經國民議會通過、總統委員會批準，根據《憲法》第61條第一段及第73條第三段規定，以人民和總統委員會名義，頒布本法。
第一章 定義
第一條
除有特別說明，以下名詞在本法中均作如下定義：
A． 理事會：部長理事會
B． 國家投資委員會：該委員會根據本法成立，負責起草國家投資政策指南并監督其執行情況。該委員會只負責聯邦投資項目。
C． 地區委員會：地區投資委員會負責發放該地區投資許可證。
D． 省級委員會：省級投資委員會負責制定該省投資規劃以及發放該省投資許可證。
E． 委員會：國家投資委員會、地區委員會或省級委員會。
F． 委員會主任：國家投資委員會主任。
G． 項目：適用本法規定的經濟行為。
H． 資產：專供項目所使用的工具、器材、器械、機器、必需品、成套設備、交通工具及辦公家具以及賓館、旅游城市、醫院、學校、大學的家具、裝飾材料和必需品。
I． 外國投資者：非伊拉克籍的個人投資者，或在外國注冊的法人。
J． 伊拉克投資者：伊拉克籍的個人投資者，或在伊拉克注冊的法人。
K． 稅收和費用：根據所適用法律征收的所有稅收和費用。
L． 預定生產能力：根據供應商機器中提供的文件設定在特定單位時間內（小時、天等為單位）的生產能力。
M． 投資組合：股票和債券投資總和。
N． 投資：給國家帶來合法收益的對經濟、服務行為或項目的資本投資。
目標及途徑
第二條
本法立法目的包括：
第一：促進投資和現代技術轉讓以及生產和服務基礎的擴大和多元化，為伊拉克發展作貢獻。
第二：提供設立投資項目所需設施，增強本法所涉及項目在國內外市場的競爭力，以鼓勵國內外私營部門在伊拉克投資。
第三：基于市場需求開發人力資源，為伊拉克人民提供工作機會。
第四：保護投資者的權利和財產。
第五：擴大出口，改善伊拉克收支及貿易平衡狀況。
第三條
實現本法目的需采取以下途徑：
第一：為適用本法的項目的延續和發展提供必要的優惠及保障，包括提供必要支持以增強這些項目在國內外市場的競爭力。
第二：根據本法規定，為獲得委員會發放的投資許可證的項目提供額外的設施和稅收、費用豁免。
第二章 國家投資委員會及地區、省級投資委員會
第四條
第一：委員會應稱為“國家投資委員會”，享有法人地位，由委員會主任或主任指定人選作為法人代表。委員會負責起草國家投資政策、規劃、法規及指南并監督相關指南和規定的執行情況。該委員會只負責聯邦戰略投資項目。
第二：“國家投資委員會”由九名董事組成的董事會管理。董事需稱職、專業，并持有與委員會職能相關的大學畢業文憑。董事不得有犯罪服刑、道德敗壞或破產記錄。
第三：
A． 應總理要求，部長理事會應提名一名部長級委員會主任、一名副部級副主任，任期五年，提名上呈國民議會批準。
B． 總理應任命四名司局級委員會委員，任期五年。
C． 總理應從委員會主任提名中挑選來自私營部門的三位委員會委員，任期五年，并根據相關法律確定其薪酬。
D． 本條第A、B段涉及的委員會成員任期結束，開除或辭職除外，總理應指派他們擔任同級別的其它政府職位。第A段提到的成員若未擔任同級別的其它政府職位，則享受退休養老金。
E． 國民議會可以直接解雇國家投資委員會主任及副主任，或應總理要求并有充分理由這樣做。
F． 如委員會任何委員違反了委員會規章制度，部長理事會有權直接將其解雇、調離或任命他人取代。
G． 國家投資委員會董事會應該應董事會主席邀請召開會議。委員會應頒布法規規定委員會的法定人數、決策建議、工作流程及其它任何相關事項。
H． 國家投資委員會應與總理建立聯系。
I． 委員會職工工資和福利水平由總理根據國家投資委員會主任的建議決定。
第四：委員會總部設在巴格達。委員會有權任命地區和省級代表。
第五：國家投資委員會應起草一份國家投資全面戰略規劃以確定重點領域，并應根據地區和各省提供的信息制作一張伊拉克投資項目圖。委員會應根據戰略和聯邦投資項目的初步信息制作投資機會清單，并向有意向的投資者公布。
第五條
第一：地區和省可以成立當地的投資委員會。在與國家投資委員會協商后，委員會有權根據本法規定發放投資許可證、進行投資規劃、促進投資、設立各地分支機構，以確保投資活動的合法有序。
第二：地區和省級投資委員會至少應包括七名委員，包括主任和副主任，所有委員應有七年以上工作經驗，持有與委員會職能相稱的大學文憑，不得有犯罪服刑、道德敗壞或破產記錄。第三：在不與本法規定沖突的前提下，地區和省應建立一個該地區和省級投資委員會的成立機制以及在委員會委員未能遵守委員會規章制度時的替換機制。
第四：地區和省級投資委員會應與國家投資委員會協調工作，并就投資規劃和設施與當地政府協調協商。
第五：在不與聯邦投資政策沖突的前提下，地區和省級委員會應起草投資規劃，并根據投資項目的初步信息制作投資機會清單，向有意向的投資者公布。
第六：在不與本法規定沖突的前提下，地區委員會應與該地區行政首長建立聯系，并接受地區理事會的監督。省級委員會應與省長建立聯系，并接受省理事會的監督。
