Baghdad: Prime Minister Mohammed Shia al-Sudani emphasized the necessity of reassessing the budget for public spending and tax revenues. Al-Sudani made this statement during his address at the Tax Conference for Economic Development and Revitalizing the Economic Environment.

According to National Iraqi News Agency, the Prime Minister highlighted that the current fiscal year sees a public spending budget of approximately 150 trillion dinars, alongside tax revenues amounting to 3 trillion dinars. These financial figures, he asserted, are in need of thorough review. The Prime Minister further elaborated that tax revenues have seen a 26% increase in 2024 compared to the previous year, with a 3% rise in the first half of this year relative to the same period last year.

Moreover, al-Sudani pointed out that the draft of the new income tax law is in line with international standards, while also ensuring the principles of social justice and providing tax exemptions for individuals with the lowest incomes.