النظام القانوني للاستثمار في العراق

Abstract

We have addressed in this research the nature of the legal system that rules the investment in Iraq and stated different relevant legal texts which is a new topic due to the great conversions occurred on the State methodology from the intervening system to the free system with what this system includes of competition freedom in investment and openness on the World Market by the State hoping to encourage the investment and getting capitals and technique required for work path in various public projects. The Iraqi legislator enhanced by the investment act No. 13 in 2006 and the system issued according to it the foreign and national investor’s center evenly, through giving the facilities required for getting investment licenses and the acquittal from paying registration fees and taxes of various types and from doing the ground rental processes for long periods, but rather giving the right of possessing real-states to the foreign investing companies if the investment were in housing domain. The research also dealt with the procedures concerning giving investment licenses and methods of objection administratively and judicially. The judicial objection is practiced with giving or canceling licenses in Iraq on two degrees, the first before the administrative judicial court and the second before the higher federal court as being a cassation court for the decisions issued by the administrative judicial court. Moreover, the aforementioned investment law has given a right for the foreign investors to choose the application of another law other than the Iraqi law and to hold claims before foreign courts other than Iraqi courts, including resorting to the world commercial arbitration. We have stated that the Iraqi law lacks developed world commercial arbitration and suggested the issuance of a law specified for arbitration taking into consideration the development reality in the world trade. We also suggested laying more detailed mechanisms for investment, especially in the field of building, constructions and housing. For example, considering what the individuals pay of monthly or yearly installments as rental payment as a price for the house value at the end of the period according to what is known as “credit-bail”.