第七：地區和省級委員會董事會應該應董事會主席邀請召開會議，適用絕對多數規則確定開會人數并通過決議和建議，同時根據委員會制定的法規組織相關工作。
第六條
除普通通信方式之外，委員會可以根據內部規定通過地方網絡或英特網采用電子郵件方式與官方機構交流委員會的工作和活動。
第七條
A． 根據委員會提議而通過的法規，如項目資金滿足部長理事會或地區部長理事會規定的最低要求，，委員會應接受該項目的投資許可證申請。
B． 如投資項目價值超過2.5億美元，委員會應在獲得部長理事會批準之后發放許可證。
C． 委員會應在申請提出后45天內就投資許可證申請作出最后決定。
D． 審批投資項目是委員會為實現本法目的而承擔的法定義務。
第八條
委員會擁有獨立年度預算，其收入來自國家總預算撥款。
第九條
委員會應在以下方面努力以促進投資：
第一：樹立投資者對投資環境的信心，確定投資機會，促成相關投資。
第二：簡化登記程序，發放投資項目許可證，跟蹤現有項目進展并在行政程序中向其提供優先地位，建立答復投資者咨詢機制，為投資者和項目獲得所要求的認證。
第三：國家投資委員會、地區和省級委員會應設立一個窗口專門辦理許可證以及根據法律規定所需其他政府部門批準事宜。該窗口工作人員應包括各部委授權代表和地區、省及相關機構提名的成員。
第四：為投資者提供建議、信息及數據，并發放相關手冊。
第五：在伊拉克各地提出并執行促進投資的活動以吸引投資。
第六：協助劃撥土地并出租給在建項目，租金由委員會與相關機構協商確定。
第七：經部長理事會同意后建立安全自由的投資區。
第八：如伊拉克投資者（居住在伊拉克）能在獲得貸款后雇用與貸款數額呈比例的一定數量的待業伊拉克人，在與財政部協商后并在金融機構協助下，向其提供便捷貸款和融資支持，以鼓勵其投資。
第九：其他與工作相關及由部長理事會安排的任務。
第三章 優惠及保障
第十條
投資者，不論國籍，均應享有本法所規定的所有優惠、便利及保障，同時應承擔本法所規定的各項義務。對于不涉及土地投機的住房項目，伊拉克籍和外國投資者有權有償使用土地，金額由投資者和土地所有人根據國家投資委員會規定的條件，經部長理事會批準后確定。委員會應為住房項目所需土地的撥劃提供便利。項目完工后，住房所有權應由伊拉克籍投資者確定。
第十一條
投資者應享有以下權益：
第一：投資者向伊拉克政府和其他機構償清所有稅務和債務之后，根據本法規定和伊拉克中央銀行指示，有權在兌換貨幣后撤出其投入伊拉克的所有資金及收益。
第二：外國投資者有權：
A． 交易在伊拉克股票市場上流通的股票和債券。
B． 以股票和債券的投資組合形式進行投資。
第三：經委員會同意，在投資項目期限內租用項目所需土地。土地租期不得超過50年，具體租期將綜合項目性質及其給國民經濟帶來的利益等因素確定。
第四：自由選擇適格的外國或伊拉克保險公司為投資項目投保。
第五：能自由選擇伊拉克境內外銀行作為許可項目開戶銀行以及開戶貨幣。
第十二條
本法對投資者提供以下保障：
第一：招聘和雇傭工人時應優先考慮伊拉克籍工人。根據委員會頒布的條款，如無法雇傭到滿足所需條件、有能力完成同等任務的伊拉克人，投資者有權雇傭非伊拉克籍工人。
第二：賦予外國投資者及投資項目的非伊拉克籍工人在伊拉克居住的權利，并為他們進出伊拉克國境提供便利。
第三：本法規定所涉及的投資項目不會被全部或部分沒收或國有化，已作出最終法律裁決的除外。
第四：任何項目中非伊拉克籍技術工人及行政人員在向伊拉克政府及所有其他實體償清稅務和債務后，有權根據法律將其收入及補貼轉移至伊拉克境外。
第十三條
對本法的任何修改對本法承認的保障、豁免及權力無追溯力。
第四章 投資者義務
第十四條
投資者應承擔以下義務：
第一：為確定項目及商業活動起始日，固定資產安裝并配備完畢后應立即書面告知國家投資委員會、地區投資委員會或省級投資委員會。
第二：依法保存伊拉克注冊會計師完成的審計記錄。
第三：提供項目經濟技術可行性研究及委員會或其他職能部門要求提交的關于項目預算及執行進展的任何信息、數據或文件。
第四：根據本法規定保存項目免稅進口材料記錄并標明這些材料的折舊期限。
第五：保護環境安全，遵守伊拉克有效質量控制系統及本領域的國際公認規則，遵守安全、健康、公共秩序及伊拉克社會公序良俗。
第六：遵守伊拉克現行法律中關于工資、假期、工作時間、工作環境及其他最低標準的規定。
第七：在項目開工六個月內，按照投資者提交的工作進展計劃匯報項目實際運行情況。國家投資委員會應就超過六個月而未匯報項目運行情況的投資者制定懲罰措施，委員會有權收回許可證。
第八：培訓并安置伊拉克籍員工，提高其工作效率、技能及能力。招聘及雇用應優先考慮伊拉克人。
第五章 豁免
第十五條
第一：根據投資項目性質及經濟發展程度，在部長理事會界定的發展領域內獲得委員會頒發的投資許可證的項目由國家投資委員會提出建議，應享受自商業運作起始日起十年內免征稅收和費用待遇。
