Investment Law ensures quality investor facilitation & single window launch 10-30
New residential project on the side of a road Mohammed Qasim rapid east of the capital Baghdad Imaging (Mahmoud Raouf)
Investment confirm the existence of a large facility in the modified law a parliamentary committee warns of placing obstacles to its application
Author: ASJ, BS
Editor: BK, BS
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Long-Presse / Baghdad
I returned Investment Authority, Baghdad, on Saturday, that the Second Amendment to the investment law is a "good move" because it involved additions quality that will facilitate the work of investors and enable them to obtain exemptions, loans and many facilities, while calling for economic and investment commission in Parliament to cooperate with the bodies of investment, the application of "single window" system, warning of the obstacles put in front of any investor.
Baghdad Investment:The new law ensures the quality of add-ons to facilitate the work of investors
The head of the Baghdad Investment Authority, Shaker al-Zamili, in an interview to the (long-Presse), "The Second Amendment to the investment law is a good step because of the additions that have occurred in it, as an amendment to Article 17 special exemptions of customs and tax", noting that "the exemptions previously defines seven years from the date of granting leave for materials and supplies imported for the project, while becoming under the amendment for the duration of the project is completed. "
He Zamili, that "the new law excluded more than 12 laws or a decision issued by the dissolved Revolutionary Command Council, was present in the old law, and allowed in one of the paragraphs of the investor to borrow from the government and private banks when the percentage of completion of project 25 percent, and the granting of powers to the provincial councils to enable the establishment of investment bodies and strongly support. "
And saw the head of the Investment Commission of Baghdad, that "the new law to solve the biggest problem in the investment file, regarding the granting of land, when committed ministries delivered within a specified period, otherwise the National Investment Commission authorized to ask the Council of Ministers titled the point of investing," pointing out that "the law the old ministries have not committed to providing land for investors, creating significant obstacles in front of them. "
He explained Zamili, that "the Second Amendment to the investment law gave opportunities incentive for investors through the ownership of land within the base design for the project, so that they can be guaranteed to get loans from banks," adding, "but the ownership will not be random, but through a feasibility study carried out by the Board of Directors bodies Investment in the provinces. "
The head of the Baghdad Investment Authority, that "the law allowed that there is ownership of each land, whether public sector or mixed or private, and committed the government to deliver infrastructure to fence the project boundary, after that they are not obligated to do so," following up "The new law granting investors Kmarkia and tax exemption on raw materials for industrial projects, after it was previously only on machines and equipment. "
Promised Zamili, that "the exemption will support the establishment of large industrial projects in Iraq, and stimulates the national product and revive the Iraqi economy, by attracting foreign investors," stressing that "the new amendment allowed that is formed Board of Directors of each of the Investment Commission, of nine members, including four the private sector, after he has seven, including the head and deputy and two from the private sector. "
Head of the Investment Commission of Baghdad and added that "the new law identified important boards of directors responsible for issuing decisions and the granting of licenses, which means that it will not be individually but collectively by its members."
Parliamentary investment calls for the application of the single window system
For his part, predicted chairman of the economic and investment commission in Parliament, Jawad al-Bolani, said in an interview to the (long-Presse), said that "the new law contributes to activating the investment wheel that stops in the previous period because of the obstacles that were facing investors as a result of some of the paragraphs broken their projects," noting that " the House vote to approve the second amendment to the investment law itself constitute a victory for the wheel, which affected investment in one form or another of the old law as well as another failure and progress of the projects as well as he was a stumbling block to the private sector. "
He called al-Bolani, the government of the need "to cooperate with the bodies of investment, and make the most of a single window service interest in the public interest," warning "put obstacles in front of any investor because of what is going through the country from financial and economic crises."
The parliament passed during its 32 first legislative term of the second legislative year of the third parliamentary session, which was held in, (the 27th of October the current 2015), the Second Amendment to the Investment Law, No. 13 of the 2006 Act.