Home
Study on the constraints and elements of investment in Iraq / / Sheikh Habib Ali
By: management of the Centre
On: Wednesday 1/2/2012 2:53
Introduction: - the Iraqi economy is going through rapid transition from an economy Was central to the mechanisms of market-based economy and the private sector a leading role in him before,
The pace of Iraq after 2003, important steps to stimulate the private sector's role, and that a high level of investment and the participation of the private sector sponsor to improve the infrastructure in accordance with the plans studied and prepared by staff competent professional, which reflected positively on the process of building and creating great opportunities for the success of strategic projects the task. and create many job opportunities and improve the economic reality and service,
Signed by Dr. Rivers Center to conduct a study on the reality of the investment environment available in Iraq and was able to diagnose some causes of impediments to investment.
1 - Laws and regulations that govern the work of ministries, which do not adhere to the text of the law of investment, and investment system of the Council of Ministers, which causes obstruction of the most significant and largest projects of interest to the citizen.
2 - the obstacles placed by Government departments in the provinces for the implementation of investment projects, as a result of its failure to allocate land for the establishment of investment projects, capable of the task and bodies, which had granted investment licenses to investment projects on them.
3 - the conflict between the new bodies and ministries because of laws and paragraphs constitutional non-understandable and non-obvious, and that made those laws disobedient great for investors, and gave the opportunity for the owners of administrative corruption and the political to the manipulation of the law and bypass it, which led to increasing bribery and financial and administrative corruption.
4 - Lack of investment culture when the citizen and the lack of cooperation with relevant bodies or with investors.
5 - lack of cooperation by government agencies to support the banking sector, investment and investors.
6 - financial and administrative corruption experienced by the large circles and municipal tax, electricity, water and sewer across the provinces and the southern _khassossa them?.
7 - the dominance of the public sector on the most significant investments in the country And not to allow Private sector investment in partnership to find the truth that rise projects to large levels of achievement and quality of large multi-supervision roles.
8 - the absence of specialized talent in most departments in the provinces as a result of investment quotas and party, which has affected negatively on the fact the investment of the country.
Stimulate the private sector's role in reviving the investment in Iraq?
And so giving it a leading role through a combination of structural and legislative reforms, including: -
First, the issuance of the Investment Law No. 13 of 2006
Was approved Investment Law No. 13 of 2006 by the Iraqi Council of Representatives in October of 2006, and became effective as of January 17, 2007, formalized the National Authority for Investment and investment authorities in the provinces, and is subject to the provisions of this law of investment projects in the private and mixed Exception to the law mentioned in the extraction and production of oil and gas and investment in the sectors of banks and insurance companies, Select the investment system number (2) for the year 2009 the minimum capital projects covered by this law to (250,000) dollar. Note that the investment law facility at the end of the study.
This Law regulates the mechanisms of action of local and foreign investment in Iraq through
A. The formation of the National Investment Commission
This body of national policies for investment and development of plans and systems and controls, monitor the application of these controls and regulations in the field of investment and specializes in the strategic investment projects of a federal nature
It consists of four main departments are: -
Legal Department and administrative
Department of Economic Development
Department of Promotion and Information
Department of the single window and competent to grant investment licenses
Development of national investment strategy and policies governing the investment projects
Development of plans and legislation to implement those policies
Monitor the implementation of such legislation
Overseeing the strategic projects
B. Strategic projects
Select the investment system number (2) for the year 2009 strategic projects that are specific to the National Investment Commission, as set out in detail in Annex No. (2) Except as stated in Annex (2) of projects, they fall within the powers of investment authorities in the provinces.
C. Formation of investment in the provinces
Have the organs of the Region and the provinces the authority to grant investment licenses, investment promotion, and the opening of local branches in areas within its powers in consultation with the National Authority and must not conflict with the investment plans of local investment plans of the Federal.
D. Privileges and Guarantees
1 - out of capital that were brought to Iraq, with revenues in convertible currency after paying all debts and obligations to the Iraqi government and all other entities.
