Presidential Council endorses the law of the First Amendment to the Investment Law
2010-01-05 10:23:58 2010-01-05 10:23:58
BAGHDAD (Iba) .. the Presidency Council ratified the Law on the First Amendment to the Investment Law.
A statement by the Presidency of the Republic received by the independent press (Iba) a copy of that approval was based on what passed by the Parliament in accordance with the provisions of item (I) of Article (61) and the provisions of paragraph (a) of item (V) of Article (138) of Constitution.
The law includes the repeal of items (I) and (ii) of Article (5) of the Act and replace them:
First: are in the regions and governorates not organized in a region by investing enjoy moral personality and represented by its President or his, financed by the budget of the territory or province and have the powers granted investment licenses, and investment planning, investment promotion, and it may open branches in areas under its control in coordination with the national body was investment to ensure the proper application of the law.
Second:
أ
A - Officer of the Authority is headed by experienced and competent rank of director general appointed for a period of (5) years the proposal of the conservative non-regular in the territory with the consent of the Council of Ministers and is Chairman of the Board of Directors of the Authority.
B - to the President of the Authority appointed by the Vice-degree assistant general manager for a period of five (5) years by the region or province are not organized in the territory, and is Vice-Chairman of the Governing Council.
C - to the board of Board of Directors consists of (7) seven members including the President of the Authority and his deputy.
D - appointed regional, provincial irregular in the territory of two staff members from the region or province in the territory of non-regular workers in the constituencies with an interactive, functional grades for less than the director, part-time members of the Governing Council for a period of three (3) years.
E - appointed by the Territory and to maintain in the territory of non-regular on the proposal of the President of the Authority three people from the private sector with experience, competence and possess a university degree, at least initially, and sentenced to a felony or misdemeanor involving moral turpitude or became bankrupt, the members of the Board of Directors for ( 3) three years, and specifying their compensations according to the rules of procedure of the board.
And - require the appointment of Chairman of the Board or the preservation of the region are not organized in the territory, his deputy and members to be coordinated with the national body was to invest and not to be members of the Provincial Council or the Vice-Governor or his aides.
G - has no right to the governor or his deputy or his staff or the head of the provincial council and members of the office of President or Vice or members of the board of investment in the region or province are not organized in the Territory.
H - Appointment and dismissal of the President and members of the board of investment in the province are not organized in the territory of the Authority in coordination with the National Investment Commission.
It also canceled the text of the amendment of Article (10) of the Act and replaced by:
First: The Iraqi or foreign investor all the benefits, facilities and guarantees and is subject to the obligations set forth in this law.
Second:
A - Iraqi or foreign investor the right to own land and property owned by the State define the terms of allowance calculated according to a special regime has the right to own land and property belonging to the mixed and private sectors for the purpose of the establishment of housing projects exclusively.
B - a reference not to be used for the title until the implementation of the foreign investor obligations and the support of the board of investment for the donors leave.
C - is committed to the Iraqi or foreign investors who possess the purpose for which land or property, and not by speculation.
D - in the case of the failure of Iraqi or foreign investor, who owns land or property under this law, to perform its obligations within the period specified in the agreement with the board of investment for the donors leave, by the Department of Real Estate Registration and at the request of the Authority in question, to cancel the registration and return of land or property to return for the previous owner, rather than selling it.
E - the investor is committed to the Iraqi or foreign construction of housing units during the period specified in the agreement, sale or lease to the citizens in accordance with the instructions issued for this purpose. For the Iraqi or foreign investor to act in other parts of the housing project throughout the period of leave under the terms of the agreement with him.
Third:
A - Iraqi or foreign investor the right to lease land and property by the State, private and mixed sectors for the purpose of the establishment of investment projects by for no more than the duration of the leave, which does not exceed a duration of fifty (50) years, renewable for taking into account the nature of the project and the economic feasibility of it.
