Beruflich Dokumente
Kultur Dokumente
Click to edit Master subtitle style Prepared by : Mohamed Salah Mohamed Ezz Ahmed Samy Mohamed Moustafa 4/29/12 Mohamed
Content:
Location & Population Investment Law & Taxation Policy Legal Guarantees Current Situation
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profits allowed. Project income tax exempt for ten years from date production commences or offers of services; no provision for extension of income tax exemption
Employment of foreign workers allowed,
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electricity, sewage, public road, telecommunications, etc.) to the boundary of the project.
Region treats foreign and local investors equally. The foreign investor has the right to invest for himself without a partner or choose a partner as he likes. transfer all his gains to his original country or to any other countries he likes.
in the region and his capital is treated like the national investor's capital. The foreign investor has the right to reduce the entire capital held by any project in the region. completely foreign owned entities including subsidiaries. They may enter into joint venture agreements with domestic investors, acquire an existing investment or open branch offices.
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On January 1 2008 Kurdistan regional government Law 26/2007 came into effect. The law amends the Kurdistan regional governments implementation of Iraqi Income Tax Law 113/1982. The changes in the implementation of the Income Tax Law help to bring the corporate income tax structure of the Kurdistan region more into line with that of federal Iraq and are part of a series of tax 4/29/12 reforms in the region designed to promote
turn institutes a more favorable flat tax rate of 15% on all kinds of compan[y] operating in the Kurdistan [r]egion. This new tax rate, which is in line with that of the rest of the country, will be more enticing to investors and should help to reduce the burdens of investing in both federal Iraq and the Kurdistan region.
tax is currently set at 15% in both federal Iraq and the Kurdistan region, there are still differences between the tax laws of the Kurdistan regional government and the Iraqi federal government. 4/29/12 Furthermore, in the Kurdistan region
Legal Guarantees
his investment project from any foreign or national insurance company that he sees fit, as such all aspects of operations that he carries out will be insured.
An investor may employ local and foreign
staff needed for the project, with the priority 4/29/12 being given to local manpower in accordance
projects are entitled to transfer their dues and wages abroad in accordance with the applicable laws. back their incomes abroad upon completing projects with abiding by applicable laws and regulations regarding taxes and customs.
totally or partially to another foreign investor, or may assign the project to his partner with the approval of the Board. 4/29/12 new investor then replaces the The
his project licensed under this law in national or foreign currency or in both irrespective of whether the bank is located inside or outside the region.
Without prejudice to applicable laws
regarding the boards of directors of jointstock companies, the projects registered under this Law shall be deemed as private sector projects, regardless of the legal form and nature of their shareholder funds.
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confidentiality technical and economic know-how of the project, and may uphold the investment initiatives in accordance with the previous of laws, regulations and directives applicable in the region. Law will punish. information related with the investment initiative and with technical, economic or financial aspects of the project.
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Current Situation
Kurdistan's economy is expanding even faster than Iraq's overall annual growth rate of 7.3%
GDP (purchasing power parity):
$113.4 billion (2010 est.) country comparison to the world: 66 $112.4 billion (2009 est.) $107.9 billion (2008 est.)
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$3,800 (2010 est.) country comparison to the world: 159 $3,900 (2009 est.) $3,800 (2008 est.) note: data are in 2010 US dollars
GDP - composition by sector:
2.4% (2010 est.) country comparison to the world: 77 -2.8% (2009 est.)
Market value of publicly traded shares:
$2.6 billion (31 July 2010) country comparison to the world: 94 $2 billion (31 July 2009) $1.878 billion (31 March 2008)
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The average salary for kurdistan jobs is $52,000. Average kurdistan salaries can vary greatly due to company, location, industry, experience and benefits. This salary was calculated using the average
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National Income
The past years experienced a large growth in
national income rates and average per capita share thereof. As a result, local production was more diversified in favor of the economic sectors. upwards from ID 4,373,887.262 million in 2003 to ID 17,017,138.822 million in 2007, at an increase rate of 289%. 35,665,500 million at current prices at an
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Growth of National Income and Per Capita Share at Current Prices 2003-2008 The increase of national income values during the past years reflected clearly on average per capita share thereof. It rose from ID 976,794 in 2003 to ID 1,728,935 in 2004, at an increase rate of 77%. This increase rate continued as a result of the rising state budget, reaching to about ID 3,372,433 in 2007, and ID 6,858,750 in 2008, at an increase rate of 103.4%, compared to 2007, and 602.2%, compared to 2003. It had a compound growth rate of 42.7% for 2003-2008 at current prices.