2 - Trading in the Iraqi market for securities, equities and bonds listed.
3 - lease land for the project or Musataha for the term of the investment project, provided that not more than fifty years, renewable with the consent of the Authority and that the period taken into account in determining the nature of the project and its benefit for the national economy.
4 - Insurance on the investment project with any insurance company or a foreign national deemed appropriate.
5 - Opening accounts in Iraqi or foreign currency or both at a bank in or outside Iraq for the licensed project.
6 - Granting the foreign investor and working in the investment projects of non-Iraqis the right to stay in Iraq and facilitate the entry and exit to and from Iraq.
7 - Non-seizure or nationalization of the investment project covered by the provisions of this law in whole or in part, except Misdr sentenced to a final court.
8 - to workers, technicians and administrators of non-Iraqi in the project to transfer their salaries and compensations outside Iraq in accordance with the law after paying their dues and debts to the Iraqi government and all other entities.
9 - Any amendment to this Law shall not have any retroactive effect on the guarantees and exemptions, and rights established under it.
E - Exemptions
1 - The project that has obtained an investment license from the Commission shall enjoy exemption from taxes and fees for a period of ten years from the date of commencement of commercial operation.
2 - of the National Commission to increase the number of years of exemption from taxes and fees in direct proportion with the increase in the proportion of the Iraqi Investor share in the project to reach fifteen years if the Iraqi Investor share in the project more than 0.50%
3 - exempt assets imported for the purposes of the investment project of the charges that are brought into Iraq within three years from the date of granting the license.
4 - grant projects, hotels and tourist institutions, hospitals, health institutions, rehabilitation centers, educational institutions and scientific additional exemptions from import duties on furniture, furnishings and supplies for the purposes of modernization and renewal once every four years at least to be brought into Iraq or used in the project within three years from the date of the decision of the Board approving the lists of import and quantity, provided that they are not used for purposes other than the imported purposes.
[You must be registered and logged in to see this link.]
[You must be registered and logged in to see this image.]
By: management of the Centre
On: Wednesday 1/2/2012 2:53
Introduction: - the Iraqi economy is going through rapid transition from an economy Was central to the mechanisms of market-based economy and the private sector a leading role in him before,
The pace of Iraq after 2003, important steps to stimulate the private sector's role, and that a high level of investment and the participation of the private sector sponsor to improve the infrastructure in accordance with the plans studied and prepared by staff competent professional, which reflected positively on the process of building and creating great opportunities for the success of strategic projects the task. and create many job opportunities and improve the economic reality and service,
Signed by Dr. Rivers Center to conduct a study on the reality of the investment environment available in Iraq and was able to diagnose some causes of impediments to investment.
1 - Laws and regulations that govern the work of ministries, which do not adhere to the text of the law of investment, and investment system of the Council of Ministers, which causes obstruction of the most significant and largest projects of interest to the citizen.
2 - the obstacles placed by Government departments in the provinces for the implementation of investment projects, as a result of its failure to allocate land for the establishment of investment projects, capable of the task and bodies, which had granted investment licenses to investment projects on them.
3 - the conflict between the new bodies and ministries because of laws and paragraphs constitutional non-understandable and non-obvious, and that made those laws disobedient great for investors, and gave the opportunity for the owners of administrative corruption and the political to the manipulation of the law and bypass it, which led to increasing bribery and financial and administrative corruption.
4 - Lack of investment culture when the citizen and the lack of cooperation with relevant bodies or with investors.
5 - lack of cooperation by government agencies to support the banking sector, investment and investors.
6 - financial and administrative corruption experienced by the large circles and municipal tax, electricity, water and sewer across the provinces and the southern _khassossa them?.
7 - the dominance of the public sector on the most significant investments in the country And not to allow Private sector investment in partnership to find the truth that rise projects to large levels of achievement and quality of large multi-supervision roles.
8 - the absence of specialized talent in most departments in the provinces as a result of investment quotas and party, which has affected negatively on the fact the investment of the country.
