Page 14 - Microsoft Word - The Investment Law No amended.docx

this law, shall mean replacing project machines with more developed ones, totally or partially or
making a development on the standing devices and equipments of the project by adding new
machines and devices or parts thereof with the aim of raising the productive efficiency or
improving and developing the quality of the products and services.
Third: Spare parts imported for the purposes of the project shall be exempted from fees if the
value of these parts does not exceeded (20%) twenty percent of the fixed assets value, provided
that they are not be used for any other purpose.
Fourth: Hotels, tourist institutions, hospitals, health institutions, rehabilitation centers and
educational and scientific organizations projects shall be granted additional exemptions from

duties and taxes on their imports of furniture, furnishings and requisites for renewing and
updating purposes at least once every four years, provided that these items are brought into Iraq
or used in the project within (3) three years from the date of the approval decision of the
Commission on the import lists and their quantities, and provided that these items are not used
for purposes other than the imported purposes.
Fifth A: Exemption of imported raw materials for purposes of commercial operation of the project
from taxes and customs duties that involve in manufacturing materials of ration card items,
medicine, and construction (except the raw materials available and produced in Iraq) provided they
are environmentally friendly.
B- Except what is mentioned in paragraph (A) of this item, exempt raw material imported for
purposes of commercial operation of the project from taxes and custom duties according to
proportions of contribution of local materials in manufacturing the product, and determined with
standards laid down by the National Investment Commission in coordination with sectored
competent authorities.

Article 18

If it is found that the fixed assets exempted, in whole or in part, from taxes or fees were sold in
violation of the provisions of this law or were used in anything other than the project or for
purposes other than the authorized purposes, the investor must pay the taxes, fees, and fines
incurred pursuant to the law.

Chapter Six

Procedures for Granting Investment and Project Establishment License
Article 19
First: The investor shall obtain the license in addition to obtain the rest of the licenses for the
purpose of enjoying the privileges and exemptions provided by the Commission.
Second : The Commission shall grant the investment license to construct the project based on a
request submitted by the investor. The request submitted by the investor shall include the
following:

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