval soon. This was discussed at the symposium Bhthan I get the title (a comparative study between the law of investment Iraqi laws other Arab States), Dr. Abdel-Rahman Almshahadani and II titled (investment priorities in Iraq) Professor Reza Ragheb Blebel. Investigators have focused on a review of the most prominent reservoir flaw in the new investment law and how to develop appropriate solutions. Also they discussed ways to attract capital to invest in Iraq and what incentives could be provided to them in order to encourage them to participate in the investment.

Symposium entitled (reading in the law proposed investment), in which many economists and businessmen from the private and public sectors, members of parliament and representatives of the Iraqi ministry of some Where all participated by subtracting views. The proposals aimed at the promotion of investment and economic situation in Iraq.
(morning) attended the symposium and met with Dr. guerrilla Alvili Senior Adviser Ministry of Construction and Housing, which emphasized the importance of such symposia to highlight the most prominent faces in the investment law of the problems and ways to solve those problems particularly that the majority of the participants are with the estimated economic high and have the ability to develop solutions to the pain Nasph avoid any application forms may face law. He Alvili : to highlight the recommendations that came out of the symposium is ownership of the land. It was recognized by all that the investment code in order to succeed we must be ownership (Llaraghi) 100% (foreigner) by 49% especially in the housing projects and projects Alstratejeh added Alvili. Much of the debate has been points of the draft Investment Law, such as the issue of investor protection and the dominance of the public sector to the private sector in addition to the subject of land ownership.
It was debated strengths in the law and how to enhance drivers such as tax exemptions needed to increase the exemptions to the investors. It also discussed the possibility of encouraging existing projects (as investment projects) and the weak economic and financial problems and the possibility of the same support given to new investors have been making recommendations to this effect.
Alvili pointed out that the investment law was directed to the private sector fully, the law is supporting the private sector. Everybody is counting on this sector in support of the Iraqi economy.
Act land underneath a red line for many of the members of the House of Representatives
For its part, Dr. ones crossed Albldawi member of the House of Representatives and a member of the Economic Committee of the Council expressed its satisfaction with the holding of seminars prior to the discussion of this law, passed in the House of Representatives after the holiday. Referring to access to valuable information and useful as a result of discussions at the symposium. She Albldawi : topics discussed at the symposium of considerable economic value due to their usefulness in the investment law to be debated by the House soon. Especially those that belong to the property, especially since this is making a lot of the House of Representatives put a red line underneath it. Because the House is a popular and many of its members have a great sense of ownership of any foreigner, Iraqi ground. I believe that the ownership of land almost alien opposed by many members of the House of Representatives.
She Albldawi. There should be laws to exclude investors Iraqis, Given that they have the privacy and this ultimately is another investor in support of Iraq.
The role of the private sector will be leading the investment
Contrary Reza Ayoub Saag expert at the center of Iraqi economic reform pointed out that the seminar devoted to a discussion of a draft investment law, and from all sides. This necessitated the involvement of the private sector and civil society organizations to the Economic and economists and the public sector and the many actors and other personalities. He pointed out that everybody has discussed some of the paragraphs contained in the law of investment, which may not serve the details of the issuance of such a law. He said Saag think that the private sector will have a leading role in the investment process, although the law stipulated between foreign and domestic investors, As everyone knows, the foreign investor has the capacity of physical and technological, artistic and other possibilities than what we have in the private sector, particularly that the private sector has been subjected to marginalise, clear and not less than 35 years, how will be able to compete if it did not give him some support in the law a matter of taxes or given period of time beyond which gives foreigners your taxes or grant soft loans and affordable.
Support inadequate Iraqi investors, and the need to be labour Iraqi
Dr. peace Sadr economic expert stressed the importance of the operation and human investment is the manpower to be Iraqi elimination of unemployment and the alleviation of social and economic problems pervasive, Referring to the importance of supporting the private sector and grant preference to foreign investment. The aide said : The Iraqi economy faces a significant obstacle : unemployment, Therefore, if they want the operation of the market must find jobs to unemployed persons whom society from the problems of the burden of crime and social benefits and the process of investment only outlet and saviour large the operation unemployed must therefore be a requirement for all investors to be employment Iraqi to be able to absorb the momentum of unemployment and added Ali : I really do not see in the draft investment law adequately investor Iraqi capital of Iraq. I also believe it is necessary to exempt the investor from taxes for a certain until brought intensity, What it calls for the investors to come to Iraq and the deteriorating security conditions for a possible contribution of the private sector in investment aide said : the private sector needs the support and I am Shbhth perpetrator of the disease have suffered greatly, This sector has suffered greatly from the policies pursued by the Principles. and suffered from misguided economic policies and economic plans Careless therefore need support and some exceptions in the field of import and export in order to be able to stand on the legs and reach the threshold of competition.
That the private sector will discuss the investment law
Be necessary to eliminate the discriminatory public sector at the expense of the private sector. It is very important that the private sector is involved in economic decision-making and discussion of the law of investment.
This was referred to by President Hamid punitive International Federation of Businessmen in Iraq, he added. Each new investment law needs to workshops, This workshop requires attendance of opinion and thought stakeholders from both the private and public sectors. It is assumed that the sector plays a role in enriching the new investment law. In the economic decision-making and discussion of the Act (investment). This law has emerged without the participation of the private sector.
He says punitive : The most significant of the proposals and recommendations were discussed at the symposium was the need to eliminate the dominance of the public sector to the private sector, giving preference (General), guardianship always. At a time when the evolution of the world in all areas of economic rely on the private sector. This sector is capable of contributing to invest substantially if the rehabilitation of the industrial, agricultural, commercial and tourist there. That the private sector Xiha emerged after the wars and crises over Iraq.
Code ownership of the land investor needs to be rewritten
Dr. Al-Anbuge Abdal_hussen economic adviser to the prime minister confirmed that the symposium points to the many letters regarding the new Iraqi investment law. Particularly with respect to the issue of ownership of land, What remains hanging around the debate considerably, The subject of investment in housing, there will be ownership of this matter, this thing needs of Iraq in addition to the assault by professionals in investments since 50% of Iraqi workers will be and I think it appropriate proportion. He said Al-Anbuge : With regard to ownership of land and one of the paragraphs of the law referred to the fact that (foreign investors Iraqi investors with the exception of land), so we feel that the law allowed Lmestthmrabraghi land. But when we went to the description of the functions of the investment through one of the points we feel paragraph says (to create suitable land lease investor), and only so if rather than saying the former leased alien possessed according Llaraghi This prompts us to add (and possessed according to the investor Iraqi) to be clear.
States that rely on the private sector to thrive economically and to reverse those that rely on the public sector.
Abdal_hussen Shamri assembly Iraqi President stressed the importance of industrial development, such as Thus symposia to discuss the investment code and address some of the points that need to be clarified or changed, as well as to give our opinion Kamkhtassein this law and to fill some of the changes during the symposia attended by specialists Iraqi economy. Shamri said. Must be the private sector played a vital role in the discussion of these laws and contribute to the investment process as a foreigner. He added. The private sector plays an active but the problem lies with the academics and the public sector, which has always Maikon dominant role for the private sector must be at the top and we are at the bottom. Note that no State relied on the private sector not be promoted, and no State relied on the public sector but failed. Matjarp America, and Japan is proof of that.
Conclusions and recommendations
At the end of the symposium were Dr. guerrilla Alvili a set of recommendations that the whole of the participants :
I need the contribution of the private discussions of the House of Representatives on the investment law.
2 providing tax incentives to stimulate more serious investors, other countries or more
3 need to work seriously to restore the economic and security situation meant to attract investments here free zones (or activation of the free zones)
4 conviction providing widespread popular awareness campaign through the media, internal and external promotion of the acceptance of and attracting investment.
5 need approval to buy land in the law of Iraqis, especially in Alstratejeh projects and housing projects.
6 need to protect the private sector, non-dominance of the public sector, and to remove obstacles that stand in a way.
7 development of the banking sector to form a suitable environment for investment.
8 lesson to accept the law before investors and the success of law and not a lesson in the law. We do not want a law does not contain concepts attractive investment. But we want a law successful.