B - to the board of investment for the donors leave the agreement with the Iraqi or foreign investor on the project to return to the State or Territory or the preservation of non-regular in the territory after the expiry of leave and the conditions contained in the agreement with him.
C - to the Iraqi or foreign investor to transfer the ownership of the investment project in whole or in part during the period of leave to an Iraqi investor or any other foreign investor to continue the new work on the project in the same specialization or in another jurisdiction after the approval of the Authority granting leave, and new investor replaces former investor in the rights and obligations under this law and the provisions of the agreement with the investor in question. In the case of transfer of Iraqi or foreign investor's ownership of the project during the period of enjoyment of the privileges and facilities and guarantees granted to him, the new investor continue to enjoy until the expiration of that period.
D - to the board of donors to leave the agreement with the Iraqi or foreign investor to the survival of the investment project owned by the investor, land and construction or building according to whether or not to initiate Iscanea housing, respectively, and succession after the end of the period of leave without enjoying the privileges and facilities and the guarantees contained in this law.
Fourth:
A - excluded procedures for rental of real estate investor of State for Iraq or for the administration of foreign investment projects under the Act from the provisions of law on the sale and rental of state funds No. (32) for the year 1986 or any other law is replaced by defining the basis for calculating the rent according to a regulation issued for this purpose.
B - excluding rental properties SHIAC of State for the Iraqi or foreign investor for the administration of housing projects under this Article, the provisions of law on the sale and rental of state funds No. (22) for the year 1986 or any other law to replace it.
It also canceled the text of the amendment of paragraph (a) of item (ii) of Article (11) of the Act and replaced by:
A - trading in the Iraqi market for securities, equities and bonds listed and gain membership in the private equity firms and mixed, but it does not prevent the existence of real estate as an asset of the companies mentioned.
The amendment to delete the item (IV) of Article (20) of the Act and replaced by the following:
Fourth:
A - when you reject an application was Vlsahbh to request reconsideration by the President of the board of the region or province is part of a region within (15) fifteen days from the date of refusal and inform him of the decision of the President of the Authority to decide on the request in (7) seven days from the date of registration in his office.
B - the applicant's objection to the Authority through the National Investment (15) fifteen days from the date of the refusal decision and the Authority to take action on the objection within (15) fifteen days from the date of registration in the office of the Authority for the national investment.
C - If the Authority rejected the request of the National Investment Establishment Vlsahbh submitted to the Authority to request reconsideration within (15) fifteen days from the date of notifying him the decision and on the Authority to decide on the application within (7) seven days from the date of registration in the Office of the President the Authority, and its decision will be a viable objection to the Council of Ministers within (15) fifteen days from the date of Althblg it.
The new amendment to the investment law, a new article to Chapter VII (General Provisions) of the original law, as follows:
Required the Ministries of Finance, Municipalities and Public Works and the Municipality of Baghdad and in provincial and municipal bodies and the non-related to the Ministry to provide the land and real estate suitable for the establishment of investment projects and inform the Authority of national digits, area, ownership and gender, their uses and by the national body was allocated to the Iraqis or foreign investors, according to the system proposed by the Authority with the consent of the National Council of Ministers.
He also added a new paragraph to the text of Article (32) as article two paragraphs (a) and (b) read as follows:
A - The provisions of this law on the draft mixed-sector and private-sector workforce and at the request of management and the approval of the Authority without retroactive effect.
B - projects include public sector contracted for rehabilitation or operation with the private sector and mixed all the privileges, facilities and guarantees contained in the law and applies to projects that were contracted before the entry into force of this Act provides that it does not follow, the exemption from any fees or taxes owed by into force of this law.
A statement by the presidency Almhorip that the reasons for adoption of this amendment is to facilitate and organize the work in the national body was to invest and create a favorable investment climate in Iraq, especially in the housing sector and the removal of legal obstacles that impede it, which reflects positively on the accelerating process of economic development and reconstruction in Iraq, This law. (end) / g / ..
