President al-Assad issues Law No. (2) that includes amendments to some provisions of Investment Law No. (18)

In a statement to Al_ameed_press, Director General of the Syrian Investment Agency in a statement about Law No. (2) of 2023, which includes amendments to some provisions of Investment Law No. (18)

Within the framework of unifying references, the Investment Agency is the only station for the investor.

🔴 Today, President Bashar Al-Assad issued Law No. (2) of 2023, which includes amendments to some provisions of Investment Law No. (18) of 2021, with the aim of finding an appropriate mechanism to avoid institutional restrictions, simplify investment procedures in the field of real estate development, and focus on defining responsibilities and roles between the various regulatory structures concerned with investment, in order to benefit from the exemptions, advantages and facilities granted by Law No. (18).
🔷 In a special statement to Al_Ameed- Press about the amendment of Law 18, the Director General of the Investment Agency, Madian Ali Diab, confirmed that the new amendment would stimulate investment in the real estate development and transportation sector on the one hand and regulate the mechanism for investors to obtain approvals and licenses on the other hand, in order to institutionalize procedural processes, Within an integrated and comprehensive national vision for all development sectors in Syria
🔷 And Diab believes that the amendment of Investment Law No. 18 of 2021 by adding two new sectors, real estate development and transportation, came to achieve national economic goals, the most important of which are:
• 🟢_ Unifying laws, legislative and executive, with one law for investment in Syria.
• 🟢_ Unifying the investment references in Syria and restricting them to the Investment Agency being the only reference for the local and foreign investor, which is charged with following up on its affairs, starting from the emergence of the project until the end of its life span.
• 🟢_ Restructuring the Agency as an institutional entity supervising investment by introducing amendments to the internal system of the Agency and representing its board of directors to carry out all the necessary tasks to simplify the investor’s access to approvals and licenses in the real estate development and transportation sectors within the new vision of Law 18 in this field in terms of procedural simplification, deadlines and low costs .
🟢 _ Allocating and granting real estate development projects that have an investment license under Law 18 with attractive new customs and tax incentives
⭐ Such as exempting imports of building materials and equipment that are not available locally and service means of transport from customs and financial duties and other fees and non-customs additions, provided that they do not exceed:
• ⭐ 50% of the value of investment costs for priority projects
• 40% for projects with social dimensions.
• ⭐30% of the areas special services.
• ⭐ Allowing the temporary admission of its needs of machinery, equipment and vehicles necessary for the implementation of the project.
• 🟢_ Exempting imported modes of transport, mass transport projects and goods .. from customs, financial and other fees and all non-customs additions.
🔷 The Director General of the Agency indicated that the amendment to the investment law was worked on a few months ago to be compatible with the economic situation in Syria and to serve the stage of real estate development and construction in the next stage, and help stimulate this sector, assuring that it has good future results.
🔷 It is worth noting that Investment Law No. (18) created a unified umbrella for investment in Syria, and dealt with the state of dispersion that was in previous laws and unified its reference in a unified law, especially after the transportation sector was damaged as a result of the terrorist war on Syria, which calls for benefiting from the advantages and facilities of Investment Law No. ( 18).