Page 36 - of Khadrun’, and that Mark said about the lineage of Jesus son of Mary that he was 'The word of God which He placed in the human body, so it became human’, and that Luke said, 'Jesus son of Mary and his mother were humans of flesh and blood, so the Ho
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Investor Guide to Iraq 2021
Free Zones in Iraq
The law (No. 3) for the year 1998 allows the General Commission for Free Zones to invest in the free zones through industrial,
commercial and services projects. This law is implemented according to directives issued by the management of free zones and
the Directive of regulating investment No. 4 for the year 1999. According to the law of the free zones commission, goods
imported and exported to and from the free zones are exempted from all taxes and fees unless they are brought into the customs
area. Also, capital, profits and revenue accruing from investing in these projects are exempted from all taxes and fees during the
entire period of the implementation of the project, including the phase of foundation and construction. The application process
relevant to the investor requires the latter to submit an application and pay a fee of one hundred U.S. dollars to the free zones
commission. You can visit the site of the general commission for free zones for more information: http://freezones.mof.gov.iq.
The free zone areas are regarded as one of the pillars on which the national economy hinges, especially in developing countries,
and they are defined as small zones inside the country’s political borders, but they are regarded as being outside the customs
limits of that country. In other words, what is exported from and imported to the free zones is not subject to the restrictions of the
import, export and customs fees.
The Iraqi General Commission for Free Zones was established under Law No. (3) for the year 1998, for the purpose of coping
with global developments represented by greater cohesion in international economic relations within the framework of economic
freedom. They aim at isolating these developments from the dynamics of the Iraqi economy; to stimulate social and economic
development by attracting national and foreign capital and setting up industrial projects that use advanced technology. There are
currently three free zones belonging to the commission in Nineveh, Khor Al-Zubair and Al-Qaim. The economic philosophy of
free zones lies in the State waiver of certain taxes due on any activity that achieves the greatest benefit for the overall economy of
the country. Many countries have employed the method of setting up free zones, especially in developing countries, due to the
importance of these free zones in creating additional funding sources for development and for attracting foreign investment in a
selective way while transferring modern technology as well as employing the local workforce and so reducing unemployment.
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