Additions in the second amendment to the investment law 11-1
Additions in the second amendment to the investment law
By: wab1 Date: Monday, 02-11-15 01:43 am
Baghdad: Baghdad news Baghdad investment body got back the second amendment to the investment law "a good step" for the
Its quality additives that would facilitate the work of investors and enable them to obtain exemptions, loans and many facilities, while the Commission invited the parliamentary economic and investment cooperation with investment bodies, implementing a system of "single window", warning put obstacles to any investor. "
The President said the investment Commission Baghdad, Shaker Al-zamily, disciple "Baghdad" that "the second amendment to the law is a good step because the plugins that have occurred, such as modification of article 17 concerning customs and tax exemptions," Noting that "exemptions previously determined in seven years from the date of the granting of authorization for materials and supplies imported for the project, while the amendment for the duration of the project.
Iraq, he said, that "the new law excluded more than 12 or a decision issued by the Revolution Command Council dissolved, were present in the old law, allowed in one of its paragraphs to the investor to borrow from the Government and private banks when a legitimate achievement reaches 25 percent, granting powers to the provincial councils to enable them to establish and support investment bodies".
Ray Chief Investment Baghdad, that "the new law solve the biggest problem in file investment, pertaining to the granting of land, when committed by a specific term ministries delivered, otherwise authorizes the Commission to ask the Cabinet invested entity ownership", noting that "the old law did not adhere to the ministries to provide land for investors, creating significant obstacles ahead."
Iraq, he said that "the second amendment to the investment law gave promotional opportunities for investors through land titling within the design basis for the project, can be guaranteed to get loans from banks," adding "but ownership will not be randomly, but through a feasibility study carried out by the Board of Directors of provincial investment bodies".
The President said the investment Commission, said the law allowed that there is ownership of all land, whether public or private, mixed or Government committed to delivering infrastructure pretty fence project, after it was non-binding, "adding that" the new law granting tax exemption for investors kmrkia and raw materials to industrial projects, having previously been on machinery and equipment.
Iraq promised that "exemption would support the establishment of large industrial projects in Iraq, and stimulates national product and reviving the Iraqi economy through attracting foreign investors," he said, adding that "the new amendment allowed the formation of the Board of Directors of each investment, nine members, including four from the private sector, having had seven, including a Chairman and a Vice-Chairman and two from the private sector."
He said Chief Investment "new law select boards responsible for issuing decisions and leave, what means that it will not be individually but collectively its members."