Baghdad: The Eco-Iraq Observatory confirmed that non-oil revenues have risen to 16% of Iraq’s total financial revenues, the highest percentage recorded to date.

According to National Iraqi News Agency, this significant increase marks the first time that non-oil revenues have reached 16% during the months of May and June, following years of stagnation at below 5%. The observatory highlighted that the percentage initially rose to around 10% during the government led by Mustafa Al-Kadhimi and maintained this level under the administration of Mohammed Shia Al-Sudani before achieving the current peak.

The observatory detailed that non-oil revenues encompass commodity taxes, production fees, duties, taxes on income and wealth, transfer revenues, and other forms of revenue. It also noted that the Kurdistan Region contributes approximately 5.5% to the total non-oil revenues through funds transferred to the federal government.