经国民议会通过、总统委员会批准，根据《宪法》第61条第一段及第73条第三段规定，以人民和总统委员会名义，颁布本法。

第一章 定义

第一条

除有特别说明，以下名词在本法中均作如下定义：

A． 理事会：部长理事会

B． 国家投资委员会：该委员会根据本法成立，负责起草国家投资政策指南并监督其执行情况。该委员会只负责联邦投资项目。

C． 地区委员会：地区投资委员会负责发放该地区投资许可证。

D． 省级委员会：省级投资委员会负责制定该省投资规划以及发放该省投资许可证。

E． 委员会：国家投资委员会、地区委员会或省级委员会。

F． 委员会主任：国家投资委员会主任。

G． 项目：适用本法规定的经济行为。

H． 资产：专供项目所使用的工具、器材、器械、机器、必需品、成套设备、交通工具及办公家具以及宾馆、旅游城市、医院、学校、大学的家具、装饰材料和必需品。

I． 外国投资者：非伊拉克籍的个人投资者，或在外国注册的法人。

J． 伊拉克投资者：伊拉克籍的个人投资者，或在伊拉克注册的法人。

K． 税收和费用：根据所适用法律征收的所有税收和费用。

L． 预定生产能力：根据供应商机器中提供的文件设定在特定单位时间内（小时、天等为单位）的生产能力。

M． 投资组合：股票和债券投资总和。

N． 投资：给国家带来合法收益的对经济、服务行为或项目的资本投资。

目标及途径

第二条

本法立法目的包括：

第一：促进投资和现代技术转让以及生产和服务基础的扩大和多元化，为伊拉克发展作贡献。

第二：提供设立投资项目所需设施，增强本法所涉及项目在国内外市场的竞争力，以鼓励国内外私营部门在伊拉克投资。

第三：基于市场需求开发人力资源，为伊拉克人民提供工作机会。

第四：保护投资者的权利和财产。

第五：扩大出口，改善伊拉克收支及贸易平衡状况。

第三条

实现本法目的需采取以下途径：

第一：为适用本法的项目的延续和发展提供必要的优惠及保障，包括提供必要支持以增强这些项目在国内外市场的竞争力。

第二：根据本法规定，为获得委员会发放的投资许可证的项目提供额外的设施和税收、费用豁免。

第二章 国家投资委员会及地区、省级投资委员会

第四条

第一：委员会应称为“国家投资委员会”，享有法人地位，由委员会主任或主任指定人选作为法人代表。委员会负责起草国家投资政策、规划、法规及指南并监督相关指南和规定的执行情况。该委员会只负责联邦战略投资项目。

第二：“国家投资委员会”由九名董事组成的董事会管理。董事需称职、专业，并持有与委员会职能相关的大学毕业文凭。董事不得有犯罪服刑、道德败坏或破产记录。

第三：

A． 应总理要求，部长理事会应提名一名部长级委员会主任、一名副部级副主任，任期五年，提名上呈国民议会批准。

B． 总理应任命四名司局级委员会委员，任期五年。

C． 总理应从委员会主任提名中挑选来自私营部门的三位委员会委员，任期五年，并根据相关法律确定其薪酬。

D． 本条第A、B段涉及的委员会成员任期结束，开除或辞职除外，总理应指派他们担任同级别的其它政府职位。第A段提到的成员若未担任同级别的其它政府职位，则享受退休养老金。

E． 国民议会可以直接解雇国家投资委员会主任及副主任，或应总理要求并有充分理由这样做。

F． 如委员会任何委员违反了委员会规章制度，部长理事会有权直接将其解雇、调离或任命他人取代。

G． 国家投资委员会董事会应该应董事会主席邀请召开会议。委员会应颁布法规规定委员会的法定人数、决策建议、工作流程及其它任何相关事项。

H． 国家投资委员会应与总理建立联系。

I． 委员会职工工资和福利水平由总理根据国家投资委员会主任的建议决定。

第四：委员会总部设在巴格达。委员会有权任命地区和省级代表。

第五：国家投资委员会应起草一份国家投资全面战略规划以确定重点领域，并应根据地区和各省提供的信息制作一张伊拉克投资项目图。委员会应根据战略和联邦投资项目的初步信息制作投资机会清单，并向有意向的投资者公布。

