Basra: Claims Act to amend the Iraqi Investment Law

[Stillw8n]

Basra: Claims Act to amend the Iraqi Investment Law

Basra, 1 December / December (Rn) – A number of specialists in the Iraqi province of Basra to make some amendments to the Iraqi investment law and add the new legislation in order to bring it in line with the reality of the new Iraq and the specificity of each province.

And inventory investment law passed in 2006, the validity of the contract on strategic projects at the National massive investment projects such as power engineering, metallurgical and Alaptrrukemyawat and pharmaceutical capital of at least $ 50 million.
Development projects as well as areas of archaeological, historical, and transportation projects such as roads, ports, airports and railway capital of not less than $ 30 million, as well as electricity projects with a minimum capacity of 30 MW.

The Chairman of the Economic Development Committee in the province of Basra, Mahmoud Almksusi Taan, told the Kurdish news agency (Rn) that “some paragraphs of the Iraqi investment law and instructions needed modifications to fit with the reality of the new Iraq to facilitate the access of foreign companies on investment opportunities.”

He added that “there is a need to reduce the conditions and instructions for the investor to facilitate the process of grant approvals to implement the project in the shortest time, which contributes to the goals of the Iraqi investment and create an environment safe and appropriate investment projects and foreign capital.”

He stressed the need to reconsider some of the paragraphs in the Iraqi investment law and instructions and make recommendations to the legislative authorities for the purpose of conducting the required amendments, especially as the Investment Law No. 13 of 2006 was not able to accommodate the infrastructure. “

He explained that Almksusi “Working with the public sector of any government funding does not pass only through the law of government contracts and therefore, the investment law does not have any significant role with regard to infrastructure projects as projects of water and sewage, roads, bridges and others.”

He said the “conflict of laws and overlapping legislation negatively impacted on the nature of the work of the Investment Authority in Iraq, particularly strategic projects related to critical infrastructure projects.”

In turn, demanded the head of the Legal Committee in the province of Basra in a peaceful smile to reconsider the rules and regulations issued by the Council of Ministers and the National Investment Commission, which restrict the work of investors in Iraq.

She’s peaceful (Rn) that “these laws are not keeping up behind modern investment regulations are not consistent with the international trend towards market economies, causing blocking the entry of foreign investors to Iraq.”

She stressed to give confidence to foreign investors to optimize their inclusion in the investment environment through the development of local facilities to encourage their work in Iraq, as well as the development of the banking system in order to maintain investors’ money. “

While he stressed the decision of the Commission on oil and gas, MP for the National Alliance Furat al-Shara on the need for new legislation authorizing oil, provincial access to land under the Ministry of Oil to be designated as investment opportunities.

He said during his speech (Rn) that “the Iraqi investment law in need of new legislation to strengthen the powers of investment of some land belonging to the Ministry of Oil for information and then can the Ministry of oil recovery and investment, and can also be used during this period by extracting the oil through the many technical, that proved oil land already. “

For his part, the president of the Investment Commission of the provincial council in Basra, Basra, and representatives in the Iraqi Council of Representatives to pass legislation and new regulations to amend the investment law, the Iraqi Itlaehm with the reality of the new Iraq and the privacy of the province of Basra.

Khalaf al-Badran and (Rn) that “the new system of Iraqi investment law contains features attractive and stimulating to attract investments, especially that he exceeded the most important constraints imposed by the previous regimes for investors.”

He explained that “the No. 5 of 2011 emphasized the need to meet the benefits of the land rent from the investor as of the date of commencement of commercial operation of the project where the period will be completed and the project for free and rent.”

He also included the second amendment to the system of sale and rental of property and territory of the State and the public sector for the purpose of investment No. (7) for the year 2011 average on the need to reduce the rate imposed by the First Amendment to Regulation No. (7) leading to the calculation of rents are low and are less likely than they were in the Regulation No. (1) for the year 2011, where the rent is considered one of the most important obstacles to the success of the investor and the economic feasibility of the project.

And went on to say “about the business has identified the number (5) for the lease of 10% of the rent estimated by the Committee competent to determine the rent, will also be fulfilled instead of the rent from the date of commencement of commercial operation for three years after the end of this period will be determined instead of rent value of 5% of the value of the land. “

The Iraqi investment law gives foreign investors the right of trading in the stock market, stocks and bonds, and lease of land for the project or Musataha for the term of the investment project in place, that not more than 50 years, renewable by approval of the Authority, as well as the right of the foreign investor insurance in the insurance companies on the project and the opening of accounts in Iraqi or foreign bank branches inside and outside Iraq.

The law guarantees that the priority of employment and the employment of Iraqis, as well as giving the foreign investor and foreign workers in the investment projects the right of residence in Iraq and facilitate their entry and exit to and from Iraq in addition to ensure that no confiscation or nationalization of the project with the exception of what comes out of a sentence given.

And has an investment project with its projects that obtained an investment license from the exemption from taxes and fees for 10 years from start of commercial operation of the project in accordance with the development areas identified by the Cabinet, and rise-year exemption if there is a contribution from an Iraqi investor and up to 15 years if the contribution Iraqi investors up to 50 per cent.

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