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The tax revenue collection department of Iraq reported in the parliament that the tax revenue of Iraq is lower than the expectations and for the real economic growth; it is deadly needed to increase the tax net. More and more people need to be brought in the tax net to enhance the tax revenue of the government.

Almost three billion and 700 million dollars of taxes were gained in the year of 2013. According to the Tax authority, it has been seen that the tax revenue collected was huge. It was collected because even a student had to take care of the tax laws in the best possible way.

Iraq achieved the tax revenue goal for the year 2013-14, said Dr.Issam. The oil production of Iraq reached 3.25 million barrels as compare to the 2.6 million barrels per day in 2012. Iraq generates maximum revenue from export of oil in the international market that automatically enhanced the total government revenues and the total tax collection increased in the oil industry of Iraq.

Iraqi Dinar 123 News:- Finance committee planning to increase state revenues with the help of taxes and customs. The member of finance committee Masood Haider said committee discussed in this meeting increase revenues of state from taxes and custom duties. All the process is being done with the coordination of ministries and financial advisers.

Iraqi Dinar 123 News:- According to economists; the citizens who invest in oil are warned not to base on the sale of oil imports as per the risks included in it. The government change that happened in 2003 caused a lot of changes to tale place with the tax laws so the revenue collected by the government is different from what it was before 2003.

It was stated that the economists have stressed upon collecting money in the form of taxes from the people. This is being done to lay less emphasis on the oil sales which may suffer due to the present conditions of the country. the Parliament and the Economic committee knows that the collection of funds by the government would help in collecting better revenue which has been sides by the Ministry of Finance and Planning.

Central bank opened a new office in Dubai to attract different foreign banks to find and invest in the business opportunities in the country. Furthermore, it also attracted many foreign banks to open new branches in the country. This is the results of the efforts made by central bank of Iraq that many of the reputed international banks are operating in the Baghdad and many other big cities of Iraq.

A member of the Parliamentary Commission of Economy Aziz Mayahi "The government revenue and private provision of public service to the citizens decreased dramatically after the change that took place in 2003 due to the cancellation of the government a lot of tax laws.

According to an expert Anton, it was stated that the Convention within the financial institution and the management of Iraqi bank does not give correct mathematical statements. It is important to have access to the legal accountability within the criminal convention. He said that the lack of management and implementation of laws in the Iraqi system of governance is with the failure of its financial and monetary system.