New Contract Signed for Free Zone in Baghdad

By John Lee.

TheĀ General Commission for Iraqi Free Zones (IFZ) has signed a contract to establish a special zone for commercial activities in accordance with the Free Zones law number 3 of 1998, reports to Aswat al-Iraq.

IFZ director Saleh Saleh al-Qeissi [Sabah Saleh al-Qaisi] said:

"The IFZ signed an investment contract with the Eaamar [Emaar?] construction company to set up a free zone to allow commercial activities in Awerej region, in southern Baghdad ... The contract is the first of its kind in Iraq."

The Free Zones law No.3, 1998, allows industrial, commercial, and service project investment in special zones designated "Free Zones". Goods imported and exported from Free Zones are exempt from all taxes and fees, except when imported through customs. All capital invested, as well as interest and income generated, by projects established in Free Zones are exempt from taxes and fees throughout the lifetime of the project, including construction and start up phases. To apply for approval to begin a project in a Free Zone, investors must submit a request and pay a $100 USD fee to the Free Zones Board.

(Sources: Aswat al-Iraq, Shafaaq, NIC)

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