Page 10 - investment-map-En-2021

Iraq Investment Map2020-2021
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9. Entering and taking out the capital allocatted to the project as well as its profits
and revenues in accordance with the provisions of the aforementioned law and
Iraqi Central Bank regulations.
10. Circulating shares and bonds in Iraqi Stock Market and acquiring membership in
joint-stock companies.
11. Creating investment portfolios in shares and bonds.
12. Insuring projects with any Iraqi or foreign insurance company.
13. Opening accounts in Iraqi or foreign currency or both in any bank inside or
outside Iraq.
14. Employing and hiring foreign labor in projects alongside local labor.
15. Providing foreign investors and workers the right of residency in Iraq and
facilitating the process of entering and leaving the country for them.
16. Open a branch of the foreign company in Iraq.
17. Register patented for his investment project.
18. The new amendment granted exemptions from taxes and fees for licensed
investment projects for (10) years starting from the date of operation for each
phase of the project phases not to include customs exceptions, while it allowed tax
and customs exemptions for the imported assets providing being imported within
the construction phases before commencing commercial operation for each phase
and according to the fundamental design of the project and the implementation
timetable as the law previously exempted the imported assets for three years
starting for the date of obtaining the investment license. This was considered an
obstical to investors but it was treated in the new amendment.
The new amendment also exempted housing investment projects from land
screening fees, estate registration fees including the fees of transferring housing
units’ ownership to people.
The new amendment included taxes and customs exemptions granted for environment
friendly preliminary materials imported for the purpose of the commercial operation of
the national nutrition basket materials, medicines and construction materials and
according to the percentage of the local materials contribution in manufacturing which
represent support to local productions.
1- The new amendment exempted estates/ lands allocated for investment projects
from the provisions of the laws and decisions below for their role in hindering
investment:
a- The law of selling and leasing state owned possessions No. (21) for the year 2013
b- The law of Agricultural reclaimed lands No. (35) for the year 1983, the law of
Reorganizing agricultural ownership No. (42) for the year 1987 and the law of
renting reclaimed agricultural lands No. (79) for the year 1985
c- The law of Industrial investment No. (20) for the year 1998 regarding investors
keeping allocated land for himself accordingly.
d- Provision (second) of the decision No. 850 for the year 1979 as amended by the
decision No. 940 for the year 1987

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