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The Financial Rights Law
Law Number 5 2013
This law is officially called the Law of Identifying and Obtaining Financial Dues to the Kurdistan Region of Iraq from Federal Revenue (law no. 5 of 2013). It will form the legal basis for the settlement of outstanding revenue issues between the KRG and the federal government of Iraq.
The law outlines a mechanism for defining and then obtaining the outstanding revenues owed to the Kurdistan Region by the federal government since 2004. It states that if the federal government defaults on the payments then the KRG is authorized to sell oil produced in the Region to recover unpaid dues. It will also include items such as the KRG’s share of sovereign expenditure revenues owed to the Region’s security forces (the Peshmerga) and payments to the Region as compensation for damage done by the former regime.
The new law sets out a pathway to implement Iraq’s Constitution, and by implementing the Constitutional requirements for power and wealth sharing, everyone in Iraq will benefit, citizens and investors alike.
OIL AND GAS LAW OF THE KURDISTAN REGION - IRAQ Law No. (22) - 2007
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Law Number 5 2013
This law is officially called the Law of Identifying and Obtaining Financial Dues to the Kurdistan Region of Iraq from Federal Revenue (law no. 5 of 2013). It will form the legal basis for the settlement of outstanding revenue issues between the KRG and the federal government of Iraq.
The law outlines a mechanism for defining and then obtaining the outstanding revenues owed to the Kurdistan Region by the federal government since 2004. It states that if the federal government defaults on the payments then the KRG is authorized to sell oil produced in the Region to recover unpaid dues. It will also include items such as the KRG’s share of sovereign expenditure revenues owed to the Region’s security forces (the Peshmerga) and payments to the Region as compensation for damage done by the former regime.
The new law sets out a pathway to implement Iraq’s Constitution, and by implementing the Constitutional requirements for power and wealth sharing, everyone in Iraq will benefit, citizens and investors alike.
OIL AND GAS LAW OF THE KURDISTAN REGION - IRAQ Law No. (22) - 2007
[You must be registered and logged in to see this link.]
