Decree-Law No. (22) for the year 2002 On investment

Decree-Law No. (22) for the year 2002
On investment

Name of the people:
President of the Republic:
- Having reviewed the Constitution of the Republic of Yemen
- After approval of the Council of Representatives.
- We have issued the following law:
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Part I: Preliminary Provisions
Article (1): This law aims to encourage and organize investment capital of Yemen, Arab and foreign subject to the provisions of this law in the framework of the general policy of the state and the goals and priorities of the national plan for economic and social development and not inconsistent with the provisions of Islamic law and in all sectors except the following: -
1. Exploration and extraction of oil, gas and minerals that are governed by special agreements.
2. Manufacture of weapons and explosive materials.
3. Industries that lead to damage to the environment and health.
4. Work of banks and the banks.
5. Money trade, import, wholesale and retail.
Article (2): For the purposes of applying the provisions of this law, the terms and phrases contained in this Act shall have the meanings assigned to them unless the context requires another meaning of the text.
1. Republic: The Republic of Yemen
2. Government: The Government of the Republic of Yemen.
3. Minister: The Minister in charge.
4. Body: General Authority for Investment established under this law.
5. Board of Directors: Board of Directors of the Authority.
6. Chairman of the Board: Chairman of the Board.
7. The executive branch: the executive organ of the body.
8. Chairman of the Commission: Chairman of the executive organ of the body.
9. Director General: Director General of the Commission.
10. The competent authority: the competent governmental authority or the competent official of the sector in which it operates or will be established in which the project or for any affairs related to the project.
11. Regulations: Regulations issued by the Council of Ministers, include provisions, instructions and procedural rules necessary to implement this law.
12. Project: any activity whatever its legal form included in the aspects of investment in accordance with Article (1) and licensed in accordance with the rules and procedures provided for in this Law and decisions issued in implementation thereof.
13. Registration: Registration of the establishment or expansion or development or modification project at the Commission, including issuing lists of needs-free and other certificates issued by the Commission or modified.
14. Investor: Any natural or legal person Yemeni or Arab or foreign investment or want to have a project or participate in it in accordance with the provisions of this law.
15. Investment company: the company that created by the investor or investors for a project or investment projects.
16. Fixed Assets: machinery and appliances, equipment, supplies and spare parts required for a project or expansion or development, including buses, designed specifically for the transport and tourist vessels prepared for transport or for fishing, furniture and furnishings of hotels and hospitals, whether imported or manufactured or purchased locally.
17. Invested capital: money invested in the intended application of this law, the estimated value of the local or foreign money invested in the project and shall be determined as follows:
First, foreign capital:
A. Free foreign exchange for investment in the creation or expansion of projects or development, as well as bonds convertible to work free and transferred to the Republic of the person or people, Arabs or foreigners for investment in a project.
B. Fixed assets received from abroad for investment in the project.
C. Moral rights of Arab or foreign such as licenses, patents, trade marks invested in the project and registered in the Republic or that protect and according to international or bilateral agreement to which the Republic is a party.
D. Profits and investment gains of foreign funds in the Republic and transferred to the capital by investing in the project.
E. Investment cost of the land and buildings of the project.
Second, local capital:
A. Local currency paid Riyals the Yemeni a Yemeni natural person or legal entity owned by its majority of Yemenis.
B. Moral rights and domestic assets provided for use in the establishment of the project or expansion or development.
C. Profits and gains earned by investment of local funds within the Republic transferred to the capital by investing in the project.
D. Calendar will be money invested in (b, c) of the first and (b) of the second according to the rules and procedures prescribed by the Regulations.
18. Service fees: Fees charged for a service or benefit as port fees or storage and the like.
19. Expansion: Add new fixed assets to the project lead to increased energies production of goods and services both for the manufacture of what the project items imported or to produce goods or provide new services, provided that this will be added within the licensed activity of the project done in accordance with the rules and procedures set forth in the law and the decisions of the implementation thereof.
20. Development: replacement or replacement of fixed assets in the project Ahlala whole or in part with new ones or sophisticated or an update on the fixed assets list to add new assets or parts thereof in order to raise operating efficiency and improve or develop the type of goods or services performed by having produced or provided, as the case.