第二：部長理事會有權起草法律草案延長或授予本條第一段規定豁免之外的豁免，并可根據活動性質、地理位置、對就業的貢獻、促進經濟發展的作用等因素以及出于國家利益的考慮，給予任何項目、行業或地區相應年限及比例的激勵措施、保障或其他利益。
第三：如伊拉克籍投資者在項目中的股份超過50%，國家投資委員會有權根據伊拉克籍投資者在項目中的股份增加直接成比例地延長稅收和費用豁免年限，最長至十五年。
第十六條
如項目在豁免期限內從一個開發區遷至另一個開發區，并告知委員會搬遷事宜，在該期限剩余時間內，為達到第十五條第一段提及的豁免目的，該項目應獲得遷往的開發區內項目的待遇。
第十七條
獲得投資許可證的項目可享受以下豁免：
第一：在項目獲得投資許可證之日起三年內運入伊拉克的投資項目進口資產免除相關費用。
第二：在告知委員會項目擴建或發展之日起三年內運入伊拉克的項目擴建、發展或更新所需的、可以提高預定生產能力的進口資產免征相關費用。根據本法目的，擴建指增加固定資本資產以期將項目的商品、服務或材料的預定生產能力提高15%以上。根據本法目的，發展指將項目原有機器部分或全部替換為更先進的機器，或在項目現有的設備及設施的基礎上增加新機器及設備或零件以期提高生產效率或提升產品及服務質量。
第三：價值不超過固定資產價值20%、且不會用于除項目之外的其他用途的項目進口零件免除相關費用。
第四：在委員會批準賓館、旅游機構、醫院、衛生機構、康復中心、教育及科學組織項目至少每四年一次進口更新所需的進口物件單及數量之日起三年內運入伊拉克或用于該項目的家具、裝飾材料及必需品免征相關稅收和費用。這些物件不得用于進口目的之外的用途。
第十八條
一旦發現全部或部分免征稅收和費用的固定資產違反本法規定用于出售或項目及授權之外的其他用途，投資者必須支付稅收、費用及法律規定的罰款。
第六章 投資及項目成立許可證發放程序
第十九條
第一：除獲得為享受委員會提供的優惠與豁免的許可證外，投資者還需獲得成立許可證。
第二：委員會應向按照委員會規定的條件提交申請的投資者發放投資或項目成立許可證。投資者提交的申請應包括以下內容：
A． 填寫委員會提供的申請表
B． 適格銀行提供的經濟能力證明
C． 投資者在伊拉克境內外運營的項目
D． 準備投資的項目詳情及經濟可行性
E． 完成項目的時間表
第二十條
第一：委員會必須通過建立一個包括各部委及相關部門授權代表的地區或省級窗口發放許可證。委員會應依法發放項目成立許可證并獲得相關實體的批準。
第二：委員會必須聯系職能部門并了解發證機關的意見以幫助投資者獲得許可證。發證機關必須在被告知之日起15日內作出拒絕、批準或修改申請的決定。如未能及時做出答復，則應視為批準申請。如拒絕申請，發證機關必須說明原因。
第三：如在發放許可證問題上國家投資委員會的決定與除地區投資委員會以外的其他相關實體不一致，則應提交總理解決。
第四：如登記申請被拒絕，申請人可以在收到拒絕決定通知之日起15日內向地區或省級委員會主任提起申訴。委員會主任應在7日內就申訴涉及問題作出決定。申訴人可在深入被駁回之日起15日內將委員會主任駁回申訴的決定上訴至委員會上級機構，該機構決定為最終決定。
第七章 一般條款
第二十一條
本法規定所涉及的項目資本由以下部分組成：
第一：通過金融銀行、公司或任何其他合法渠道進入伊拉克、為實現本法目的而用于投資的現金。
第二：通過進口進入伊拉克的或用轉入伊拉克的現金從當地市場購買的實物資產及無形權利：
A． 與項目有關的實物資產。
B． 項目成立所需的機器、工具、設備、樓房、建筑、交通工具、家具及辦公設備。
C． 無形權利包括專利、注冊商標、商業秘密、工程服務、行政及營銷服務等等。
第三：一個項目的追加資本提高或再投資于適用本法的其他項目而產生的利益、收益及儲備金。
第二十二條
外國投資者應根據伊拉克與該國簽訂的國際協定或伊拉克加入的多邊國際協定享受額外優惠。
第二十三條
如項目所有權在豁免期內改變，只要新的投資者經委員會批準繼續在原專業化領域內發展該項目，則項目就應繼續享受豁免、協助及保障直到豁免期滿，。新投資者應承繼根據本法規定產生的原投資者的權利和義務。
第二十四條
第一：經委員會批準，投資者可以其將享受豁免的固定資產出售或讓與給享有本法規定利益的另一位投資者，只要該投資者將這些資產用于自己的項目。
第二：在告知委員會之后，投資者可以在交納稅收和費用后將享受豁免的固定資產出售給不適用本法的任何人或其他項目。
第三：經委員會批準，投資者可以再出口享受豁免的固定資產。
第二十五條
如兩個或兩個以上公司或企業合并，合并后的新公司必須為合并前的每個項目分別建立帳戶以便在豁免期滿之前登記并申請本法規定的豁免和優惠。
第二十六條
任何根據原適用法律批準的項目應繼續按照原條款享受該法賦予的所有豁免直到豁免期滿。
第二十七條
除非當事人另有協議，或與伊拉克法律專屬管轄的案件或伊拉克法庭管轄權限內的案件相沖突，受本法調整的各方產生的爭議應適用伊拉克法律。