2010-01-05 10:23:58 2010-01-05 10:23:58
BAGHDAD (Iba) .. the Presidency Council ratified the Law on the First Amendment to the Investment Law.
A statement by the Presidency of the Republic received by the independent press (Iba) a copy of that approval was based on what passed by the Parliament in accordance with the provisions of item (I) of Article (61) and the provisions of paragraph (a) of item (V) of Article (138) of Constitution.
The law includes the repeal of items (I) and (ii) of Article (5) of the Act and replace them:
First: are in the regions and governorates not organized in a region by investing enjoy moral personality and represented by its President or his, financed by the budget of the territory or province and have the powers granted investment licenses, and investment planning, investment promotion, and it may open branches in areas under its control in coordination with the national body was investment to ensure the proper application of the law.
Second:
أ
A - Officer of the Authority is headed by experienced and competent rank of director general appointed for a period of (5) years the proposal of the conservative non-regular in the territory with the consent of the Council of Ministers and is Chairman of the Board of Directors of the Authority.
B - to the President of the Authority appointed by the Vice-degree assistant general manager for a period of five (5) years by the region or province are not organized in the territory, and is Vice-Chairman of the Governing Council.
C - to the board of Board of Directors consists of (7) seven members including the President of the Authority and his deputy.
D - appointed regional, provincial irregular in the territory of two staff members from the region or province in the territory of non-regular workers in the constituencies with an interactive, functional grades for less than the director, part-time members of the Governing Council for a period of three (3) years.
E - appointed by the Territory and to maintain in the territory of non-regular on the proposal of the President of the Authority three people from the private sector with experience, competence and possess a university degree, at least initially, and sentenced to a felony or misdemeanor involving moral turpitude or became bankrupt, the members of the Board of Directors for ( 3) three years, and specifying their compensations according to the rules of procedure of the board.
And - require the appointment of Chairman of the Board or the preservation of the region are not organized in the territory, his deputy and members to be coordinated with the national body was to invest and not to be members of the Provincial Council or the Vice-Governor or his aides.
G - has no right to the governor or his deputy or his staff or the head of the provincial council and members of the office of President or Vice or members of the board of investment in the region or province are not organized in the Territory.
H - Appointment and dismissal of the President and members of the board of investment in the province are not organized in the territory of the Authority in coordination with the National Investment Commission.
It also canceled the text of the amendment of Article (10) of the Act and replaced by:
First: The Iraqi or foreign investor all the benefits, facilities and guarantees and is subject to the obligations set forth in this law.
Second:
A - Iraqi or foreign investor the right to own land and property owned by the State define the terms of allowance calculated according to a special regime has the right to own land and property belonging to the mixed and private sectors for the purpose of the establishment of housing projects exclusively.
B - a reference not to be used for the title until the implementation of the foreign investor obligations and the support of the board of investment for the donors leave.
C - is committed to the Iraqi or foreign investors who possess the purpose for which land or property, and not by speculation.
D - in the case of the failure of Iraqi or foreign investor, who owns land or property under this law, to perform its obligations within the period specified in the agreement with the board of investment for the donors leave, by the Department of Real Estate Registration and at the request of the Authority in question, to cancel the registration and return of land or property to return for the previous owner, rather than selling it.
E - the investor is committed to the Iraqi or foreign construction of housing units during the period specified in the agreement, sale or lease to the citizens in accordance with the instructions issued for this purpose. For the Iraqi or foreign investor to act in other parts of the housing project throughout the period of leave under the terms of the agreement with him.
Third:
A - Iraqi or foreign investor the right to lease land and property by the State, private and mixed sectors for the purpose of the establishment of investment projects by for no more than the duration of the leave, which does not exceed a duration of fifty (50) years, renewable for taking into account the nature of the project and the economic feasibility of it.