21. Production requirements: All materials needed to run the project, such as raw materials and intermediate materials and spare parts and maintenance requirements appropriate to the nature of the project activity.
22. Technology transfer: a. License, transfer, sale and use of patents, expertise, trademarks and other intangible rights.
B. Provide expertise and technical know-how or other engineering services, whatever the shape or the like.
C. Administrative services, marketing and the like.
23. A. Authorized Capital: total capital to be agreed upon in the founding statute of the company and they are authorized to establish the company on this basis.
B. Paid-up capital: is the part of the capital that is actually paid at any time during the life of the company.
C. Capital Source: is the part of the capital, which is actually a view to issuing a public offering or private, whether paid or the time of subscription were fulfilled on-year limited.
24. Law: the law of this investment.
25. Day: day official work.
26. Cadre system: System Authority recruitment of a decision of the President of the Council of Ministers upon the President of the Authority after the approval of the Board of Directors.
Article (3): a. The provisions of this law to all projects licensed in accordance with its provisions.
B. The capital of Yemen, Arab or foreign that are unique or participate in any investment project in accordance with the provisions of Article (1) of this Act.
Part II: the guarantees and privileges granted to projects
Article (4): The State shall guarantee to investors of Yemeni, Arab and foreign investment in the freedom of investment projects in accordance with the provisions of this law.
Article (5): even the head of the Arab and foreign capital, and Arab and foreign investors with the financial head of the Yemeni and Yemeni investors without discrimination with regard to the rights and obligations, rules and procedures set forth in this Law, decisions and regulations issued in implementation thereof.
Article (6): the projects that are registered in accordance with the provisions of this law, whatever the legal form of private sector projects, whatever the legal nature of the funds contribute.
Article (7): You have the projects and investment companies, Arab and foreign investors the right to buy or lease land or buildings owned by the private sector or the state to be used for the purposes of that record with the project in accordance with this law, and must record all of the rights and actions that respond to the land and buildings in accordance with the rules identified executive regulations of this law.
Article (8): It is permissible for industrial projects, agricultural shops to open on its own or in collaboration with other projects to sell their products to be limited to acts of these stores to market their products, regardless of the nationality of capital contribution in the capital of these projects or management.
Article (9): give preference in government procurement and public institutions, the products of agricultural and industrial projects for local imports within the limits of the corresponding increase (15%) in the price of local product quality provided compatibility with imported products.
Article (10): Investors have the right to manage their projects according to their appreciation of the economic conditions and the conditions of their work.
Article (11): does not impose any burdens or obligations of a financial or non-financial that offend the principle of equality between the public sector enterprises and the private sector and mixed sector and cooperative sector operating in the same field and the institution in accordance with this Law or any other law.
Article (12): All Products Projects shall be exempted from compulsory pricing and determine profit condition of a project or enter into monopolistic practices and not try to prove that prices are explicitly or implicitly in agreement with the producers or sellers of other products or services are similar.
Article (13): a. Projects may not be nationalized or seized.
B. May not be attached to the projects or funds frozen or impounded other than by the judiciary.
C. 1 - may not be the expropriation of projects and fixed assets of its buildings, its territories or all or some only of the public interest and in accordance with the law and a final court judgment and against fair compensation based on the estimated market value for the project when the judgment.
2 - payment must not be delayed for three months from the date of the judgment Baht.
3 - In case of delay in payment beyond this period, the investor may request a review of the amount of compensation at time and place.
4 - coincides with the execution of the judgment to meet the price set forth in the judgment.
5 - If the money invested into the procedure in the previous paragraphs allows foreign money transfer abroad the amount of compensation to freely apply to it nor any measures or regulations relating to the organization or prevent the transfer of funds outside of Yemen.
D. Subject to the provisions of Article (71) of this Act, shall not cancel the registration of any project under this Act has been or withdraw any right or exemption granted pursuant to, except by judicial judgment.
