Iraq
is ruled by the President. A Provisional Constitution was adopted in 1970 which
provides that the Revolutionary Command Council (“RCC”), chaired by the President,
is the highest legislative authority. The National Assembly, established in accordance
with the provisions of the Constitution, is given the authority to approve laws
presented to it by the RCC. The National Assembly can also propose laws for the
approval of the RCC.
A
number of important laws were issued during the Monarchy. While some of these
laws were amended others were replaced by new laws. Therefore, it is advisable
to ascertain the latest legal position on a specific matter. (see
Gulf Law contact)
Main
corporate and commercial laws:
The
Civil Code law No. 40 of 1952 (as amended).
Central Bank Law No. 64 of 1976 (as amended).
Income
Tax law No. 113 of 1982 (as amended).
Transport law No. 80 of 1983.
Commercial law No. 30 of 1984.
Execution of Major Projects law No. 60 of 1985 (as amended).
Labour
law No.71 of 1987.
Encouragement of Arab Investments law No. 46 of 1988.
Commercial
Agencies law No. 46 of 1994.
Companies law No. 21 of 1997.
Free Zones law No. 3 of 1998.
Industrial Investments law No. 20 of 1998.
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