B - to the board of investment for the donors leave the agreement with the Iraqi or foreign investor on the project to return to the State or Territory or the preservation of non-regular in the territory after the expiry of leave and the conditions contained in the agreement with him.
C - to the Iraqi or foreign investor to transfer the ownership of the investment project in whole or in part during the period of leave to an Iraqi investor or any other foreign investor to continue the new work on the project in the same specialization or in another jurisdiction after the approval of the Authority granting leave, and new investor replaces former investor in the rights and obligations under this law and the provisions of the agreement with the investor in question. In the case of transfer of Iraqi or foreign investor's ownership of the project during the period of enjoyment of the privileges and facilities and guarantees granted to him, the new investor continue to enjoy until the expiration of that period.
D - to the board of donors to leave the agreement with the Iraqi or foreign investor to the survival of the investment project owned by the investor, land and construction or building according to whether or not to initiate Iscanea housing, respectively, and succession after the end of the period of leave without enjoying the privileges and facilities and the guarantees contained in this law.
Fourth:
A - excluded procedures for rental of real estate investor of State for Iraq or for the administration of foreign investment projects under the Act from the provisions of law on the sale and rental of state funds No. (32) for the year 1986 or any other law is replaced by defining the basis for calculating the rent according to a regulation issued for this purpose.
B - excluding rental properties SHIAC of State for the Iraqi or foreign investor for the administration of housing projects under this Article, the provisions of law on the sale and rental of state funds No. (22) for the year 1986 or any other law to replace it.
It also canceled the text of the amendment of paragraph (a) of item (ii) of Article (11) of the Act and replaced by:
A - trading in the Iraqi market for securities, equities and bonds listed and gain membership in the private equity firms and mixed, but it does not prevent the existence of real estate as an asset of the companies mentioned.
The amendment to delete the item (IV) of Article (20) of the Act and replaced by the following:
Fourth:
A - when you reject an application was Vlsahbh to request reconsideration by the President of the board of the region or province is part of a region within (15) fifteen days from the date of refusal and inform him of the decision of the President of the Authority to decide on the request in (7) seven days from the date of registration in his office.
B - the applicant's objection to the Authority through the National Investment (15) fifteen days from the date of the refusal decision and the Authority to take action on the objection within (15) fifteen days from the date of registration in the office of the Authority for the national investment.
C - If the Authority rejected the request of the National Investment Establishment Vlsahbh submitted to the Authority to request reconsideration within (15) fifteen days from the date of notifying him the decision and on the Authority to decide on the application within (7) seven days from the date of registration in the Office of the President the Authority, and its decision will be a viable objection to the Council of Ministers within (15) fifteen days from the date of Althblg it.
The new amendment to the investment law, a new article to Chapter VII (General Provisions) of the original law, as follows:
Required the Ministries of Finance, Municipalities and Public Works and the Municipality of Baghdad and in provincial and municipal bodies and the non-related to the Ministry to provide the land and real estate suitable for the establishment of investment projects and inform the Authority of national digits, area, ownership and gender, their uses and by the national body was allocated to the Iraqis or foreign investors, according to the system proposed by the Authority with the consent of the National Council of Ministers.
He also added a new paragraph to the text of Article (32) as article two paragraphs (a) and (b) read as follows:
A - The provisions of this law on the draft mixed-sector and private-sector workforce and at the request of management and the approval of the Authority without retroactive effect.
B - projects include public sector contracted for rehabilitation or operation with the private sector and mixed all the privileges, facilities and guarantees contained in the law and applies to projects that were contracted before the entry into force of this Act provides that it does not follow, the exemption from any fees or taxes owed by into force of this law.
A statement by the presidency Almhorip that the reasons for adoption of this amendment is to facilitate and organize the work in the national body was to invest and create a favorable investment climate in Iraq, especially in the housing sector and the removal of legal obstacles that impede it, which reflects positively on the accelerating process of economic development and reconstruction in Iraq, This law. (end) / g / ..