第五条

第一：地区和省可以成立当地的投资委员会。在与国家投资委员会协商后，委员会有权根据本法规定发放投资许可证、进行投资规划、促进投资、设立各地分支机构，以确保投资活动的合法有序。

第二：地区和省级投资委员会至少应包括七名委员，包括主任和副主任，所有委员应有七年以上工作经验，持有与委员会职能相称的大学文凭，不得有犯罪服刑、道德败坏或破产记录。第三：在不与本法规定冲突的前提下，地区和省应建立一个该地区和省级投资委员会的成立机制以及在委员会委员未能遵守委员会规章制度时的替换机制。

第四：地区和省级投资委员会应与国家投资委员会协调工作，并就投资规划和设施与当地政府协调协商。

第五：在不与联邦投资政策冲突的前提下，地区和省级委员会应起草投资规划，并根据投资项目的初步信息制作投资机会清单，向有意向的投资者公布。

第六：在不与本法规定冲突的前提下，地区委员会应与该地区行政首长建立联系，并接受地区理事会的监督。省级委员会应与省长建立联系，并接受省理事会的监督。

第七：地区和省级委员会董事会应该应董事会主席邀请召开会议，适用绝对多数规则确定开会人数并通过决议和建议，同时根据委员会制定的法规组织相关工作。

第六条

除普通通信方式之外，委员会可以根据内部规定通过地方网络或英特网采用电子邮件方式与官方机构交流委员会的工作和活动。

第七条

A． 根据委员会提议而通过的法规，如项目资金满足部长理事会或地区部长理事会规定的最低要求，，委员会应接受该项目的投资许可证申请。

B． 如投资项目价值超过2.5亿美元，委员会应在获得部长理事会批准之后发放许可证。

C． 委员会应在申请提出后45天内就投资许可证申请作出最后决定。

D． 审批投资项目是委员会为实现本法目的而承担的法定义务。

第八条

委员会拥有独立年度预算，其收入来自国家总预算拨款。

第九条

委员会应在以下方面努力以促进投资：

第一：树立投资者对投资环境的信心，确定投资机会，促成相关投资。

第二：简化登记程序，发放投资项目许可证，跟踪现有项目进展并在行政程序中向其提供优先地位，建立答复投资者咨询机制，为投资者和项目获得所要求的认证。

第三：国家投资委员会、地区和省级委员会应设立一个窗口专门办理许可证以及根据法律规定所需其他政府部门批准事宜。该窗口工作人员应包括各部委授权代表和地区、省及相关机构提名的成员。

第四：为投资者提供建议、信息及数据，并发放相关手册。

第五：在伊拉克各地提出并执行促进投资的活动以吸引投资。

第六：协助划拨土地并出租给在建项目，租金由委员会与相关机构协商确定。

第七：经部长理事会同意后建立安全自由的投资区。

第八：如伊拉克投资者（居住在伊拉克）能在获得贷款后雇用与贷款数额呈比例的一定数量的待业伊拉克人，在与财政部协商后并在金融机构协助下，向其提供便捷贷款和融资支持，以鼓励其投资。

第九：其他与工作相关及由部长理事会安排的任务。

第三章 优惠及保障

第十条

投资者，不论国籍，均应享有本法所规定的所有优惠、便利及保障，同时应承担本法所规定的各项义务。对于不涉及土地投机的住房项目，伊拉克籍和外国投资者有权有偿使用土地，金额由投资者和土地所有人根据国家投资委员会规定的条件，经部长理事会批准后确定。委员会应为住房项目所需土地的拨划提供便利。项目完工后，住房所有权应由伊拉克籍投资者确定。

