Law Second Amendment to the Investment Law No. 13 of 2006 Read More :http://www.din
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Law Second Amendment to the Investment Law No. 13 of 2006
27 October 0.2015
Name of the people
Based on Maoqrh the House of Representatives and approved by the President of the Republic and based on the provisions of subsection (I) of Article (61) and item (iii) of Article 73 of the Constitution
Issued the following law:
No. () for the year 2015
Second Amendment to the Investment Law No. 13 of 2006
Article 1 The text of Article (1) of the Investment Law No. (13) of 2006 and replaced by Mayati:
The following terms are intended for the purposes of this law against which the meanings indicated:
- First the Council: the Council of Ministers.
- Second body: the National Investment Commission or the region or the Governorate Commission as the case
- Thirdly Chairman of the Board: Chairman of the National Investment Commission or the President of the Investment Commission of the region or the province head of the Investment Authority
- Fourth body region: the investment in the region responsible for investment planning and granting investment licenses in the region.
- Fifthly maintain body: the Investment Authority in the province is organized in a region responsible for investment planning and granting investment licenses in the province.
- Sixth INVESTMENT: Investment capital in any activity or economic project back on the usefulness of the national economy in accordance with the provisions of this law.
- Seventh Project: The economic activity subject to the provisions of this law.
- Eighth assets: machinery, equipment, vehicles, number and means of transport and raw materials and supplies, office furniture earmarked to be used exclusively in the project, furniture and furnishings and supplies hotels and tourist cities, health and educational institutions.
- IX foreign investor: a person who has a vacation investment, which does not hold the Iraqi nationality if a natural person or a legal entity registered in a foreign country.
- X. Iraqi Investor: A person who has a vacation investment and who holds Iraqi citizenship if a natural person or a legal entity registered in Iraq.
- Eleventh safe investment areas: areas proposed by the National Investment Commission of integrative economic activity in various sectors after the approval of the Council of Ministers.
- Twelfth Developer: every natural person or legal entity holds an investment license for strategic projects in the sectors of construction of housing and urban areas of investment or any other sector development outside the design basis proposed by the Commission and approved by the Council of Ministers.
- Thirteenth secondary Developer: every natural person or legal move him part ownership of the investment project for the purpose of residential development within the major cities and regions safe investment projects or any other sector proposed by the Commission and approved by the Council of Ministers in accordance with the basic design of the project.
- Fourteenth design capacity: Production capacity designed within a given unit of time according to what is fixed in the documents received from the machines equipped with the economic feasibility of the project.
- Fifteenth investment portfolio: A collection of investments in stocks and bonds.
- Sixteenth replacement replace Lands facilities and untapped another, economically feasible
Article 2 The text of item (ii) of Article (2) of the Act and replace it Mayati:
Second, encourage the Iraqi private sector and foreign and mixed to invest in Iraq through the provision of necessary for the establishment of investment projects and enhance the competitiveness of enterprises covered by the provisions of this law in domestic and foreign markets facilities.
Article 3 cancels first item (I) of Article (4) of the Act and replaced by the following:
- First, under this law constitutes a body called the National Investment Commission has a moral personality represented by Chairman of the Board or his nominee shall be responsible for drawing up the national policy for investment and the development of controls and monitoring its application and specializes in investment projects and strategic projects of a federal nature.
- Secondly canceled paragraphs (b) and (d) and (e) of clause (iii) of Article (4) and replaced by the following:
- Third, by choosing Prime Minister and Chairman of the Authority of the nomination of five members representing the public sector from the relevant authorities that their degree of not less than about general manager of part-time members of the Board of Directors for a period of five (5) years without bonuses.
- D may extend the mandate of the chairman and his deputy at the end of the period specified in paragraph (a) of this item and once during a period not exceeding (60) days from the end date of the mandate.
- E cabinet dismissal Chairman of the National Authority for Investment and his deputy at the request of the Prime Minister and the imperative reasons for the dismissal, and endorsed by the House of Representatives.
- Third: added item (iv) to Article (4) of the Act and re-sequence subsequent items accordingly and reads as follows:
- Fourth: The National Commission for Investment Departments of the following: - made up
- Fourth: A National Investment Commission is made up of circles and sections of the following: -
1 - Administrative and Financial Department.
2. Legal Department
3 - Economic and Technical Department.