1. 因工作合同而產生的爭議應完全適用伊拉克法律，受伊拉克法院管轄。如工作合同另有規定，非伊拉克籍勞工應得到豁免。
2. 如爭議當事方為非伊拉克籍，并且爭議并非源于犯罪行為，當事方可以對適用的法律、管轄法院等問題協商一致，并根據該協議解決爭議。
3. 如受本法規定影響的項目合伙人之間或項目所有人和項目其他人員之間產生的爭議導致項目停工三個月以上，投資委員會可以撤銷許可證并要求項目所有人在三個月之內解決爭議。如三個月過后仍未解決項目合伙人之間或項目所有人和項目其他人員之間產生的爭議，委員會可采取法律手段清算項目并告知項目所有人或合伙人。清算結余在償清國家債務或其他債務之后應存在一家銀行。
4. 如爭議一方受本法調整，當事方在簽署協定時可就解決爭議的機制達成一致，包括根據伊拉克法律或其他任何國際認可的機構進行仲裁。
5. 委員會或任何政府機構與受本法調整的當事方之間就不違反本法規定的事項產生的爭議應適用伊拉克法律，受伊拉克民事法庭管轄。如在界定當事方關系的合同中包含了仲裁條款，則當事方可根據該條款將商業爭議訴諸仲裁。
第二十八條
如投資者違反本法任何規定，委員會有權對其提出書面警告，要求其在一定期限內停止違法行為。如投資者未能在一定期限內停止違法行為，委員會有權要求投資者或其代表說明其立場并要求其在額外期限內解決問題。如投資者再次違法或未能停止違法行為，在不違反相關法律規定的任何懲罰或其他賠償的情況下，委員會有權撤銷其發放給投資者的許可證，要求項目停工，保留國家從違法之日起撤銷投資者相關豁免及優惠的權利，并允許他方保留對違法導致的損失求償的權利。
第二十九條
本法適用所有投資領域，以下領域除外：
第一：對油氣開采及生產的投資。
第二：對銀行及保險公司行業的投資。
第三十條
部長理事會有權：
第一：為促進本法的實施制定細則。
第二：為界定委員會的組成、部門、任務、工作程序、職能、財務、人事及其他事項制定細則。
第三十一條
為促進部長理事會制定法規的實施，委員會可以根據本法規定出臺指導意見。
第三十二條
本法出臺前啟動的現行項目，包括公私合營及私營部門所有的，經項目管理層申請及委員會批準，適用本法規定，不具有可追溯力。
第三十三條
違反本法規定的任何文書無效。
第三十四條
撤銷駐伊聯軍（已解散的）臨時當局2003第39號令。
第三十五條
由已解散的革命指揮理事會出臺的2002第62號阿拉伯投資法宣告無效。
第三十六條
本法自載于公報之日起生效。
立法理由
通過鼓勵投資、支持在伊拉克成立投資項目并在不同經濟層面擴建并發展項目、為項目提供優惠及豁免，以達到促進經濟和社會發展、引進技術和科學經驗、開發人力資源、為伊拉克人創造就業機會的目的，制定本法。
The Investment Law No (13) of 2006
In the name of the people The Presidency Council Pursuant to what was approved by the Council of Representatives and endorsed by the Presidency Council and based on the provisions of paragraph (First) of Article (61) and paragraph (Third) of Article (73) of the Constitution, the following law is promulgated:
No (13) of 2006
The Investment Law
Chapter One
Definitions
Article 1
The following terms, wherever mentioned in this Law, shall have the following specific
meanings unless the context indicates otherwise:
A. The Council: The Council of Ministers
B. National Commission for Investment: The Commission established in accordance with this law responsible for drawing up the national policy and laying out its guidelines and monitoring the implementation of these guidelines and instructions in investment. It shall specialize in investment projects of a federal nature exclusively.
