MoCI clarifies law regulating Investment of non-Qatari Capital in Economic Activity Jan 09, 2019 0 1824 12345 Tribune News NetworkDohaThe Amir HH Sheikh Tamim bin Hamad al Thani, has issued Law No 1 of 2019 regulating the investment of non-Qatari Capital. The Ministry of Commerce and Industry (MoCI) on Tuesday highlighted the main provisions of the law, which aim at promoting economic development, attracting foreign investment in all economic and commercial activities, attracting 100 percent of foreign capital inflows, accomplishing economic diversification in line with the Qatar National Vision 2030, facilitating foreign investors’ access to the market and bolstering the country’s confidence and investment security index.Investment incentivesThe ministry noted that the law provided several investment incentives for non-Qatari investors, including:☛ The allocation of land to a non-Qatari investor to establish his investment project through rent or usufruct in accordance with the legislation in force in this regard.☛ A non-Qatari investor may import necessary equipment to establish, operate and expand his project in accordance with legislations in force in this regard.☛ Non-Qatari investment projects may be exempted from income tax in accordance with the procedures and regulations stipulated in the Income Tax Law.☛ Non-Qatari investment projects shall be exempted from customs duties on imports of machinery and equipment necessary for their establishment. Non-Qatari investment projects in the industrial sector shall be exempted from customs duties on imports of raw materials and semi manufactured goods that are required for production but are unavailable in local markets.☛ The Council of Ministers may, on the proposal of the minister, grant investment project incentives and benefits in addition to the incentives provided for in this law.☛ Non-Qatari investments, shall not be directly or indirectly, subject to expropriation or other similar actions, unless such actions are undertaken for the public good and in a non-discriminatory manner in exchange for a fair and appropriate compensation in accordance with the same procedures that apply to Qataris.☛ A non-Qatari investor is free to transfer his investments from and to Qatar without delay. These transfers include the proceeds from the sale or liquidation of all or some of his investments, the proceeds of the settlement of investment disputes, and any compensation due to a non-Qatari investor.☛ A non-Qatari investor may transfer the ownership of his investment to any other investor or relinquish it in favor of his national partner in case of a joint venture in accordance with legislations in force. The investment shall continue to be treated in accordance with the provisions of the law provided that the new investor continues to operate the project and assumes the previous investor’s rights and obligations.☛ With the exception of labor disputes, a non-Qatari investor may agree on settling disputes with third parties through arbitration or any other means of dispute settlement.The ministry noted that article 25 of Law No (1) of 2019 on regulating the Investment of non-Qatari Capital in Economic Activity states that the provisions of this law do not apply to companies and individuals that the state tasks with the extraction, exploitation or management of natural resources through a concession or special agreement, except to the extent where it is not contrary to the provisions of the concession or special agreement. The provisions of the law shall not apply to companies that the government establishes or in which the government and other public institutions and companies contributes at least 51 percent of the capital or less, in partnership with non-Qatari investors provided that the Council of Ministers agrees, in accordance with the provisions of the Commercial Companies Law.The provisions of the law shall also not apply to companies and individuals licenced by Qatar Petroleum to carry out petroleum operations or to invest in the oil and gas sector or petrochemical industries. Pages 123 RELATED ARTICLES Qatar firms ‘well-guarded against cyberattacks’ Jan 09, 2019 0 607 Boeing delivers record 806 aircraft in 2018 Jan 09, 2019 0 252 Amazon now world’s most valuable firm Jan 09, 2019 0 259 New law to safeguard local products from harmful global trade practices Tribune News Network Doha The law on supporting the competitiveness of national products and combating harmful practices to them in international trade is aimed at enhancing the position of the Qatari products in .. Indian refiners pay for Iranian oil in rupees: UCO Bank executive Reuters NEW DELHI India has begun paying Iran for oil in rupees, a senior bank official said on Tuesday, the first such payments since the United States imposed new sanctions against Tehran in November. Washington gave a ..