Why invest in Wasit ?
Wasit is one of the Provinces that attract investment through the availability of opportunities and the support of the local government for investors, as this is evident through all the information that investors learn when visiting Wasit Investment Commission.
• Excellent geographical location.
• A distinguished international border trade center in Badra District, east of the Province.
• The fertility of its lands, in addition to the Tigris River, which runs through the province from north to south.
• Availability of raw materials that are used in various industries in the Province, such as the cement industry.
• Availability of skilled workers.
• The presence of professional and competent staff in the Investment Commission.
Privileges and Guarantees
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. Dealing in Iraq Stock Exchange with shares and bonds that are dealt in it, and acquiring membership of private stock and mixed companies, even when there are properties within the assets of said companies. B. Form investment portfolios in shares and bonds. C. The Foreign Investor can open a branch for his Foreign Company in Iraq in accordance with the Law. D. Register the Patent of his investment project in accordance with the Law. Third: Insuring the investment project with any foreign or national insurance company it deems suitable. Fourth: Opening accounts in Iraqi or foreign currency or both at a bank inside or outside Iraq for the licensed project.
This law shall guarantee the following for the investor: First: 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. 10 Third: A- Lack of expropriation or Nationalization of the investment project except as becoming a final judicial decision. B- Lack of expropriation of the investment project, but to the public interest in whole or in part and in a fair compensation. 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.
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
The investor shall observe the following: First: To notify the National Commission for Investment, 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. 11 Chapter Five Exemptions.
First A- The project that has obtained 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 operation for each stage of creation of the investment project, this does not include exemption from customs duties taking into account items (First and Second) of Article(17) of the Law. B- Exempt housing investment project of sorting fees and Real Estate registration fees, including fee of repossession housing units for citizens ( Judicial fees ). 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%.
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.
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 taxes and custom duties, but to be brought into Iraq through establishment stages of the project, and before starting commercial operation of each stage in accordance with basic design of the project, and the length of time for its implementation. 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 12 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. Fifth A: Exemption of imported raw materials for purposes of commercial operation of the project from taxes and customs duties that involve in manufacturing materials of ration card items, medicine, and construction (except the raw materials available and produced in Iraq) provided they are environmentally friendly. B- Except what is mentioned in paragraph (A) of this item, exempt raw material imported for purposes of commercial operation of the project from taxes and custom duties according to proportions of contribution of local materials in manufacturing the product, and determined with standards laid down by the National Investment Commission in coordination with sectored competent authorities.
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.