Page 17 - Microsoft Word - The Investment Law No amended.docx

Article 22
The foreign investor shall enjoy additional privileges in accordance with international
agreements signed between Iraq and his country or multilateral international agreements which
Iraq has joined.

Article 23
If the project ownership is transferred during the granted period of the exemption, it shall
continue to enjoy granted exemption, facilities and guarantees until the end of that period,
provided that the new investor continue to work on the project in the same specialization or in
another, with the approval of the Commission. The new investor must take the place of the
former investor in the rights and obligations consequent to the provisions of this law.

Article24
First: The investor, with the approval of the Commission, may sell exempted fixed assets or
relinquish it to another investor benefiting from the provisions of this law, provided that he uses
them in his project.
Second: The investor, after informing the Commission, may sell the exempted fixed assets to
any person or other project not subject to the provisions of this law after paying the outstanding
fees and taxes.
Third: The investor, with the approval of the committee, may re-export the exempted fixed
assets.

Article 25
In the event two or more companies or enterprises merge, the new company or entity resulting
from the merger must set up separate accounts for each project before the merger in order to
register and apply exemptions and facilitations stipulated in this law during the remaining period
of the exemption.

Article 26
Any project approved in accordance with the provisions of the previous applicable laws shall
continue to benefit from all exemptions granted to it pursuant to that law and until the expiration
of the exemption period and under the same terms.

Article 27
First: Disputes arising from applying this law shall be subjected to Iraqi Law, the mandate of Iraqi
Judiciary, and may agree with the investor to resort to Commercial Arbitration (National, or
International) in accordance to an agreement concluded between the two parties determines
Arbitration procedures, its authority, and law applicable.
Second: If a dispute between the partners occurs, the following procedures shall be followed:

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