Baghdad today – Baghdad
A spokesman for Prime Minister Saad al-Hadithi said on Wednesday the government measures taken by the government of Abadi to encourage investment and achieve partnership with the private sector, pointing out to seek to activate the economic sectors and solve the housing crisis through partnership with the sector.
(Baghdad Today) published the full statement of the Hadith, as reported by the Information Office:
Government action to encourage investment and partnership with the private sector:
Since its establishment, the government has adopted an ambitious program to achieve partnership with the private sector and to open new doors for investment and encourage investors, whether individuals or companies, to enter the Iraqi investment market and provided in order to achieve this goal many incentives and facilitated the investment requirements to an unprecedented extent starting from the registration procedures and issuing and granting vacations Investment in the adoption of a single window, and has been removed many of the rings that have been hampering government efforts to open promising prospects for investment in various sectors, and to complement this endeavor and to confirm the serious willingness of the government to move forward in this direction and events There was a lot of interest in the Iraqi investment market. This topic was the subject of extensive research, extensive dialogues and numerous meetings conducted by Dr. Haidar Al-Abbadi, Prime Minister in all the meetings he held and the international forums and forums in which he participated with the officials of different countries and with the representatives of international companies specialized and possesses huge investment potentials As well as with
The Government, in order to move the labor market in Iraq and activate the economic cycle, has continuously and urgently sought to do everything that would stimulate investment and stimulate the private sector and encourage investors to enter strongly in the various economic sectors, development and service, aware of the importance of investment in providing the requirements for job creation In addition to activating many sectors of labor, trade and transport, rebuilding the industrial sector, developing the agricultural sector, finding effective solutions to the problem of housing and establishing the projects necessary for economic development. For humanity and the provision of basic services to the citizen and the rehabilitation of infrastructure in the field of energy, transport, education, health and other vital areas associated with the development of the Iraqi economy and provide better services for citizens in addition to the provision within this government’s drive new sources of income to the state budget for the Council of Ministers has approved the sale and rental properties and land system
The National Investment Authority shall coordinate with the Investment Authority in the Region or in the governorates that are not organized in the Region to determine the suitable properties for the implementation of the investment projects and coordinate with the owner of the property with regard to the allocation of real estate for the establishment of investment projects provided that the property allocated to the project to the investor within 30 days from the date of allocation Free of concerns The system provides for the formation of a federal committee composed of the Chairman of the National Investment Commission as president and membership of: the head of the investment authority in the province or the province of irregular territory, the Director General of the General Authority taxes, and Director General of Real Estate Registration Department, and a representative of the owner of the property.
This committee assesses the value of state and public sector properties for major strategic projects and projects of a federal nature.
At the same time, sub-committees in the region and the governorates headed by the head of the investment authority in the province or the province are not organized in a region and membership: representatives of the National Investment Commission, the General Authority taxes, and the real estate registration department, the owner of the property in the province.
These committees assess the value of real estate belonging to the state and the public sector for investment projects in the governorates.
The Federal Commission and the subcommittees have been guided by the estimates of the General Authority of Taxes and the Real Estate Registration Department and the use of the relevant legal legislation to estimate the value of the property, experts and specialists for the purpose of estimating the sale and rent allowances. The owner of the real estate is obliged to pay the estimated sales or rental fees of the aforementioned committees. In case of non-compliance, the National Investment Authority shall present the minutes of appreciation to the Council of Ministers for the issuance of the appropriate resolution.
The owner of the property designated for the investment projects shall also be bound by the legal conduct contract within 30 days from the date of the estimation of the sale, rent or mashatah fees.
The land allocated for housing projects within the basic design with a sale allowance of 10% of the value of real land. In order to stimulate investment in the housing sector and to reduce the wages of housing units in the investment complexes to the maximum extent possible in support of the registrants on these units, the new system included the ownership of the investor and developer of the land designated for housing purposes (outside the basic design) without allowance, provided that the value of the land is not included in the value of the housing unit Sold to the citizen, in order to push towards the establishment of major housing projects contribute to address the problem of housing and provide housing units at prices commensurate with the income level of the vast majority of citizens.
With regard to land allocated to industrial projects, the system stipulated that it would have a sale allowance of 15% of the real value of the land within the basic design and 5% for the land outside the basic design.
On the rent, the system provides for the land required for the implementation of multi-purpose residential projects such as residential complex, recreation or service within the residential cities on a rent or a flat. Of the value of the rental allowance estimated at 10/. of the real value of the land provided that the investor returns land used for public benefit, such as parks, streets and others to the concerned government authorities within 60 days from the date of completion of the project free of charge.
Land allocated for agricultural projects is leased as follows:
1. Reclaimed arable land with a water share with a rental fee of 20./.
2. Non-reclaimed arable land with a water interest of 10%
3. Un-reclaimed arable land with no water quota of 2%
4. Un-reclaimed land that is not suitable for agriculture and does not have a share of 1%
With regard to industrial projects that are set up in the areas designated for the purposes of industrial investment projects, they are leased with a rent or a flat fee of 2%. The same percentage applies to electrical, oil and other projects located outside the municipal boundaries. As for the tourism projects, such as tourist cities, recreation cities, leisure complexes, etc., a 10% rent or a tenancy fee applies to them. In regard to commercial projects such as commercial centers, hotels, etc., they are subject to rent Or 10% for the first fifteen years from the date of commencement of the commercial operation. The percentage after the end of the said period shall be a rental allowance of 3% of the value of the land.
The cost of sale, lease or landline payments shall be transferred to the owner of the land provided that 50% of them are allocated within the budget of the concerned parties to provide the external infrastructure services or public utilities within the project. In order to encourage investors there will be a grace period in payment. From the date of commencement of commercial operation or production of the project, provided that the investor undertakes to complete the project within the period specified in the contract.
In order to expand the investor base of these investment incentives, the provisions of this system will apply to residential investment projects with valid investment licenses prior to the issuance of the second amendment to Investment Law No. 50 of 2015,