Page 12 - Microsoft Word - The Investment Law No amended.docx

Third: A- Lack of expropriation or Nationalization of the investment project except as becoming a
final judicial decision.
B- Lack of expropriation of the investment project, but to the public interest in whole or in part and
in a fair compensation.
Fourth: Non-Iraqi technicians and administration employees working in any project shall have
the right to transfer their salaries and compensations outside Iraq in accordance with the law
after paying their dues and debts to the Iraqi government and all other entities.

Article 13
Any amendment to this Law shall not have any retroactive affect regarding the guarantees,
exemptions, and rights recognized by this Law.

Chapter Four

Investor Obligations
Article 14
The investor shall observe the following:
First: To notify the National Commission for Investment, the Region or Governorate
Commission in writing immediately after the installation and equipping of the fixed assets for
the purposes of the project and the date of the beginning of commercial activity.
Second: To keep proper records audited by a certified accountant in Iraq in accordance with the
law.
Third: To provide an economic and technical feasibility study for the project and any
information, data or documents required by the Commission or other competent authorities
regarding the budget of the project and the progress made in its execution.
Fourth: To keep records of the project's duty-free imported materials in accordance with the
provisions of this Law and specifying the depreciation periods of these materials.
Fifth: To protect the safety of the environment and to adhere to the valid quality control systems
in Iraq and international regulations accredited in this field, also the laws related to security,
health, public order and values of the Iraqi society.
Sixth: To adhere to the valid Iraqi laws regarding salaries, vacations, work hours and conditions
and others as a minimum.
Seventh: Commitment to the correspondence of the work progress schedule submitted by the
investor with reality provided that the time difference shall not exceed six months, and that the
National Commission for Investment shall set forth punitive conditions in case of exceeding the
six-month period and that the Commission shall have the right to withdraw the license.
Eighth: To train and rehabilitate its Iraqi employees as well as raising their efficiency, skill and
capabilities. Priority in employment and recruitment shall be given to the Iraqis.

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