Article (14): Without prejudice to the right project in the enjoyment in any facility cash issued by the competent authorities in this regard does not commit the government to provide foreign exchange for the implementation of the project or to cover his dealings authorized by the foreign currency or the financing of accounts in foreign currency, and the project right of access to foreign exchange necessary to him at any time from the balance of his account in foreign currency.
Article (15): 1 - right to the foreign investor transfer his assets or net profits from investments or any other revenue accrued to the outside in any convertible currency.
2 - The foreign investor the right to re-convert his capital abroad upon the liquidation of the project or disposed of in a manner consistent with the procedures provided for in Article (19) of the Act, and in the case of disposal new owner shall replace the old owner in terms of rights and duties in accordance with the provisions of this the law.
Article (16): Projects to import stand-alone or through others what you need to set up or expansion or development or operation of fixed assets and means of transportation and production requirements appropriate to the nature of its activities and the Authority is the competent authority approval of the project needs from imports-free and customs officials the release of those imports-free after their arrival upon presentation of the lists of the needs of the project without the need for any papers or other measures.
Article (17): a. On projects recruit and train the largest possible number of Yemenis to offer the project plan to bring to the cadre of Yemen instead of staff of foreign within a period commensurate with the nature of each project and the project that employs a non-Yemeni According to the lists of needs, and has the right to obtain work permits and residence visa for these workers for (3) years will be renewed based on the recommendation of the executive regulations shall explain everything related to the announcement of the job and the issuance of work permits, residence and renewal for foreigners, procedures and deadlines to be observed in this regard as well as the renewal fees and fines for the delay and cases of exemption for them.
B. Freedom of projects in employment, disciplinary and termination of temporary employees at the discretion of management of the project subject to the employment contract and stipulated in the labor law and pay all the rights provided for in favor of the worker.
Part III: customs and tax exemptions for projects

Chapter I: customs and tax exemptions
Article (18): a. Exempted fixed assets imported to establish or expand or develop the project from all customs duties and taxes of any kind, except service charges specified in Article (2) Paragraph (18) of the Act provided that are imported within the period specified in the lists of the needs of the project.
B. Sufficient to provide the needs of the project lists issued by the Authority for imported fixed assets exempted and production requirements exemption at the customs port without the need for approval or decision of any other party.
C. May not be refused the exemption provided for in paragraph (a) or restricted in any of the following cases: -
1 - If the value of the exempted fixed assets reaching the port less than a value specified in the certificate lists the needs of the project.
2 - if it does not exceed the total value of the exempted assets for more than (10%) from the value and the port (CIF) specified in the registration certificate denominated in foreign currency.
3 - If the delay in the arrival date is less than six months after the date specified.
4 - If there are minor differences in the type or class shown in the lists of needs of the project in accordance with the regulations and standards identified in the Regulations.
D. In the event of differences in the value or the dates or varieties and species exceed the limits specified in paragraph (c) of this Article, or in case of need for the project to the new fixed assets, holds the authority to issue lists the revised lists of project needs and requirements or be changed in accordance with what it deems appropriate in light of the justifications provided, which satisfied them.
E. Shall not exceed the value of spare parts and maintenance requirements that exempt in accordance with paragraph (a) (10%) of the total value of imported fixed assets to be determined exempt during the exemption period is allowed.
And. The Commission shall take into account the preference of local production upon the determination of exemption of imported fixed assets if domestic production meets the requirements of the project in terms of specifications and prices.
G. Exempt supplies of animal production, agricultural and fish from customs duties and taxes for a project that activity as exempt supplies for the production of other projects (50%) of all customs duties for these activities by the project including the existing projects and licensed and registered.
H. Required to exempt furniture, furnishings and supplies hotels and education projects, as well as furniture and furnishings hospitals that are imported for the purpose of substitution that have been passed on to benefit projects of furniture, furnishings and supplies earlier in accordance with the provisions of the law at least five years in accordance with the conditions and principles and criteria specified in the Regulations.
Article (19): a. The lists of projects and the needs of customs and tax exemptions provided for in Articles (16-18 - 19) of this Act relating to projects registered by the Authority.