4. Relations and Media Department.
5 - single window and Investor Services Department.
6. Coordinate with the provincial Department
7. Control and Internal Audit Department.
8. IT department
9 - Department of contracts.
10 - Department security clearances.
11 - Office of the President of the Commission.
- B of the President of the National Authority for Investment and the development of sections as needed and necessary, and have the approval of the Board of Directors of the Authority and define its functions in accordance with the internal system of the body.
Article 4 The text of items (ii) and (iii) of Article (5) of the Act and replace them Mayati:
Secondly, a appointed head of the provincial body in accordance with the provisions of Abannd- IX / 1 of Article - 7 of the second amendment to the law of governorates not organized in a region Law No. (21) for the year 2008, the Chairman of the Board of Directors Alheiihaly to be experienced and competent and has functional experience of not less than (10) ten years after earning a college degree and an initial entitled appointed General Manager for a period of five (5) years, subject to extension of the one-time
- B of the President of the Commission Vice-appointed entitled assistant general manager of experienced and competent and has the functional experience of not less than (10) ten years after earning a college degree previews by selecting three people by the governor chooses the provincial council in the province of irregular province one of them and approved by the Governor to be a deputy for a period of five (5) years, subject to extension and replace the chairman in his absence.
- C Authority Board of Directors consists of nine (9) members, including the chairman and his deputy.
- D chooses conservative in the province is organized in a region and the nomination of the head of the provincial body three (3) to maintain staff working in the relevant departments of not less functional their degree from the director of the members of the part-time in the Board of Directors for a period of five (5) years without bonuses.
- E chooses conservative in the province is part of a region and the nomination of the head of the provincial body (4) four persons from the private sector and from experienced and competent and possess a university degree preliminary, and is convicted of a felony or misdemeanor involving moral turpitude or brandished bankrupt, members of the Board of Directors for a period of ( 5) five years without bonuses for those who owns an investment project within Iraq.
And requires the Chairman of the Board of Directors in the region or province is organized in a region, his deputy and members not to be members of the provincial council of deputies or Governor or his aides.
- G are restricted for the chairman and his deputy to combine his job with any work or other official position and has the right to return to his previous job after the end of his or her functions or his retirement in accordance with law
Third National Investment Commission determine the formation mechanism of the body to maintain standards, including the appointment of board members and a pink slip in the case of non-commitment to the standards and regulations of the Commission.
Article 5 texts canceled items (iii) and (vi) and (vii) and (viii) of Article (9) of the Act and replaced by the following:
Third, create a single window includes authorized representatives of the relevant government agencies responsible investment recommendation to grant the license after obtaining the approval of the concerned authorities in accordance with law.
- Sixth facilitate access to necessary to establish real estate projects which form determined by the Commission in coordination with the relevant authorities, as follows:
1. Allowance for housing projects that fall within the design basis
2. Without allowance for housing projects which fall outside the design basis for Athzb that the value of land within the housing unit sold to the citizen value.
3. Allowance for the rest of the non-residential projects
- Seventh working to set up a major investment areas with the approval of the Cabinet.
- Eighth encourage Iraqis and foreign investors in partnership with the Iraqis through the provision of loans and financial facilities for them in coordination with the Ministry of Finance and other financial institutions that invested completion takes into account 25% of the project and to ensure the facilities of the project and determine the soft interest rate for residential projects and beneficiaries final to take into account the use of hands Iraqi working commensurate with the size of the loan.
Article 6 The text of Article (10) of the Act and replace it Mayati:
Article 10 first Iraqi or foreign investor enjoys all the benefits, facilities and guarantees and is subject to the obligations set forth in this law.
Second A-1 may titling Iraqi or foreign investor allocated for housing projects and belonging to the state and the public sector land, and for the Iraqi or foreign investor buy the land belonging to the private sector or mixed to establish housing projects exclusively provided they do not conflict with the basic design uses.
2 - may titling Iraqi or foreign investor allocated for industrial projects and belonging to the state and the public sector land, and for the Iraqi or foreign investor buy the land belonging to the private sector or mixed issued by the Authority in accordance with the system
B is the conclusion of the investment project contract with the sectoral organization or activity with body donor to leave the property to conclude a private contract with the owner.
C referring not to act on the title to the property to be placed until the implementation of the Iraqi or foreign investor commitments with the support of donor investment to leave body.
