Iraq adopted a new investment law excludes oil and gas extraction and production
Sadik of the Presidency Iraqi investment law on the draft approved by the Iraqi parliament aims to encourage investments and the transfer of modern technologies to contribute to Iraq's development and expand its manufacturing and service and diversification. The law aims to encourage the Iraqi private sector and foreign investment in Iraq vinegar the provision of the necessary facilities for the establishment of investment projects and to promote the competitiveness of enterprises. One of the goals of the law also the development of human resources according to market requirements and providing job opportunities for the Iraqis. and work to protect the rights and property of investors and expanding exports, and strengthening the balance of payments and trade balance for Iraq. During a special investment policies and controls and monitor the application of the instructions in the area of investment projects and specific investment strategy of the federal and exclusively, which has been called 'the National Authority for Investment'.
The event, moderated by the National Authority for the investment board is composed of nine members with expertise and competence as well as representatives in the regions and provinces and will be based in Baghdad.
Exempted from the provisions of the law 'investment in the fields of mining and oil and gas production as well as investment in the banking and insurance companies', while all areas of investment will be subject to the other provisions of this Act.
The investor will enjoy, regardless of his nationality, all the advantages and facilities, guarantees and subject to the obligations contained in the present law and the right of the Iraqi and foreign investors in the housing area to keep the land without determine between him and the owner of the land without speculative land according to rules set by the National Authority for Investment and with the consent of the Council of Ministers.
It will also facilitate the allocation of land for housing projects and the sale of housing units to the Iraqis after the completion of the project. The law allows investors to take the capital introduced to Iraq and proceeds in accordance with the provisions of this law and the instructions of the Central Bank of Iraq and a convertible currency after payment of all debts and obligations to the Iraqi government and all other quarters.
In accordance with the law and is entitled to foreign investors' transactions in the market Iraq securities and equity securities listed therein and the composition of investment portfolios in stocks and bonds'.
The law gave the investor the right to lease land required for the project for the period in which the project is based on the investment should not exceed the 50th year renewable with the approval of the body and take into account in determining the term nature of the project and its usefulness to the national economy. Will Iraq in accordance with this law to 'the establishment of investment Yeh secure and encourage the Iraqi investors through the provision of soft loans and financial facilities for them in coordination with the Ministry of Finance and the use of banking institutions with the requirement that any investor who is a loan, using a number of the unemployed Iraqis commensurate with the size of the loan '. This Act guarantees the 'right of investor recruitment WAS workers at strengthening of the non-Iraqis in the absence of the possibility of using Iraqi possesses the necessary qualifications and able to do the job themselves' as well as for granting foreign investors and workers in the investment projects of the non-Iraqis the right to stay in Iraq and to facilitate their entry and exit to and from Iraq. It also ensures that a confiscation or nationalization the draft investment subject to the provisions of this law in whole or in part except as a right judgment now.
اعفاءات ضريبيةTax exemptions
Individuals who leave the project investment of the exemption from taxes and duties for a period of ten years from the date of commencement of commercial operation. according to the development prescribed by the Cabinet proposal of the National Authority for Investment, depending on the degree of economic development of the region and the nature of an investment project.
According to the law, the authority to increase the number of years of exemption from taxes and duties commensurate increase in the proportion of direct relationship with the Iraqi investor participation in the project for up to 15 years if the rate of the Iraqi partnership investor in the project more than 50%.
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