B. May not be disposed fixed assets imported exempt from customs duties and taxes in accordance with Article (18) without the project or the investor:
1 - notice the required disposition of the body may not refuse to act unless it is inconsistent with the regulations in force, is the lack of response within (30) days of receipt of notification of approval.
2 - the performance of all customs duties and taxes when selling all fixed assets exempted by the scheduled time of sale, according to book value.
C. If confirmed, the Commission presented the project to circumstances beyond his blocked its activity, or were the cause Petkbdeh burden Authority may on the complaint of stakeholders to exempt the part which it deems appropriate customs duties and taxes on fixed assets and may be exempt the project from its performance college in case of disposal to another project has the right to enjoy the same exempt assets.
D. On projects that maintain formal accounting records identifying the location and use of imported goods in favor of the project in accordance with the provisions of this law.
E. For the right to inspect the project sites and records during the opening hours to verify that the use of goods and assets exempted or dispose of them have been in accordance with the purposes assigned to them and set by the Board and Executive Regulations shall determine all the rules and provisions concerning procedures for the inspection.
Article (20): a. Without prejudice to any tax breaks better planned or decided in any other law, all projects enjoy tax exemptions and in the following manner:
1 - Projects shall be exempted from taxes on profits for seven years and shall be exempt expansion of investment projects issued by the Authority under this Act of a tax profits for seven years and begins calculating these periods from the date of the start of production or activity of these projects, as the case and the Authority shall be the competent authority for determining date of commencement of production or activity and the Council of Ministers upon the submission of the Board of Directors of the Authority to specify projects or specific areas will be entitled to exemption set forth above for periods ranging from (7) to (10) years and, as he sees the Council in accordance with the requirements of the public interest and made the board for this purpose periodic lists of projects that are subject to the provisions of this item.
2 - Projects shall be exempted from property tax.
3 - exempt from fee contract documentation establishing projects, and all contracts associated with the project until implementation is complete, the Commission shall specify what is considered one of the contracts associated with the project and the date of implementation is complete.
4 - Projects shall be exempted for five years from the date of the start of production or activity, as the case of all taxes and fees under the provisions of Article (64) of the Act on the proceeds from licensing the use of imported technology that is used in the project.
5 - exempt interest on loans granted by local and foreign banks operating in Yemen to finance projects to establish or expand or develop by 50% of the taxes imposed on it.
B. Exempt profits distributed by the projects that arise in accordance with this law from the tax on income.
C. The taxation authorities concerned shall implement the exemptions mentioned above once you submit a certificate of tax exemption for the project.
Article (21): 1 - increase the exemption period provided for in paragraph (a) clause (1) of the preceding article for two additional years for each case realized in the project of the following cases: -
A. If the project was held in the investment zone (b) referred to in Article (22) of this Law, or was held in this area at least (50%) of the total components of the project.
B. If the project is a joint stock company owned by a ratio of not less than the IPO by the citizens of Yemeni (25%) of the paid-up capital.
C. If the proportion of the local component of fixed assets (25%) of the total value of fixed assets for the project and the Authority shall be the competent authority to increase this percentage in all cases must not exceed the total period of the exemption granted in accordance with the provisions of this article for sixteen years from the date of the start of production or activity in the project.
2 - If the damage to project losses in the years of exempting him from tax the profits or in any other years, including the download and rotate the losses accumulated during that year or years in which it occurred and no later than three years from the first year following the year the exemption provided that approval of a tax of a Chartered Accountant supported on the accounts in those years.
3 - In addition to the provisions of Article (20) and the previous paragraphs and the provisions of this Article shall be granted when projects extend the same tax breaks for the same duration by the value of capital added to the expansion to the total capital project registered with the Commission.
Article (22): a. In order to benefit from increasing the exemption provided for in paragraph (a) of the preceding article Republic shall be divided into two investment zones (a, b) according to the criteria specified by the Council of Ministers in each of them defines the limits of each decision of the Council of Ministers and Council of Ministers may amend those limits every five years, according to the needs and requirements of development in them.
B. Of the Council of Ministers upon the proposal of the Board of Directors may exempt a sector, or more or any part of any investment zone, and apply to this sector or any part of the exemptions granted in the region or any other sector therein.