D the developer or the Iraqi or foreign investor is committed to the purpose for which the king of real estate and for him not to do speculative and otherwise bear ideals wages for the period of exploitation.
E If you do not fulfill the developer Iraqi Aoualemsttmr or foreign, who owns a property under this law, in the implementation of its obligations within the period specified in the agreement, holds the Department of Real Estate Registration and at the request of the Commission, to cancel the registration and re-property to the previous owner in exchange for resale to him instead After the wage goes for that period are met
And Iraqi investor is committed or foreign construction of housing units during specified in the agreement and sell or lease to the citizens in accordance with the instructions issued for this purpose the period, and the investor Iraqi or foreign to dispose of the rest of the parts of the project is residential for the duration of the leave in accordance with the terms of the agreement with him.
G the developer transfer the ownership of part of the investment project after its completion percentage of 40% of the project to the secondary developer and approval of the Commission donors leave, and can not be secondary to the developer transfer the ownership of the investment project only after full completion of the project.
H secondary Developer enjoy the benefits of this law and is subject to the obligations from the date of obtaining the investment license transferred to him part of the project.
Third, a Iraqi or foreign investor the right to hire and leasing real estate or Musataha from the state or from private and mixed sectors for the purpose of establishing investment projects them for a period of not more than (50) years, renewable for approval of the Commission donors leave and the relevant after taking into account the nature of the project and the economic feasibility of it with the exception of industrial projects built in the industrial cities have under allowance according to the instructions.
B of the body of the vacation donor investment agreement with the Iraqi or foreign investor to return the project to the State or region or province are not organized in the territory after the expiry of the leave and the conditions contained in the agreement with him.
(C) the investor to convey the investment project ownership in whole or in part during the term of the license to any other investor after obtaining the approval of the Authority donor license condition accomplished 40% of the project and solve new investor former investor in the rights and obligations according to the law the place and the agreement with him
D of the body donor to leave the agreement with the Iraqi or foreign investor to the survival of the investment project the property of the investor's land and building or building according to whether the project is residential or non-residential consecutive succession after the end of the period of leave without enjoying the privileges, facilities and guarantees contained in this law.
Its investor may establish a private industrial investment projects in the agricultural sector on agricultural land and agricultural contracts inside and outside the design basis limits and stores.
And permissible for the developer or investor in agreement with the Authority on the delivery of infrastructure services to the project boundary in accordance with the agreement entered into with him.
G may invest in stalled projects in all sectors of strategic nature and the Federal rehabilitated and implemented in coordination with the relevant authorities to get the investment license from the National Investment Commission exclusively.
H local authorities committed to deliver infrastructure services to the extent of foreign investment projects
Raavao ministries and departments not associated with the Ministry and the municipalities in the province is committed to providing suitable for the establishment of investment projects by real estate and inform the National Investment Commission Borkamha, area and its ownership and their sex and their use during the preparation of the roadmap occur annually.
B in the absence of the owners of Real Estate's commitment to implementing the provisions of paragraph (a) of this item within (60) days from the date of the request of the National Investment Vlcil Minister land transfer of the body without allowance and the Commission shall be allocated for investment projects.
Fifthly excluded real estate to be allocated for the establishment of investment projects from the provisions of the laws and the following decisions:
A sale and rental of state funds Law No. (21) for the year 2013 and sets the foundations of calculating allowances for sale and rent in accordance with the regulations issued for this purpose.
B land reform agricultural companies and individuals Rent Law No. (35) for the year 1983 and the Law on the reorganization of agricultural property number (42) of 1987 and the law of leasing farmland reclaimed No. (79) for the year 1985.
C Industrial Investment Law No. (20) for the year 1998 in Shan Investor retain a piece allocated to it under its provisions the ground.
D paragraph (ii) of the Revolutionary Command Council resolution (defunct) No. (850) in 07.05.1979 amended by resolution No. (940) in 12.21.1987.
E Revolutionary Command Council resolutions (defunct) numbered (581) in 05.05.1981 and (1187) in 09.18.1982 and (222) in 26.02.1977 and (165) in 1/1/1994.
Article 7, first add the following to item (ii) of Article (11) of the Act and Tkona paragraphs (c) and (d) thereof:
C open a branch of foreign company in Iraq in accordance with the law.
D patent for his investment record and according to the law.