第十一条

投资者应享有以下权益：

第一：投资者向伊拉克政府和其他机构偿清所有税务和债务之后，根据本法规定和伊拉克中央银行指示，有权在兑换货币后撤出其投入伊拉克的所有资金及收益。

第二：外国投资者有权：

A． 交易在伊拉克股票市场上流通的股票和债券。

B． 以股票和债券的投资组合形式进行投资。

第三：经委员会同意，在投资项目期限内租用项目所需土地。土地租期不得超过50年，具体租期将综合项目性质及其给国民经济带来的利益等因素确定。

第四：自由选择适格的外国或伊拉克保险公司为投资项目投保。

第五：能自由选择伊拉克境内外银行作为许可项目开户银行以及开户货币。

第十二条

本法对投资者提供以下保障：

第一：招聘和雇佣工人时应优先考虑伊拉克籍工人。根据委员会颁布的条款，如无法雇佣到满足所需条件、有能力完成同等任务的伊拉克人，投资者有权雇佣非伊拉克籍工人。

第二：赋予外国投资者及投资项目的非伊拉克籍工人在伊拉克居住的权利，并为他们进出伊拉克国境提供便利。

第三：本法规定所涉及的投资项目不会被全部或部分没收或国有化，已作出最终法律裁决的除外。

第四：任何项目中非伊拉克籍技术工人及行政人员在向伊拉克政府及所有其他实体偿清税务和债务后，有权根据法律将其收入及补贴转移至伊拉克境外。

第十三条

对本法的任何修改对本法承认的保障、豁免及权力无追溯力。

第四章 投资者义务

第十四条

投资者应承担以下义务：

第一：为确定项目及商业活动起始日，固定资产安装并配备完毕后应立即书面告知国家投资委员会、地区投资委员会或省级投资委员会。

第二：依法保存伊拉克注册会计师完成的审计记录。

第三：提供项目经济技术可行性研究及委员会或其他职能部门要求提交的关于项目预算及执行进展的任何信息、数据或文件。

第四：根据本法规定保存项目免税进口材料记录并标明这些材料的折旧期限。

第五：保护环境安全，遵守伊拉克有效质量控制系统及本领域的国际公认规则，遵守安全、健康、公共秩序及伊拉克社会公序良俗。

第六：遵守伊拉克现行法律中关于工资、假期、工作时间、工作环境及其他最低标准的规定。

第七：在项目开工六个月内，按照投资者提交的工作进展计划汇报项目实际运行情况。国家投资委员会应就超过六个月而未汇报项目运行情况的投资者制定惩罚措施，委员会有权收回许可证。

第八：培训并安置伊拉克籍员工，提高其工作效率、技能及能力。招聘及雇用应优先考虑伊拉克人。

第五章 豁免

第十五条

第一：根据投资项目性质及经济发展程度，在部长理事会界定的发展领域内获得委员会颁发的投资许可证的项目由国家投资委员会提出建议，应享受自商业运作起始日起十年内免征税收和费用待遇。

第二：部长理事会有权起草法律草案延长或授予本条第一段规定豁免之外的豁免，并可根据活动性质、地理位置、对就业的贡献、促进经济发展的作用等因素以及出于国家利益的考虑，给予任何项目、行业或地区相应年限及比例的激励措施、保障或其他利益。

第三：如伊拉克籍投资者在项目中的股份超过50%，国家投资委员会有权根据伊拉克籍投资者在项目中的股份增加直接成比例地延长税收和费用豁免年限，最长至十五年。

第十六条

如项目在豁免期限内从一个开发区迁至另一个开发区，并告知委员会搬迁事宜，在该期限剩余时间内，为达到第十五条第一段提及的豁免目的，该项目应获得迁往的开发区内项目的待遇。