Article (23): projects for the enjoyment of tax exemptions provided for in Article (20), paragraph (a) clause (1) and Article (21) of the Act must be met by the projects the following conditions: -
1 - not less than the value of fixed assets where except for construction projects and agricultural projects or small projects that at least the number of workers where about ten people than fifty million riyals or its equivalent in foreign currency freely convertible is not included in the calculation of this value of capital invested in land, buildings, and the body is the competent authority for determining this value.
2 - not less than the number of units of residential housing projects than fifty housing units specifications and conditions prescribed by and approved by the Ministry of Public Works and Urban Development and must be reserved for ownership or lease to others.
3 - not least the level of property on the level of a three-star rating by the competent authority.
Chapter Two: Encourage local production and export development
Article (24): In order to encourage domestic production to be on the Customs Tariff Commission on the proposal from the Commission to impose or increase import duties on finished goods competing with domestic production, which depends on the production of local materials that take into account the following:
1 - Consumer interest in the specification of these commodities, particularly in terms of quality and price.
2 - only entail the creation of any form of monopoly or control over those goods encouraging.
Article (25): a. Except for service charges should not be less than the minimum fees and taxes imposed on goods imported for the final total fees and taxes on production inputs and local production in the different stages in respect of similar items produced locally.
B. If there is any excess of the total fees referred to in the preceding paragraph gives the project a reduction in the total duties and taxes mentioned by the increase and that under a certificate of reduction issued by the Commission for the project in accordance with the conditions and procedures prescribed by the Regulations, and include a certificate of reduction of the amount of reduction granted and production requirements beneficiary.
C. Reduction is sufficient to provide a certificate granted by the Authority for the project in the Customs and Excise to obtain the reduction, as the case without the need for any approval or other action.
D. Increase or decrease when the end result of adjustments in the tariff schedule or succession down the reduction granted to the project the same amount of increase or decrease in the end its end as the case based on a decision issued by the Commission.
Article (26): any existing project exported to abroad in whole or in part of the production entitled to the following:
1 - Exemption from all duties and taxes of any kind imposed on exports.
2 - Exemption from taxes on production and consumption, or any other taxes levied on goods and services exported to the outside of production projects registered by the Authority in accordance with law.
3 - exemption from the tax due on profits from export earnings, after the expiration of the exemption period established for the project, provided foreign currency to be converted the Republic through an accredited bank.
4 - recovery of all customs duties and taxes of any kind paid on imported inputs used in the source of production and in the case can not be recovery in cash Authority shall issue in favor of the project certificate retrieval within the limits of the amount due to him and the project has the right to use for the performance of customs duties and taxes which shall be due on imports of future The use of a certificate retrieval in this case in the rule of Bids and implementing regulations shall determine the procedures and deadlines and rules to be observed for the recovery of customs duties and taxes due and the issuance of certificates of retrieval and use in accordance with the provisions of this article.
5 - Export on its own or mediation without a license and without the need for registration in the register of exporters.
Part IV: The General Authority for Investment
Article (27): a. Public body shall be established to invest its legal personality and financial independence track the Prime Minister.
B. Heaping the headquarters of the city of Sanaa and have branches in places specified by the Prime Minister in the Republic shall exercise the terms of reference the Commission as specified in the decision to establish each of them in the light of rules and principles prescribed by the Regulations may also have an office outside the Republic shall be established by decision of the Chairman of the Board on the proposal of the President of the Board and the approval of the Board of Directors.
C. The Authority shall have an executive body composed of staff technicians and administrators appointed in accordance with the terms and conditions stipulated in the recruitment policy of the Commission.
D. Shall be appointed Chairman of the Commission and its Director General Decree.
E. Arise in the Commission offices are:
1 - Ministry of Industry and Trade.
2 - Ministry of Public Works and Urban Development.
3 - Ministry of Public Health.
4 - Ministry of Social Affairs and Labor.
5 - the Passport.
6 - Customs Department.
7 - the IRS.
8 - General Authority for Tourism.