Second item deletes the text of the (Third) of Article (11) of the Act.
Article 8 The text of item (iii) of Article (12) of the Act and replace it Mayati:
Thirdly a lack of expropriation or nationalization of the investment project, except by judicial order is Pat.
B lack of disarmament of the investment project ownership except for public interest in whole or in part and fair compensation.
Article 9 The text of the item (I) of Article (15) of the Act and replaced by the following:
First, a project that has obtained an investment license from the Commission for exemption from taxes and fees for a period of (10) ten years of commercial operation start date for each stage of the project does not include the exemption of customs duties, taking into account items (First and Second) of Article (17 ) of the Act.
B exempt investment project secretion of residential real estate fees and registration fees, including the transmission housing units for citizens fee (judicial fees).
Article 10 First cancels the text of the item (I) of Article (17) of the Act and replace it Mayati:
First exempt imported assets for purposes of the investment project of taxes and customs duties that are brought to Iraq through the stages of the project and set up before starting commercial operation of each stage of the stages in accordance with the basic design of the project and the length of time to implement it.
Secondly, the following is added to Article 17 of the law and have item (V) including:
V. A. exempt imported raw materials for the purposes of commercial operation of the project from taxes and customs duties and Dakhla in the manufacture of the ration card items, medicine and materials of construction (with the exception of the available raw materials and productive in Iraq), the requirement to be environmentally friendly.
B Except as provided in paragraph (a) of this section shall be exempt raw materials imported for the purposes of commercial operation of the project from taxes and fees of customs according to the proportions of the local contribution of materials in the product that the manufacturing determine controls the National Investment Commission laid down in coordination with the sectoral authorities.
Article 11 First cancels the text of the item (ii) of Article (19) of the Act and replace it Mayati:
Second, the Commission granted an investment license to build the project on the request of the investor and it includes a request submitted by the investor Mayati:
A demand of the stomach body form.
B in conjunction with the project financing plan to ensure the point of funding from an accredited financial institution.
C projects carried out by the investor or its partners in or outside Iraq and chock his actors in its implementation
D details of the project to be investing in the economic feasibility.
E timetable for completing the project.
Secondly added item (iii) to Article 19 of the law reads as follows:
Thirdly grant investors after obtaining the investment license under which private investors enjoy the privileges and regulations governing the instructions issued by the National Authority for Investment and approved by the Council of Ministers identity
Article 12 First: The text of items (i) and (ii) of Article (20) and replaced by the following:
First: The Authority to issue the investment license through the establishment of a single window includes authorized representatives of ministries and relevant agencies.
Second: (a) The Agency shall, through the single window approach the sectoral bodies authorized by their delegates referred to in item (i) above on obtaining the approval of the investment project and on those authorities to issue its decision to grant or rejection or amendment request within a period of (15) fifteen days from the date of communicating and is committed to government agencies procuring delegate to answer during that period is the lack of response from the which the opinion within the period above approval, and in the case of rejection must be justified.
B per window in the case of the passage of the period referred to in paragraph (a) of item (ii) above, or in the case of rejection, is the causative or arbitrary rejection by sectoral agencies that provide its recommendation to grant the investment license to the President of the body concerned or the Board of Directors, as the case in order to be issued According to this law.
C - government agencies all committed after the issuance of the investment license in cooperation with the Organization for the completion of the requirements of direct investment project within a period of (30) thirty days from the date of issuance.
Second is added to the following item (iv) of Article (20) of the Act shall be paragraphs (d) and (e) and (f) to him:
D in the case of withdrawal of the investment license from the Commission donors holiday for any reason Vllmsttmr appeal before the President of the Commission concerned within (15) fifteen days from the date of notification, and the President of the Commission decision is taken within (15) fifteen days from the date of registration of the complaint with the Commission and is not to respond during this period, a rejection of the grievance.
E for the complainant, who declined to genuine grievance or a ruling that the appeal before the President of the National Authority for Investment during the period of (15) fifteen days from the date of notification of the rejection decision and the President of the Commission deciding grievance during a period of (15) fifteen days from the date of registration of the complaint in his office.
And if the appeal has been rejected or have passed the period specified in item (e) of this article without looking grievance he may appeal to the competent courts.