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So after read it my last news:


the foreign investment law will be approved after holiday so the 2 of september or not long after this date :)

Originally Posted by ezcash

Danny I have a question for you or at least like to hear your opinion... :)
I'm all for seeing a tax attorney and paying required taxes tho will want to know what I can do to legally minimize... What makes me nervous is to suddenly come into wealth that my bank accts have never seen before.. will this put a spot lite on us that we really don't want? There were rumors a few days ago that there might even be a time frame ... maybe 3 weeks to exchange the larger notes.. if so.. even if we tried to get entities set up to hold the larger amounts from the dinar we may not have enough time to do so.. so we would have to cash out into our existing bank accts... I'm wondering if we should be nervous to suddenly come into alot of money .. ? The banks are already on high alert to report anything that is out of the ordinary.. Sorry if this is long winded.. Anyone is welcomed to also comment on it.. ezcash

Hey ezcash,

First of all, I don't believe the "3 week window" rumor...it is ludicrous. As far as the spotlight goes, it will always be on us for any transaction that totals more than $10K USD. A certain state of "being under the radar" can exist for transactions less than $10k as far as the financial institution reporting it to the IRS but a person cannot engage in this indefinately and attention and scrutiny will eventually come, it is inevitable. We can talk about offshore entities and all kinds of trusts etc...but eventually you will want to bring money home to the USA and it will be tracked and documented especially if wire transfers are involved. Of course a complicated financial structure can be created and managed but it just does not seem worth it when simple capital gains are no brainer and easy to document and report. Also, the IRS Schedule D requires us to report any foreign accounts...so short of lying about it...that has to be accounted for as well. I know everyone wants to minimize their tax liability but it is not a simple task and it can invite much undesired scrutiny and attention from you know who. I suppose a person could move to another country and give up US citizenship in order to reduce tax liabiltiy but that is rather extreme for most of us. I choose to keep it simple even if it will cost me a few dinars to do it!! Of course this is for USA folks.

(Voice of Iraq) - 22-08-2006

Baghdad D. B. A : The Iraqi Trade Minister, Abdul Hassan Sudanese farmer said that his ministry had prepared a working paper of the Council of Iraqi unity Arab Economic and Social Council held in Cairo on the first of next month. The minister said in a statement, said the Iraqi paper containing proposals and recommendations and instructions for activating the joint relations between the Arab countries in addition to the new prospects that it can create an atmosphere economically and socially gives joint relations batches forward and contribute to the solution of economic and social problems ".

Danny thank you for your imput... so then if suddenly our little bank accts show more money than they've ever seen before... it's a matter of good record keeping to explain why and where.. to both the bank and the IRS... .being under scrutiny is scary... I'm more than happy to pay the tax so I can sleep good at night... part of freedom for me is to not have to worry.. and looking over my shoulder is not freedom .. In time we will want enities but more for asset protection and that can be done domestically . Glad to hear your read on the "3 week window" rumor... seems real unreasonable to me that they could impose such a small time frame... so hope you're right on that too! Thank you again ezcash