And other competent authorities designated by the Council of Ministers set up offices in the Authority and its subsidiaries and are to this office the authority direct to issue all permits and approvals required from these authorities for the purpose of establishing or operating projects under the provisions of this law and keep track of these offices, an administrative body as subject to the direction and supervision directly and in accordance with as specified by the Rules of Procedure of the Commission in this regard.
Article (28): a. The Commission shall implement the provisions of this Act and in order to include the following:
1 - receiving applications for registration submitted by the investors or projects and recorded in accordance with the rules and procedures and conditions specified under the provisions of this law.
2 - to issue lists of exempted project requirement to establish, expand and develop projects or play, and the rights and privileges and exemptions granted in accordance with the provisions of this law.
3 - obtained from the competent authorities on behalf of the owners of projects that all approvals required for the establishment and operation of projects.
4 - help projects with the relevant authorities to overcome the barriers and obstacles to the implementation and operation.
5 - the allocation of land for the projects and the conclusion of contracts on behalf of the competent authorities and abide by these entities Bmovah the Authority with all maps and data on the lands at their disposal for this purpose and the conditions and rules in the contract will
6 - The study of laws, regulations and decisions related to investment in the Republic and study as well as regional and international conventions relating to the affairs of the investment and make appropriate proposals in respect thereof.
7 - conduct assessments for projects stalled in coordination with the competent authorities of the relationship and make appropriate proposals for the treatment of that encountered obstacles and hurdles.
8 - to do research on investment and the problems and obstacles that stand in the way encouraged or directed effectively to the service of development and make appropriate proposals in respect thereof.
9 - Identify investment opportunities and viable projects available for investment in the Republic and the promotion of the center of potential investors within and outside the Republic.
10 - to prepare and publish lists of investment opportunities and projects that claim to viable private capital of Yemen, Arab and foreign investment in accordance with the provisions of this law.
11 - collection and dissemination of data and information needed to identify the investors, the investment climate in the Republic and to facilitate stakeholders get what they need from the studies and data and information they need to set up their projects on request.
12 - Registration of the invested capital given in units of the currency in which the Lord if it is contained in cash and kind shares calendar and review the calendar of invested capital at the disposal of the filter or when to re-export or transfer abroad.
13 - approve the transfer of net profits and re-transfer of capital abroad, after examining the documents on the status of the project Financial and in particular to spare reserves and allowances provided for by laws and technical assets and adopted accounting and payment of taxes after the expiry of the exemption provided for in this law.
14 - do the other duties and tasks assigned to the Authority on matters relating to investment or project transactions and related issues.
B. The Commission may raise claims on its behalf and that all claims Ttraf raised against it both in terms of their work and duties regarding the implementation of the provisions of this law.
C. Authority of the Commission in the possession of any property movable or immovable and dispose of according to the law as well as the acquisition of contracts and transactions necessary to carry out its duties.
D. The Authority shall have the authority to buy or lease land with a view to the establishment of zones and industrial parks or areas of investment that arise in accordance with the provisions of this law, and may after approval of the Council of Ministers upon the President of the Authority reservation and acquisition of land as it deems necessary to achieve this end, according to the law of expropriation for the public benefit and meet compensate the owners just compensation at the rate of time and place the re-titling or leasing the land for the projects and investors who wish to, according to the bases and conditions approved by the Board of Directors, taking into account that the prices and rents and extended ownership or lease encouraging.
E. May be a decision of the Chairman of the Commission at the request of stakeholders to contribute to the body of all or a portion of the expenses of studies and research on exploring investment opportunities and feasibility of projects or the situations and investment issues in the Republic which it deems Chairman of interest to facilitate the work of the Authority and to achieve its purpose in implementation of policy determined by the Board of Directors in this regard.
Article (29): The Commission shall have the Board of Directors is as follows:
1. Prime Minister and President.
2. Deputy Prime Minister and Vice-President.
3. Secretary of State member.
4. Minister of Industry and Commerce members.
5. Minister of Petroleum and Minerals members.
6. Minister of Planning and Development members.
7. Minister of Finance members.
8. Governor of Central Bank of Yemen member.
9. Chairman of the Commission members.
10. Minister or Deputy Minister of the competent authority to be
Has the right to attend meetings and vote when considering
In the subjects that fall in the sector, which oversees
Be a member of that body.