Article 13 The text of Article (27) of the Act and replace it Mayati:
Article 27 first subject arising from the application of this law to the Iraqi law and the mandate of the Iraqi judiciary disputes, and may agree with the investor to resort to commercial arbitration (national or international) in accordance with the agreement concluded between the parties under which the arbitration determines the destination and procedures applicable law.
Second, if there is a dispute between the partners are the followers of the following procedures:
A. If stopped work on the project for more than three (3) months, offering an upstream warning to investors to settle the dispute through thirty (30) days from the date of alert and at the lack of response is loaded investor Almtlko a penalty clause proportion to the length of the delay that the cumulative total of no more than (10 %) ten per cent of the cost of the project.
B rule out the party in breach of its obligations after the period specified in paragraph (a) of this item and solves partner is a crowbar or acceptable to him in the rights and obligations after obtaining the body donor license approval and without prejudice to the right of the Commission to withdraw the investment license after the period stipulated in Paragraph (a) of this item.
Third, in the case of stop work on the project investment because of the dispute between the investor and others, and after taking into account the time period set forth in paragraph (a) of this item, the Commission take legal action to liquidate the project and notify the owner of the project and the deposit of the liquidation amount in a bank right after the State or meet any rights of the non-fixed by judicial order requires entitlement, and that is if the lender or financier began right before the liquidation procedures required to leave the body to replace the donor and investor returns estimate to accept or reject that request to the Commission donors leave.
Article 14 The text of Article (28) of the Act and replace it Mayati:
Article 28 first investor in case of violation of the provisions of this law, it may call to take the following measures:
A direct warning to the investor removal of the violation or start implementation of the project within the period specified by the Commission.
B at the failure of the investor to remove the violation within the specified period from the Commission are directing a final warning to the investor for a period of thirty (30) days from the date of alert and the end of which imposes a penalty clause commensurate with the amount for the time-lag that the cumulative total of no more than (10%) ten per cent of the cost of the project.
C when it is not provided for in the investor response to paragraphs (a) and (b) of this item deduct all pull vacation investment project to check the date of the offense with third parties retain the right to claim compensation to the investor for damage caused to him as a result of the offense, without prejudice to any sanctions other.
Second body pulls investment license if the investor made the information is incorrect or misleading, or use illegal methods may result in obtaining any privilege or benefit in accordance with the provisions of this law.
Article 15 The text of Article (32) of the Act and replace it Mayati: A. The provisions of this law shall apply to the mixed sector projects, the private sector or working list at the request of management and approval of the Authority without retroactive effect.
B include partnership projects between the public and private sectors including the public sector contracted projects to rehabilitate or run or created with private and mixed sector provisions of this law before and after the entry into force of this Law, provided that the Initiating an exemption from state taxes and fees owed by force.
C cabinet replacement of land and facilities belonging to the public sector in exchange for the establishment of new facilities with modern production lines exception of the relevant legislation in accordance with instructions issued by the Council of Ministers
Article -16 - cancels the text of the second clause and item III (c) of Article (4) of the Act is replaced by the following:
Second, the National Investment Commission Board of Directors consists of runs (11) eleven members with experience and competence commensurate with the jurisdiction of the Commission.
Thirdly c chooses the Prime Minister four members from the private sector for a period of five (5) years is convicted of a felony or an ordinary misdemeanor involving moral turpitude or not Ishroa bankruptcy, after being nominated by the President of the National Investment Commission who owns an investment project within Iraq without bonuses.
Article 17 The text of Article (6) of the Act is replaced by the following: -
Article 6 Commission adopts e-mail in addition to normal between them and the official bodies of Iraqis and foreigners, investors and related to the work and activity of the Commission through local networks or the Internet according to correspondence to guidelines set by the Commission.
Article 18 The text of Article 30 of the Law.
Article 19 is a resolved (investment license) replaces the phrase (holiday project establishment) wherever they appear in the law.
Article 20 of this law shall be the date of its publication in the Official Gazette.
In order to facilitate the organization of work in the investment bodies and address some of the constraints shown by the practice when applying the Investment Law No. (13) of 2006, as amended, in order to create an encouraging and appropriate climate for investment in all sectors, and the granting of the exemptions, privileges and soft loans attractive to investors, with open space in front of ministries to share with the private sector (Iraqi and foreign) and mixed for the rehabilitation and operation of the subsidiaries to be reflected positively on economic development and reconstruction of Iraq.