第十七条

获得投资许可证的项目可享受以下豁免：

第一：在项目获得投资许可证之日起三年内运入伊拉克的投资项目进口资产免除相关费用。

第二：在告知委员会项目扩建或发展之日起三年内运入伊拉克的项目扩建、发展或更新所需的、可以提高预定生产能力的进口资产免征相关费用。根据本法目的，扩建指增加固定资本资产以期将项目的商品、服务或材料的预定生产能力提高15%以上。根据本法目的，发展指将项目原有机器部分或全部替换为更先进的机器，或在项目现有的设备及设施的基础上增加新机器及设备或零件以期提高生产效率或提升产品及服务质量。

第三：价值不超过固定资产价值20%、且不会用于除项目之外的其他用途的项目进口零件免除相关费用。

第四：在委员会批准宾馆、旅游机构、医院、卫生机构、康复中心、教育及科学组织项目至少每四年一次进口更新所需的进口物件单及数量之日起三年内运入伊拉克或用于该项目的家具、装饰材料及必需品免征相关税收和费用。这些物件不得用于进口目的之外的用途。

第十八条

一旦发现全部或部分免征税收和费用的固定资产违反本法规定用于出售或项目及授权之外的其他用途，投资者必须支付税收、费用及法律规定的罚款。

第六章 投资及项目成立许可证发放程序

第十九条

第一：除获得为享受委员会提供的优惠与豁免的许可证外，投资者还需获得成立许可证。

第二：委员会应向按照委员会规定的条件提交申请的投资者发放投资或项目成立许可证。投资者提交的申请应包括以下内容：

A． 填写委员会提供的申请表

B． 适格银行提供的经济能力证明

C． 投资者在伊拉克境内外运营的项目

D． 准备投资的项目详情及经济可行性

E． 完成项目的时间表

第二十条

第一：委员会必须通过建立一个包括各部委及相关部门授权代表的地区或省级窗口发放许可证。委员会应依法发放项目成立许可证并获得相关实体的批准。

第二：委员会必须联系职能部门并了解发证机关的意见以帮助投资者获得许可证。发证机关必须在被告知之日起15日内作出拒绝、批准或修改申请的决定。如未能及时做出答复，则应视为批准申请。如拒绝申请，发证机关必须说明原因。

第三：如在发放许可证问题上国家投资委员会的决定与除地区投资委员会以外的其他相关实体不一致，则应提交总理解决。

第四：如登记申请被拒绝，申请人可以在收到拒绝决定通知之日起15日内向地区或省级委员会主任提起申诉。委员会主任应在7日内就申诉涉及问题作出决定。申诉人可在深入被驳回之日起15日内将委员会主任驳回申诉的决定上诉至委员会上级机构，该机构决定为最终决定。

第七章 一般条款

第二十一条

本法规定所涉及的项目资本由以下部分组成：

第一：通过金融银行、公司或任何其他合法渠道进入伊拉克、为实现本法目的而用于投资的现金。

第二：通过进口进入伊拉克的或用转入伊拉克的现金从当地市场购买的实物资产及无形权利：

A． 与项目有关的实物资产。

B． 项目成立所需的机器、工具、设备、楼房、建筑、交通工具、家具及办公设备。

C． 无形权利包括专利、注册商标、商业秘密、工程服务、行政及营销服务等等。

第三：一个项目的追加资本提高或再投资于适用本法的其他项目而产生的利益、收益及储备金。

第二十二条

外国投资者应根据伊拉克与该国签订的国际协定或伊拉克加入的多边国际协定享受额外优惠。

第二十三条

如项目所有权在豁免期内改变，只要新的投资者经委员会批准继续在原专业化领域内发展该项目，则项目就应继续享受豁免、协助及保障直到豁免期满，。新投资者应承继根据本法规定产生的原投资者的权利和义务。