11 - Chairman of the Federation of Chambers of Commerce and Industry members.
12 - Director General of the Commission decision.
Article (30): The Board of Directors the highest authority overseeing the affairs of the Authority and the conduct of its affairs and policy-making that go out and has to take decisions as it deems necessary to achieve the purposes for which they were created in addition to the functions and powers provided for in this law, the council shall, in particular the following:
1. Development of policies relating to the functions of the Board as part of the general policy of the state.
2. Approval of plans and programs of activity of the Commission in the framework of the general plan of the State.
3. Working to develop activity of the Commission on the basis of modern technical and administrative, including the criteria and methods of evaluating projects, rules and in accordance with the provisions of this law and to cope with the various developments that affect the reality of the national economy and public policy requirements of the state.
4. Consider the periodic reports provided by the Chairman of the Commission on the progress of work in the body and the situations and issues related to climate and investment issues in the Republic and take the necessary action when necessary.
5. Consider the financial position of the Authority and to approve the draft annual budget and final accounts.
6. Approval of the contract loans and credit facilities provided to the Authority to ensure the government or banks and financial institutions specialized in accordance with the rules and regulations and that limited its purpose in the financing activities undertaken by the body within its terms of reference provided for under the provisions of Article (28).
7. Tasks that are based on him by the government in matters relating to investment.
8. Consider matters presented by the President of the Council relating to investment issues and within the jurisdiction of the Commission to take the necessary decisions when necessary.
9. Determine the fees for the services provided by the Authority for the projects and investors.
Article (31): a. The executive organ of the body to the implementation of policies and decisions of the Board of Directors and conduct all acts and functions of the body referred to in Article (28) also exercised all the powers vested in the Authority under the provisions of this law, except those retained by the School Board of Directors that takes into account that all the rules, procedures and provisions set forth in the This law, regulations and decisions issued in implementation thereof.
B. Personnel of the Authority who require their nature carry out judicial capacity of judicial police and a decision is nominated by the Minister of Justice on the President of the Authority.
Article (32): a. The Board shall meet at least once every three months at the invitation of President of the Council or his deputy in his absence and went to call the council members before the deadline by three days at least and may in case of emergency non-compliance with this term may also be that the Council shall meet at the request of third of the members if necessary, and be true meeting of the Council in the presence of a majority of its members and shall take its decisions by a majority of members present, and in the case of a tie vote, the casting from which the Chair and the Executive Regulations shall determine the law of the internal rules and procedures of the operation of the Council of Administration.
B. The Council may be formed from among its members one or more committees entrusted with some of its powers or to perform some tasks that fall within its scope.
Article (33): The head of the supervision of the implementation of the policy formulated by the Board of Directors and shall, in particular the following tasks: -
A - Supervise the management of the Authority, control and develop a system where work to ensure the achievement of its goals.
B - preparation, preparation for meetings of the Board of Directors and monitor the implementation of Council resolutions.
C - the appointment of staff in accordance with the provisions of the Law and the Authority recruitment.
D - the formation of internal committees to do certain tasks to help achieve the goals of the Commission.
E - Supervise the preparation of draft plans and programs concerning the activity of the Commission and submitted to the Council.
And - represent the Commission before the courts and in relations with third parties.
G - Supervise the preparation of the draft budget for the Authority and its final account.
H - Supervision of the offices inside and outside the Republic.
I - the exercise of all other powers vested in him under the provisions of this Act or delegated by the Chairman of the Board of Directors.
Article (34): a. The Director General Vice-President of the Board and are responsible for it in his absence.
B. Director General shall be responsible before the President of the Authority for the management of the executive organ of the Authority and the conduct of its affairs and implement the directives of the President of the Board and in accordance with policies approved by the Board of Directors and shall exercise the following functions:
1. Supervision of the departments and sections and units and coordinate their work.
2. The conduct of the administrative work, technically and financially, and developing a work out in order to achieve its purpose.