C. Region's Commission: The investment commission of the region responsible for granting investment licenses in the region.
D. Governorate Commission: The investment commission of the governorate not organized in a region responsible for investment planning and granting investment licenses in the governorate.
E. The Commission: The National Commission for Investment or the Region's Commission or the Governorate Commission as the case.
F. Chairman of the Commission: The Chairman of the National Commission for Investment
G. The Project: The economic activity subject to the provisions of this law.
H. The Assets: The tools, apparatuses, equipments, machineries, requirements, gear, transportation means and office furniture specified for exclusive use in the project, and the furniture, furnishings and the requirements of the hotels, tourist cities, hospitals, schools and colleges
I. The Foreign Investor: Is the investor who does not hold the Iraqi nationality in the case of a real person, and is registered in a foreign country in the case of a juridical or legal person
J. The Iraqi Investor: Is the investor who holds Iraqi Nationality in case of a real person and is registered in Iraq in the case of a juridical or legal person.
K. Taxes and Fees: All types of taxes and fees levied in accordance with the applicable laws.
L. The designed production capacity: Is the production capacity designed within a specific unit of time (hour, unit, day ... etc) in accordance to what is fixed in the documents incoming with the machines of the supplier.
M. Investment Portfolio: A collection of investments in shares and bonds.
N. Investment: Is the investment of capital in any economic or service activity or project that results in a legitimate benefit for the country.
Goals and Means
Article 2
This law aims at the following:
First: To promote investment and transfer modern technologies in order to contribute to the process of developing and enhancing Iraq, and expanding and diversifying its production and service base.
Second: To encourage the Iraqi and foreign private sector to invest in Iraq by providing the required facilities for establishing investment projects and enhancing its competitive capacities in the local and foreign markets for projects included in this law.
Third: To develop human resources based on market demands and provide work opportunities for the Iraqis.
Fourth: To protect the rights and properties of investors.
Fifth: To expand exports and improve the balance of payments and the balance of trade of Iraq.
Article 3
The following means shall be adopted to realize the objectives of this law:
First: To grant projects covered by the provisions of this law the necessary privileges and guarantees for its continuation and development by providing support in a way that enhances the competitive capacities of these projects in the local and foreign markets.
Second: To grant projects that obtained an investment license from the Commission, additional facilities and exemptions from taxes and fees in accordance with the stipulations of this law.
Chapter Two
The National Commission for Investment and the
Investment Commissions in the Regions and Governorates
Article 4
First: A Commission shall be established and called the "The National Commission for Investment". It shall enjoy a juridical personality and shall be represented by the Chairman of the Commission or the person authorized by him. It shall be responsible for drawing up the national policies for investment and drawing up its plans, regulations and guidelines as well as monitoring the implementation of these guidelines and instructions in investment. It shall specialize in strategic investment projects of a federal nature exclusively.
Second: The National Commission for Investment" shall be managed by a Board of Directors comprised of nine members who must be competent and specialized, and hold a college degree that suits the specialty of the Commission. They must not have been sentenced for a felony or misdemeanor of moral turpitude, or have declared their bankruptcy
Third:
A. Upon a request by the Prime Minister, the Council of Ministers shall nominate a Chairman of the Commission at a grade of Minister and a Deputy Chairman at a grade of Deputy-Minister for a period of five years and present them to the Council of Representative for approval.
B. The Prime Minister shall appoint four members for a period of five years at a grade of Director General.
C. The Prime Minister shall select three members from the private sector for five years after their nomination by Chairman of the Commission and specifying their compensations according to the bylaws.
D. At the conclusion of the membership of any member of the Commission referred to in Paragraph (A and B) of this Article in cases not involving dismissal and resignation, the Prime Minister shall assign them to any governmental entity at the same grade. Those mentioned in (A) of this article shall be retired on pension when not assigned to a government position equivalent to their grade.
E. The Council of Representatives may directly dismiss the Chairman of the National Commission for Investment and his Deputy, or upon a request by the Prime Minister for compelling reasons.
F. The Council of Ministers may dismiss or replace any member of the Commission or replace him with others in case he does not adhere to the standards and regulations of the Commission.
