Kurdistan Regional Government discuss the possibility of amending the investment law

[ltr]Parliament and the Kurdistan Regional Government discuss the possibility of amending the investment law[/ltr]
[ltr]SUNDAY 0.09 2 OCTOBER / NOVEMBER 2014 15:18 P B / M M P / P P
[/ltr]

• [You must be registered and logged in to see this link.] 
  
• [You must be registered and logged in to see this link.] 
  
• [You must be registered and logged in to see this link.]
  

[ltr]User Rating: [You must be registered and logged in to see this image.] / 1 
Weak  Good [/ltr]
[ltr]Twilight News / parliamentarians and government officials in the Kurdistan Region of Iraq Sunday discussed investment projects in the region and the possibility of amendments to the investment law in Kurdistan.
[You must be registered and logged in to see this image.]A member of the Economic Council's Committee of Ministers in the region Osman Huani in a speech on behalf of the government that the investment sector in the region is suffering from big problems.
He said those problems will not be addressed by investing their own body and this government is currently working to draft a bill to ease the burden on the investment by issuing a law to establish the Housing Authority in the province as well as the amendment of the Investment Law.
For his part, supported the First Parliament Member Sophie preceded him what his predecessor, the existence of legal problems in the investment sector, but he said they did not lose hope, the possibility of finding solutions to them.
He cited an example of the problems surrounding the investment sector, saying that he is granted an investment license to build a press investment project is then converted into a business venture and this outside the law.
He pointed out that those who are in this business are the ones who have the authority to do this and work illegally, stressing the need to amend the investment law to block the negative repercussions on society.
And embarked Kurdistan Investment Law of 2006, which treats domestic and foreign investor Kalmstthmr, and have the first right to acquire the entire share capital of any project hosted in the region. However, the law does not allow an investor to own land that contains the oil and gas riches, or any precious metal or heavy.
Also required to give the investor who is performing the contribution of investment projects provide the necessary funds for the protection of shareholders and guarantees on the body to take the insurance and banking procedures necessary to ensure their rights.
The law gave privileges to investors, Kalaafa from taxes for a period of up to 20 years and owns land that are held by the project, to encourage them to enter the market and the region to contribute to the reconstruction process.
And attracted those privileges in addition to the safe security atmosphere hundreds of foreign companies from regional and Western countries, making the region an important economic center in the region.
  
[You must be registered and logged in to see this link.]
[/ltr]

There are knocking the laws down, one by one.  Keep going Iraq.
Thanks
LIT

Don't we NEED this? Or is it good as is?

the investment law has nothing to do with a rv for us its only for iraqi!

Introduction
Iraq and the Kurdistan Region's investment laws provide significant benefits for investors in qualified projects, principally tax and customs fees and duty exemptions. The National Investment Commission in Baghdad, regional Iraqi commissions and the Kurdistan Investment Board are well established, fully functioning agencies that actively seek to assist investors in Iraq and the autonomous Kurdistan Region (also known as Iraqi Kurdistan).
Iraq's main law is contained in the Investment Law (13/2006), which was amended in 2010, and subsequent regulations. The Kurdistan Region's law in this area is the Investment Law (4/2006). Amendments to this law are before the region's Parliament. While these laws continue to be developed, the roles played by the investment agencies are rapidly becoming more prominent.
Investment laws
Iraq
The federal Iraqi government's Investment Law gives Iraqi and foreign investors certain "privileges, facilitations and guarantees" - the most important being a 10-year exemption from taxes and duties - and creates the Iraqi National Commission for Investment and regional or governorate commissions. The Investment Law revoked in its entirety Coalition Provisional Authority Order 39/2003 on foreign investment, and annulled the 2002 Revolutionary Command Council Investment Law. Order 39/2003 was a hastily drafted and fairly basic law that replaced all existing Iraqi foreign investment law and gave foreigners investment rights that were 'no less favourable' than those of Iraqis in most economic sectors. The Investment Statute (2/2009) fleshes out the details of much of the Investment Law by, for example:

• providing timeframes for licence issuance;
  
• establishing committees to administer the functions and the structure of the National Commission for Investment;
  
• regulating matters that the commission must observe when deciding whether to grant a licence, and appeals against commission decisions; and
  
• establishing a 'single window' through which all authorisations relevant to the project are obtained.
  

More significantly, the regulations elucidate 'strategic projects of a federal nature' that are eligible for licences (12 categories that cover essentially infrastructure projects, other than natural resources extraction and processing, and banking and insurance), and require the commission to draw up a national strategy in this regard in consultation with the regions. Generally, projects with capital investment of at least $250,000 are eligible to be licensed, including infrastructure projects in areas over which specific ministries exert control. Key ministries, such as the Ministry of Electricity, must therefore now work closely with the commission on projects implemented by foreign investors.
In response to concerns about delays in project implementation, the regulations require the commission to introduce measures to monitor and assess investor performance. In relation to two areas of particular concern to the Iraqi and Kurdistan Region governments, the regulations dictate that national manpower must make up at least 50% of the total project employment, and the National Commission for Investment must be given authority to allocate land to foreigners, in coordination with relevant ministries - principally the Ministries of Finance, Defence and Agriculture.
The 2010 amendment to the Investment Law focuses on facilitating investment in the housing sector and brings all future mixed public or private sector projects under the law.

Benefits for investors
The benefits for investors prescribed by the Iraqi and Kurdistan Region investment laws are very similar. In addition to the 10-year exemption from all taxes and duties, the following statutory benefits and protections are obtained when a licence is granted:

• guarantee of 'non-seizure or nationalisation';
  
• guarantee of repatriation of capital and profits in exchangeable currency;
  
• authority to obtain insurance with foreign companies;
  
• authority to open foreign currency bank accounts;
  
• residency for non-Iraqis and facilitation of entry into and exit from Iraq;
  
• rights to transfer salaries out of Iraq; and
  
• exemption from fees for assets required for expansion or modernisation and for spare parts, in addition to imported assets.
  

The grant of additional facilities and exemptions from taxes and fees is also possible for projects meeting certain criteria - for example, projects in under-developed areas or those conducted in a joint venture with Iraqi investors.
Hotels are granted additional exemptions from duties and taxes on imports of furniture, furnishings and requisites for renewing and updating purposes at least once every four years.

[You must be registered and logged in to see this link.]

unless you want to open a buisness!

Thank you Duck...no, not going to Iraq...