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, expected to contribute to the success of those paragraphs law enforcement on the ground.
The head of the Council of David Abdul Zayer in a statement received "Qurtas News" that "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,
r the purpose of the amendment is that the House of Representatives in the process of approval during these days in a very perfection and the support of the government after the administrative, financial, economic and regulatory reforms package and continued emphasis on supporting the private sector to take a national role in the construction and development and the advancement of the Iraqi economy, we deem it necessary and logical to add some paragraphs that would support the law.
" Zayer explained that "paragraphs that have been sent to the Committee on the economy and investment representative are inspired by the experiences of others is characterized by Iraqi law to the laws in force in the region and in order to be quick and easy application without hindrance to remember.
"Zayer and stressed that "the first paragraph included the granting of investor within the investment Chalsknah, industrial or tourism or media, commercial or other cities, have the right to enjoy the investment law and obtain an investment license within the city granted an investment license also straighten the legal status of land use to the second investor either rent or acquisition If the city's industrial or residential.
"The second paragraph Fajsst to call for the investor exemption from all taxes, fees and customs of all the raw materials and supplies production in line with the direction the government of preventing the import of non-economic and non-essential and the promotion and protection of the national industry, and for the third paragraph was that he should be the investment project enjoys the privileges of all the laws in force In addition to the investment law.
"And the fourth paragraph of Zayer that "the Council called for a study of those in charge of the project in the economic and investment commission that calls for industrial investors, through the enjoyment of all industrial laws such as the Industrial Development Law No. (20) in addition to the investment law.
"Investment Law No. remains 13 for the year 2006 when the economic and investment commission is discussed and has read his studies after a first reading, and is expected to be voted on during the next sitting Council 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 that the security situation is stable in Iraq,
adding that the law did not give investors the right to ownership of the property the project, and equated the investor Iraqi and foreign in all the privileges, with the exception of real estate ownership, as can the investor foreign to rent land for a period of 50 years, subject to renewal, according to paragraph 11 of the Investment Law.
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