G. The Board of Directors of the National Commission for Investment shall meet at the invitation of its Chairman. A bylaw issued by the Commission shall specify the quorum, decision taking, making recommendations and the course of work of the Commission and any other issue.
H. The National Commission for Investment shall be connected to the Prime Minister.
I. The salary scale and entitlements of the Commission's employees shall be determined by a decision of the Prime Minister based on a proposal from the Chairman of the National Commission for Investment.
Fourth: The Commission's headquarters shall be in Baghdad and it may appoint representatives in the regions and governorates.
Fifth: The National Commission for Investment shall draw up an overall national strategic policy for investment identifying the more important of the sectors and shall prepare a map of investment projects in Iraq in the light of the information it receives from the regions and governorates. It shall also prepare lists of investment opportunities in strategic and federal investment projects with initial information about these projects and making it available to those wishing to invest.
Article 5
First: The regions and governorates not organized in a region may form investment commissions in their areas. The latter shall enjoy the powers of granting the investment licenses, investment planning, promoting investment and opening branches in their areas within the provisions of this law in consultation with National Commission for Investment to guarantee the availability of the legal conditions.
Second: the Investment Commissions of the regions and governorates shall be composed of at least seven members including the chairman and the vice chairman of at least seven years of experience and competence and with a university degree appropriate to the specialization of the commission and not convicted in a felony or a misdemeanor involving turpitude or has declare his bankruptcy.
Third: The regions and governorates not organized in a region shall establish a mechanism of forming the investment commission of the region and the governorate and removing the Commission's members in case he/she does not adhere to the standards and charters of the Commission in a way which is not in conflict with the provisions of this law.
Fourth: The Investment Commissions of the regions and governorate shall coordinate their work with the National Commission for Investment, and shall coordinate and consult with local governments regarding investment plans and facilities.
Fifth: The regions and governorates commissions shall draw up their investment plan in a way that does not contradict with the federal investment policy and shall prepare list of the investment opportunities in the areas that are subject thereto, with initial data about these projects and offer it to those wishing to invest.
Sixth: The region's Commission shall be connected to the Prime Minister of the region and is subject to the scrutiny of the region's Council. The governorate commission shall be connected to the Governor and is subject to the scrutiny of the governorate council in way that does not contradict with the provisions of this law.
Seventh: Regions and Governorates Commissions board of directors shall convene upon an invitation from their chairman. The quorum of convening and adopting resolutions and recommendations shall be determined by absolute majority. The conduct of work shall be organized by by-laws issued by the Commission.
Article 6
In addition to ordinary correspondence, the Commission may adopt electronic mail with the official entities connected with the work and activity of the Commission through local networks or the Internet according to guidelines set by the Commission.
Article 7
A. The Commission shall accept investment license requests for projects whose capital is not less than the minimum amount determined by the Council of Ministers or the Council of Ministers of region as the case, by a regulation issued based on a proposal by the Commission.
B. The Commission must obtain the approval of the Council of Ministers before granting the license if the value of the investment project is more than two hundred and fifty million dollars.
C. The Commission shall make its final decision concerning the requests of investment license within a period not exceeding (45) forty five days from the date of filing a request.
D. The decisions of the Commission regarding the approved investments projects shall be obligatory for the purposes of this law.
Article 8
The Commission shall have an independent annual budget whose revenues shall be made up of its allocated amounts in the State General Budget.
Article 9
The Commission shall promote investment by working on the following:
First: Building confidence in the investment environment, identifying investment opportunities, and promoting and stimulating investment in them.
Second: Simplifying the procedures for registration, issuing of investment projects licenses, and following up on existing projects and giving them priority in processing with the official entities. Completing the procedures of answering investor requests and obtaining the required approvals for the investor and the project.
Third: Establishing one window at the National Commission for Investment and the Regions and Governorates Commissions, which includes authorized representatives from the ministries, and members nominated by the Councils of the regions and governorates as the case and the concerned authorities to undertake issuing licenses and obtain the approvals of other authorities in accordance with the law.
Fourth: Providing advice, information, and data to investors and issuing special manuals in this regard.
Fifth: Setting forth and implementing programs to promote investment in different areas of Iraq in order to attract investors.
Sixth: Facilitating the allocation of the needed lands and renting them out for establishing projects for a sum to be determined by the Commission in coordination with the concerned authorities.
Seventh: Establishing secure and free investment areas with the agreement of the Council of Ministers.
Eighth: Encouraging Iraqi investors (residing in Iraq) through providing them with easy loans and financial facilities in coordination with the Ministry of Finance and with the assistance of Banking Institutions, provided that the investor obtaining the loan shall employ a number of unemployed Iraqis proportional with the volume of the loan.
Ninth: Any other tasks related to its work and assigned by the Council of Ministers.