Stimulate the private sector's role in reviving the investment in Iraq?
And so giving it a leading role through a combination of structural and legislative reforms, including: -
First, the issuance of the Investment Law No. 13 of 2006
Was approved Investment Law No. 13 of 2006 by the Iraqi Council of Representatives in October of 2006, and became effective as of January 17, 2007, formalized the National Authority for Investment and investment authorities in the provinces, and is subject to the provisions of this law of investment projects in the private and mixed Exception to the law mentioned in the extraction and production of oil and gas and investment in the sectors of banks and insurance companies, Select the investment system number (2) for the year 2009 the minimum capital projects covered by this law to (250,000) dollar. Note that the investment law facility at the end of the study.
This Law regulates the mechanisms of action of local and foreign investment in Iraq through
A. The formation of the National Investment Commission
This body of national policies for investment and development of plans and systems and controls, monitor the application of these controls and regulations in the field of investment and specializes in the strategic investment projects of a federal nature
It consists of four main departments are: -
Legal Department and administrative
Department of Economic Development
Department of Promotion and Information
Department of the single window and competent to grant investment licenses
Development of national investment strategy and policies governing the investment projects
Development of plans and legislation to implement those policies
Monitor the implementation of such legislation
Overseeing the strategic projects
B. Strategic projects
Select the investment system number (2) for the year 2009 strategic projects that are specific to the National Investment Commission, as set out in detail in Annex No. (2) Except as stated in Annex (2) of projects, they fall within the powers of investment authorities in the provinces.
C. Formation of investment in the provinces
Have the organs of the Region and the provinces the authority to grant investment licenses, investment promotion, and the opening of local branches in areas within its powers in consultation with the National Authority and must not conflict with the investment plans of local investment plans of the Federal.
D. Privileges and Guarantees
1 - out of capital that were brought to Iraq, with revenues in convertible currency after paying all debts and obligations to the Iraqi government and all other entities.
2 - Trading in the Iraqi market for securities, equities and bonds listed.
3 - lease land for the project or Musataha for the term of the investment project, provided that not more than fifty years, renewable with the consent of the Authority and that the period taken into account in determining the nature of the project and its benefit for the national economy.
4 - Insurance on the investment project with any insurance company or a foreign national deemed appropriate.
5 - Opening accounts in Iraqi or foreign currency or both at a bank in or outside Iraq for the licensed project.
6 - Granting the foreign investor and working in the investment projects of non-Iraqis the right to stay in Iraq and facilitate the entry and exit to and from Iraq.
7 - Non-seizure or nationalization of the investment project covered by the provisions of this law in whole or in part, except Misdr sentenced to a final court.
8 - to workers, technicians and administrators of non-Iraqi in the project to transfer their salaries and compensations outside Iraq in accordance with the law after paying their dues and debts to the Iraqi government and all other entities.
9 - Any amendment to this Law shall not have any retroactive effect on the guarantees and exemptions, and rights established under it.
E - Exemptions
1 - The project that has obtained an investment license from the Commission shall enjoy exemption from taxes and fees for a period of ten years from the date of commencement of commercial operation.
2 - of the National Commission to increase the number of years of exemption from taxes and fees in direct proportion with the increase in the proportion of the Iraqi Investor share in the project to reach fifteen years if the Iraqi Investor share in the project more than 0.50%
3 - exempt assets imported for the purposes of the investment project of the charges that are brought into Iraq within three years from the date of granting the license.
4 - grant projects, hotels and tourist institutions, hospitals, health institutions, rehabilitation centers, educational institutions and scientific additional exemptions from import duties on furniture, furnishings and supplies for the purposes of modernization and renewal once every four years at least to be brought into Iraq or used in the project within three years from the date of the decision of the Board approving the lists of import and quantity, provided that they are not used for purposes other than the imported purposes.
[You must be registered and logged in to see this link.]
[You must be registered and logged in to see this image.]