第二十四条

第一：经委员会批准，投资者可以其将享受豁免的固定资产出售或让与给享有本法规定利益的另一位投资者，只要该投资者将这些资产用于自己的项目。

第二：在告知委员会之后，投资者可以在交纳税收和费用后将享受豁免的固定资产出售给不适用本法的任何人或其他项目。

第三：经委员会批准，投资者可以再出口享受豁免的固定资产。

第二十五条

如两个或两个以上公司或企业合并，合并后的新公司必须为合并前的每个项目分别建立帐户以便在豁免期满之前登记并申请本法规定的豁免和优惠。

第二十六条

任何根据原适用法律批准的项目应继续按照原条款享受该法赋予的所有豁免直到豁免期满。

第二十七条

除非当事人另有协议，或与伊拉克法律专属管辖的案件或伊拉克法庭管辖权限内的案件相冲突，受本法调整的各方产生的争议应适用伊拉克法律。

1. 因工作合同而产生的争议应完全适用伊拉克法律，受伊拉克法院管辖。如工作合同另有规定，非伊拉克籍劳工应得到豁免。

2. 如争议当事方为非伊拉克籍，并且争议并非源于犯罪行为，当事方可以对适用的法律、管辖法院等问题协商一致，并根据该协议解决争议。

3. 如受本法规定影响的项目合伙人之间或项目所有人和项目其他人员之间产生的争议导致项目停工三个月以上，投资委员会可以撤销许可证并要求项目所有人在三个月之内解决争议。如三个月过后仍未解决项目合伙人之间或项目所有人和项目其他人员之间产生的争议，委员会可采取法律手段清算项目并告知项目所有人或合伙人。清算结余在偿清国家债务或其他债务之后应存在一家银行。

4. 如争议一方受本法调整，当事方在签署协定时可就解决争议的机制达成一致，包括根据伊拉克法律或其他任何国际认可的机构进行仲裁。

5. 委员会或任何政府机构与受本法调整的当事方之间就不违反本法规定的事项产生的争议应适用伊拉克法律，受伊拉克民事法庭管辖。如在界定当事方关系的合同中包含了仲裁条款，则当事方可根据该条款将商业争议诉诸仲裁。

第二十八条

如投资者违反本法任何规定，委员会有权对其提出书面警告，要求其在一定期限内停止违法行为。如投资者未能在一定期限内停止违法行为，委员会有权要求投资者或其代表说明其立场并要求其在额外期限内解决问题。如投资者再次违法或未能停止违法行为，在不违反相关法律规定的任何惩罚或其他赔偿的情况下，委员会有权撤销其发放给投资者的许可证，要求项目停工，保留国家从违法之日起撤销投资者相关豁免及优惠的权利，并允许他方保留对违法导致的损失求偿的权利。

第二十九条

本法适用所有投资领域，以下领域除外：

第一：对油气开采及生产的投资。

第二：对银行及保险公司行业的投资。

第三十条

部长理事会有权：

第一：为促进本法的实施制定细则。

第二：为界定委员会的组成、部门、任务、工作程序、职能、财务、人事及其他事项制定细则。

第三十一条

为促进部长理事会制定法规的实施，委员会可以根据本法规定出台指导意见。

第三十二条

本法出台前启动的现行项目，包括公私合营及私营部门所有的，经项目管理层申请及委员会批准，适用本法规定，不具有可追溯力。

第三十三条

违反本法规定的任何文书无效。

第三十四条

撤销驻伊联军（已解散的）临时当局2003第39号令。

第三十五条

由已解散的革命指挥理事会出台的2002第62号阿拉伯投资法宣告无效。

第三十六条

本法自载于公报之日起生效。

立法理由

通过鼓励投资、支持在伊拉克成立投资项目并在不同经济层面扩建并发展项目、为项目提供优惠及豁免，以达到促进经济和社会发展、引进技术和科学经验、开发人力资源、为伊拉克人创造就业机会的目的，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.