3. Contract on behalf of the Authority within the limits laid down by the Rules of Procedure of the Commission or within the limits of his authority, or authorizes its Board of Directors or the President of the Commission.
4. Assist the President in the implementation of the resolutions of the Board of Directors.
5. Exercise all the powers conferred upon him by the President of the Board or Board of Directors or the President of the Commission.
6. Prepare periodic reports on the activity and the level of performance and the submission of proposals for development.
7. Preparation of draft plans and programs relating to Authority activities and submit to the President of the Commission.
Article (35): a. The Authority shall have an independent annual budget is implemented according to the rules set by the Bylaws of the body without being bound by the provisions on balance sheets of institutions and public bodies.
B. The Commission's funds from public funds may not be owned by the statute of limitations by third parties and is disposed of as determined in accordance with the Rules of Procedure of the Commission.
Article (36): The resources of the body from the following sources: -
A - revenue received for services provided or fees charged by the Authority in the context of its activity in accordance with the conditions and limitations set forth under the provisions of this law.
B - Loans and Credit Facilities Award legally held by the Authority pursuant to the procedures and conditions stipulated in Article (30 paragraph 6) of this law.
C - Grants and donations approved by the Board.
D - the appropriations allocated by the State in the general budget of the Authority.
Article (37): issued Rules of Procedure of the decision of the Prime Minister and includes identifying the administrative divisions of the Authority and terms of reference for each of them, as well as all matters pertaining to budget, accounts and exchange, employment and other provisions necessary to implement the provisions of this law.
Part V: procedures for business registration and exemption
Article (38): a. Shall not establish any investment project or expansion or development in accordance with the provisions of this law, but after scoring in the body at the written request submitted to it according to the form prepared for this purpose in the body.
The Authority shall decide on the application within (15) days from the date of submission of the application complete with all documents and data required and the Authority may extend this period to no more than (10) additional days in the case of applications relating to the establishment of large projects.
B. The relevant competent bodies to issue its approval or rejection, or request amendment within a period not exceeding (15) days from the assignment of the application to it by the Commission and the Commission may decide on the registration applications submitted to it without returning to the competent authority or the need for approval in any of the cases identified in the Regulations.
C. The lack of response during the dates referred to in paragraphs (a, b) the previous approval and in case of rejection, the decision must be substantiated and the person concerned may appeal in accordance with the provisions of Title VII of the Act.
D. The Executive Regulations application form and the papers and documents required to be submitted for decision in accordance with the provisions of this Article.
Article (39): 1 - The tax exemptions provided for in Article (20), paragraph (a) Items (1 - 2-4) and (21) of this law according to the following procedures: -
A. Notify the Authority upon completion of installation of fixed assets in the project and the date of commencement of production or activity in which, before any of the products put on the market or provide services to the public, as the case.
B. Submit a request to the exemption and all the required proof of entitlement to project it in accordance with the provisions of this law within (90) days of commencement of production or activity in the project.
C. The Commission may examine the project and its assets and records to verify the availability of the necessary conditions for the exemption requested.
D. The Authority shall issue a certificate of tax exemption granted to the project through (60) days of receipt of the required documents.
2 - The taxation authorities concerned shall implement the exemption promptly upon presentation of the certificate mentioned in paragraph (1 - d) of this Article.
3 - Implementing Regulations shall determine the exemption application form and supporting documents issued by the Authority in this regard.
Article (40): It is permissible expansion or development of any project, according to the following procedures:
A. May be provided in the application for registration of the draft submitted to the Commission on the implementation of the project in phases, provided that the request includes all the required data for that, in this case may provide a certificate of registration at all stages of the project required.
B. In the event of any expansion or development in the project must be registered in the Commission in accordance with the procedures and rules for applications for the registration of the project.
C. Have the expansion and development projects, guarantees, rights and exemptions specified in the provisions of this law.
Article (41): a. Arises in the special register of investment projects subject to the provisions of this Law and restrict where all the data and basic information on the projects registered and its amendments and implementing regulations shall determine the procedures and fees for registration, modification, deletion and access by stakeholders on the extracts from those data or published.
B.