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National Business Council sends to the House of Representatives four paragraphs to be included in the investment law prepared for the vote
2015/08/31 15:17
Baghdad:
Iraqi National Business Council proposed four paragraphs to be included in the Investment Law No. 13 and the subject of discussion and study in the House of Representatives, particularly in the economic and investment commission for the success of law enforcement on the ground.
The head of the Council of David Abdul Zayer in a statement received "tomorrow Press", "our belief in the importance of investing in the development of the Iraqi economy and to create laws and attractive national investor and the foreign environment and the most important of the Investment Law No. 13 of 2006, as amended,
for the purpose of the amendment is that the House of Representatives in the process of approval during these days in a very imperfect and in support of the government after the administrative, financial,
economic and regulatory reforms package and continuous confirmed to support the private sector to take a national role in the construction and development and the advancement of the Iraqi economy, we feel it is necessary and makes sense to add some paragraphs that would support the law.
"He explained that" the paragraphs that have been sent to the Committee on the economy and investment representative are inspired by the experiences of others to characterized Law Iraq the laws in force in the region and in order to be quick and easy application without hindrance to remember.
"He stressed Zayer said" the first paragraph included the granting of investor within the investment cities (Chalsknah, industrial or tourism or media, commercial or other) the right to enjoy the investment law and obtain an investment license within the city granted investment license also straighten the legal status of land use to the second investor either lease or acquisition if the industrial city or residential.
"He added that" the second paragraph devoted to the call of releasing the investor of all taxes, fees and customs of all the raw materials and supplies production in line with the direction the government to prevent the import material non-economic and non-essential and the promotion and protection of the national industry, and for the third paragraph was that he must venture project enjoys the privileges of all the laws in force in addition to the investment law.
"And that" the fourth paragraph inviting industrial investors through the enjoyment of all industrial laws, including the Development Act Industrial number (20) in addition to the investment law.
"It is still the Investment Law No. 13 of 2006 when the economic and investment commission is discussed, study after it was read a first reading and is expected to be voted on during the sitting Council next House of Representatives.
The House of Representatives passed in the year 2006 Iraqi investment law, which it was said at the time that it would open the doors wide open to foreign investment, due to submit a lot of facilities to foreign investors, but that many foreign companies are still hesitant because of fears of security reality unstable in Iraq,
adding that the law did not not give investors the right to ownership of the property the project, and equated the Iraqi and foreign investor in both franchises, with the exception of real estate ownership, as can the foreign investor of lease the land for a period of 50 years, subject to renewal, according to paragraph 11 of the Investment Law.
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2015/08/31 15:17
Baghdad:
Iraqi National Business Council proposed four paragraphs to be included in the Investment Law No. 13 and the subject of discussion and study in the House of Representatives, particularly in the economic and investment commission for the success of law enforcement on the ground.
The head of the Council of David Abdul Zayer in a statement received "tomorrow Press", "our belief in the importance of investing in the development of the Iraqi economy and to create laws and attractive national investor and the foreign environment and the most important of the Investment Law No. 13 of 2006, as amended,
for the purpose of the amendment is that the House of Representatives in the process of approval during these days in a very imperfect and in support of the government after the administrative, financial,
economic and regulatory reforms package and continuous confirmed to support the private sector to take a national role in the construction and development and the advancement of the Iraqi economy, we feel it is necessary and makes sense to add some paragraphs that would support the law.
"He explained that" the paragraphs that have been sent to the Committee on the economy and investment representative are inspired by the experiences of others to characterized Law Iraq the laws in force in the region and in order to be quick and easy application without hindrance to remember.
"He stressed Zayer said" the first paragraph included the granting of investor within the investment cities (Chalsknah, industrial or tourism or media, commercial or other) the right to enjoy the investment law and obtain an investment license within the city granted investment license also straighten the legal status of land use to the second investor either lease or acquisition if the industrial city or residential.
"He added that" the second paragraph devoted to the call of releasing the investor of all taxes, fees and customs of all the raw materials and supplies production in line with the direction the government to prevent the import material non-economic and non-essential and the promotion and protection of the national industry, and for the third paragraph was that he must venture project enjoys the privileges of all the laws in force in addition to the investment law.
"And that" the fourth paragraph inviting industrial investors through the enjoyment of all industrial laws, including the Development Act Industrial number (20) in addition to the investment law.
"It is still the Investment Law No. 13 of 2006 when the economic and investment commission is discussed, study after it was read a first reading and is expected to be voted on during the sitting Council next House of Representatives.
The House of Representatives passed in the year 2006 Iraqi investment law, which it was said at the time that it would open the doors wide open to foreign investment, due to submit a lot of facilities to foreign investors, but that many foreign companies are still hesitant because of fears of security reality unstable in Iraq,
adding that the law did not not give investors the right to ownership of the property the project, and equated the Iraqi and foreign investor in both franchises, with the exception of real estate ownership, as can the foreign investor of lease the land for a period of 50 years, subject to renewal, according to paragraph 11 of the Investment Law.
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