Chapter Three
Privileges and Guarantees
Article 10
The Investor irrespective of his/her nationality shall enjoy all privileges, facilitations and guarantees and shall be subject to the obligations stated in this law. The Iraqi and foreign investor shall have the right for, the purposes of housing projects, the use of the land for a sum to be determined between him and the land owner without land speculation according to conditions set forth by the National Commission for Investment and the approval of the Council of Ministers. The Commission shall facilitate the allocation of the required lands for the housing projects. The housing units shall be allocated for ownership by the Iraqis after the completion of the project.
Article 11
The investor shall enjoy the following benefits:
First: The investor shall have the right to take out the capital he brought into Iraq and its proceeds in accordance with the provisions of this law and pursuant to the instructions of the Central Bank of Iraq in an exchangeable currency after paying all his taxes and debts to the Iraqi Government and all other authorities.
Second: The foreign investor shall have the right to:
A. Exchange shares and bonds listed in the Iraqi Stock Exchange.
B. Form investment portfolios in shares and bonds. Third: Renting or leasing lands needed for the project for the term of the investment project, provided that it does not exceed 50 years renewable with the agreement of the Commission, and provided that the nature of the project and its benefit for the national economy is taken into consideration when determining the period.
Fourth: Insuring the investment project with any foreign or national insurance company it deems suitable.
Fifth: Opening accounts in Iraqi or foreign currency or both at a bank inside or outside Iraq for the licensed project.
Article 12
This law shall guarantee the following for the investor:
First: Priority in recruitment and employment shall be given to Iraqi workers. The right to employ and use non-Iraqi workers in case it is not possible to employ an Iraqi with the required qualifications and capable of performing the same task in accordance with guidelines issued by the Commission.
Second: Granting the foreign investor and non-Iraqis working in the investment projects the right of residency in Iraq and facilitating his/her entry and exit to and from Iraq.
Third: Non-seizure or nationalization of the investment project covered by the provisions of this law in whole or in part, except for projects on which a final judicial judgment was issued.
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 (inserted in handwriting ), 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.
Chapter Five
Exemptions
Article 15
First: The project that has obtained an investment license from the Commission shall enjoy exemption from taxes and fees for a period of (10) ten years as of the date of commencing commercial operations in accordance with the areas of development defined by the Council of Ministers at the suggestion of the National Commission for Investment based on the degree of economic development and the nature of the investment project.
Second: The Council of Ministers shall have the right to propose draft laws to extend or grant exemptions in addition to the exemptions stipulated in paragraph (First) of this Article, or provide incentives, guarantees or other benefits to any project or sector or region and for the years and percentages it deems appropriate in accordance with the nature of the activity, its geographical location and its contribution to manpower employment and its effect on driving the economic development, and for considerations of national interest.
Third: The National Commission for Investment has the right to increase the years of tax and fees exemption in a way directly proportional to the increase in the Iraqi Investor share in the project to reach fifteen years if the Iraqi Investor share in the project was more than 50%.
Article 16
If the project is moved during the granted period of the exemption from a development area to another, the project shall receive, for the purposes of the exemption mentioned in paragraph (First) of Article (15) during the remaining term, the treatment of the projects in the development areas it is moving to, provided that the Commission is informed of such move.
Article 17
The project that obtains an investment license shall also enjoy the following:
First: Assets imported for the purposes of the investment project shall be exempted from fees, provided that their entry to Iraq is made within (3) three years from the date of granting the investment license.
Second: The imported assets required for the expansion, development or modernization of the project shall be exempted from fees in case they led to an increase in the designed capacity, provided they are brought in within three years from the date of notifying the Commission of the expansion or development. Expansion, for the purposes of this law, shall mean adding fixed capital assets aimed at increasing the designed capacity of the project in commodities or services or materials by a percentage exceeding (15%) fifteen percent. Development, for the purposes of 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.
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 obtaining the rest of the licenses for the purpose of enjoying the privileges and exemptions provided by the Commission.
Second: The Commission shall grant the license for investment or project formation based on a request submitted by the investor according to conditions facilitated and prepared by the Commission. The request submitted by the investor shall include the following:
A. Filling a request form prepared by the Commission
B. Financial competency from an accredited bank
C. Projects performed by the investor inside or outside Iraq
D. Details of the project intended to invest in and its economic feasibility.
E. A timetable for completing the project.
Article 20
First: The Commission must issue the establishing license through establishing one window in the region or the governorate not organized in a region that includes authorized representatives of the ministries and relevant bodies. The Commission shall grant project formation license and obtain approvals from the entities in accordance with the law.
Second: The Commission must help the investor to obtain licenses by approaching the competent authorities and exploring the opinions of the entities concerning the issuance of the formation license. These entities must issue the decision to reject, approve or request amendment within 15 days from the date of being notified. The failure to reply from the entity from which the opinion is solicited shall be deemed as an approval and in case of a rejection there must be cause for it.
Third: In case of disagreement between the National Commission for Investment decision and the other relevant entity regarding the granting of the license other than the Region's Commissions, the dispute shall be brought before the Prime Minister for settlement.