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Economic development figures for 2004-2008 reveals that GDP at current prices increased from ID 2,419.6 billion in 2004 to ID 9,947.2 billion in 2007. Later, it rose to ID 24,725.7 billion in 2008 at current prices, at a total increase rate of 1022% and a compound growth rate of 68.9% for 2004-2008, reflecting remarkably on per capita GDP which increased from ID 524,426 in 2004 up to ID 1,976,673 in 2007, and ID 4,754,942 in 2008.
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generation revealed different rates, coupled with sustained growth rates due to the stable local and foreign political and economic circumstances experienced by Kurdistans economy over the past years. Table (4) reveals that sectors' contribution rates in 2007 were as follows: transportation, telecommunications, and storage (57%); social and personal development services (22.7%); wholesale and retail (8%); tourism and 4/29/12 hotels services (7%); GFSY (5.6%);
and storage sector contribution to GDP rose from ID 726.1 billion at current prices in 2004 to ID 5,211.8 billion in 2006, with an increase rate of 617.7%, rising to ID 5,672.2 billion in 2007, with an increase rate of 8.8% from 2006 and 681.2%, from 2004.
353.9 billion in 2004, which rose to ID 514.3 billion in 2006, at an increase rate of 45.3%, followed by another rise of up to ID 560.5 billion in 2007, at an increase rate of 8.98% from 2006, and 58.4% from 2004.
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contribution rose from ID 50.8 billion in 2004 up to ID 97.6 billion in 2006, at an increase rate of 92.1%. It registered further increase of up to ID 108.5 billion in 2007, at an increase rate of 11.2% from 2006, and 113.6% from 2004.
registered a remarkable contribution, reaching ID 46.8 billion in 2004, which rose up again to ID 355 billion in 2006, then to ID 388.6 billion in 2007, with an increase rate of up to 9.5%, compared to 4/29/12 2006, and 730.3% from 2004.
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FCF
FCF refers to the material constituent arising
of machines, equipment, buildings, structures, transportation vehicles, in addition to other stationary elements, involved in the production process.
FCF stages have a strategic importance not
only at the level of long-run economic changes, but also at the short-lived changes and their impact on overall economic activity. 4/29/12
Investment
After 2003, the Region succeeded to attract
both foreign and local (private) investors due to the promising and diverse investment opportunities thanks to the political and security stability achieved through the government's sustainable efforts in this regard, culminating in the enactment of Investment Law No. 4 of 2006. This law marks a substantial change towards enhancement and attraction of foreign and local investments, and creation of new investment opportunities. 4/29/12
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and increasing its contribution to the development processes require activation of BOI activities, particularly in the field of drawing the Region's investment map, and promotion of available annual investment opportunities through media sources, Commissions website, and the governments official website.
with the stakeholders for advertising the existing opportunities and ensuring optimal attraction of foreign and local 4/29/12 investors towards an effective
Consumption Expenditure
government and private consumption expenditure developed during the past years, reaching ID 19.721 trillion at current prices. Private consumption expenditure (real estate ownership) came to ID 14.505 trillion of final consumption expenditure. Private consumption expenditure rate to GDP reached 82% and to imports 18%. On the other hand, government consumption expenditure reached ID 5.216 trillion, accounting for 36% of total final consumption expenditure. No 4/29/12
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Goal-Achievement Indicators
coupled with an 8% GDP increase. fields by 15% annually.
National income increase by 7% in five years, Increased number of licensed businesses in all Heightened competitiveness of the Region's,
aimed to create new economic projects, based on reduced construction costs and minimized project execution time, ensuring that these indicators will be less than the corresponding figures of Iraq by 2012 and of the neighboring countries by 2016. 4/29/12
projects increased to approximately 20% within five years, and maintained. aimed to support the economy at progressive rates within a five-year period.
based economic activities, and related metal industry to over 25% of overall 4/29/12