Fourth: In case the request for registration is rejected, the requestor may file a complaint to the Chairman of the region or the governorate Commission concerned within (15) fifteen days after receiving notification of the rejection decision. The Chairman of the Commission concerned shall take a decision concerning the complaint in question within a period of seven days. The petitioner may appeal the decision of the Chairman of the Commission concerned rejecting his complaint to the authority to which the Commission concerned is connected to within 15 days from the date the complaint's rejection and its decision is deemed final.
Chapter Seven
General Provisions
Article 21
The project capital subject to the provisions of this law shall be made up of the following: First: Cash transferred to Iraq through financial banks and companies or any other legal means with the aim of investing it for the purposes of this law.
Second: The in-kind assets and incorporeal rights imported to Iraq or purchased
from the local markets by the cash transferred into Iraq:
A. In-kind assets related to the project.
B. The machinery, tools, equipment, buildings, constructions, transportation means, furniture and offices appliances required for establishing the project.
C. The incorporeal rights that include patents, registered trade marks, technical know-how, engineering services, administrative and marketing services and the similar.
Third: Profits, proceeds and reserves resulting from the capital invested in Iraq in the project if the capital of such a project was increased or was invested in another project covered by the provisions of this law.
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.
Article 24
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
Disputes arising between parties who are subject to the provisions of this law shall be subject to the Iraqi law unless otherwise agreed, contrary to the cases that are subject to the provisions of the Iraqi law exclusively or the jurisdiction of Iraqi courts.
1 Disputes arising from the work contract shall exclusively be subject to the provisions of the Iraqi law and the jurisdiction of Iraqi courts. Non-Iraqi laborer shall be exempted if the work contract stipulated otherwise.
2 If parties to a dispute are non-Iraqis and in disputes not arising from a crime, the opponents may agree on the law to be applied, the competent court or any other agreement to resolve their dispute.
3 If a dispute between the partners or between the owner of the project and others in a project subject to the provisions of this law resulted in the stoppage of work for a period exceeding three months, the Investment Commission may withdraw the license and ask the owners of the project to settle the dispute within a period not to exceed three months. If such period elapsed without settling the dispute between the partners or between the owner of the project and others, the commission may take legal measures to liquidate the project and notify the owner of the project or one of the partners of such action. The liquidation money shall be deposited in one of the banks after paying the dues of the State or any other dues after final judgment of their entitlement is rendered.
4 If one of the parties to a dispute is subject to the provisions of this law, they may, at the time of signing the agreement, agree on a mechanism to resolve disputes including arbitration pursuant to the Iraqi law or any other internationally recognized entity.
5 Disputes arising between the Commission or any governmental entity and any of those subject to the provisions of this law on matters not related to violations of one of the provisions of this law shall be subject to Iraqi law and courts on civil matters. As for commercial disputes, parties may resort to arbitration provided that such an arrangement is stipulated in the contract organizing the relationship between parties.
Article 28
In case the investor violates any of the provisions of this law, the Commission shall have the right to warn the investor in writing to remove the violation within a specific period. In case the investor does not remove the violation within the specified period, the Commission shall summon the investor or who represents him to state his position and grant him other respite to settle the issue. Upon repeating or not removing the violation, the Commission shall have the right to withdraw the investor's license it issued and order stoppage of work on the project and retain the State's right to deny the investor the granted exemptions and privileges from the date of the violation and allow others to retain their rights to demand compensation for the damage caused by this violation, without breaching any punishments or other compensations stipulated in the applicable laws.
Article 29
All areas of investments shall be subject to the provisions of this law except:
First: Investment in Oil and Gas extraction and production.
Second: Investment in banks and insurance companies sectors.
Article 30
The Council of Ministers shall have the right to:
First: Issue regulations to facilitate the implementation of the provisions of this law.
Second: Issue bylaws defining the Commission's formations, divisions, tasks, process of its work, its authorities, financial affairs, employee affairs and any others matters.
Article 31
The Committee may issue instructions to facilitate the implementation of regulations issued by the Council of Ministers pursuant to the provisions of this law.
Article 32
The Provisions of this law shall be applied to the existing and operating projects of the mixed and private sectors which have commenced before the issuance of this law and upon a request from its management and the approval of the Commission with no retroactive effect.
Article 33
No text shall be valid which contradicts the provisions of this law.
Article 34
The (dissolved) CPA Order No. 39 of 2003 shall be revoked.
Article 35
The Arab Investment Law no (62) of 2002 issued by the dissolved Revolution Command Council shall be annulled.
Article 36
This Law shall enter into force from the date of its publication in the Official Gazette.
Justifying Reasons
For the purpose of driving the process of economic and social development and bringing technical and scientific experience and developing human resources, and for creating work opportunities for the Iraqis by encouraging investments and supporting the process of establishing investment projects in Iraq and their expansion and development at various economic levels and by granting privileges and exemptions for these projects, this law is legislated.
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