“Investment environment” as a matter of urgency before the House of Representatives on Monday

In its session on Monday morning, the House of Representatives is expected to refer four bills that the government referred to the Council at the end of last week to its competent committees.

The Speaker of the Council, Abdul Karim Al-Daghmi, issued an attachment to the agenda of the first session of the special session, the four draft laws after he was unable to include them in the agenda of his first session last Wednesday due to of the delay in their arrival from the government to the Council.

The annex included the laws of the investment environment, competition, companies and the National Center for Human Rights.

The law regulating the investment environment enjoys the first priority in the work of the current special session, which forced the government to ask the House of Representatives to give it the status of urgency, on which the parliament will discuss the government next Monday voice. request to either approve or reject it, only to treat it like any other law, especially since the companies and competition laws cross each other With the investment environment law, however, the government did not grant them the status of urgency.

The Investment Environment Law includes 52 articles, and Article 49 of the law excluded the Aqaba Special Economic Zone from its provisions, and the Investment Law No. (30) for the year 3014 was cancelled, but it kept the law in force until the regulations, instructions and decisions were amended or replaced in terms of the new law.

The amendments to the law regulating the investment environment came in line with the compelling reasons to improve the competitiveness of the Jordanian economy and its ability to attract and encourage investment by defining the principles on which the general investment policy is based, the determining the rights, privileges and duties of shareholders and treating them with justice, fairness and transparency in accordance with the principle of the rule of law and international standards and practices, and by approving a set of incentives and benefits exemptions select which encourages investment in the Kingdom.

The amendments also aimed to define the tasks and powers of the Ministry of Investment and the Investment Council and to establish a ministerial committee for incentives and exemptions to establish any incentives, benefits or exemptions for economic activities in any region of the Kingdom to approve and to the tasks and powers, and to maintain the legislative stability that regulates investment in accordance with specific provisions and controls.

According to the compelling reasons, the amendment aims to regulate the establishment, supervision and management of development zones and free zones in the Kingdom, determine the benefits and incentives available to the registered enterprise to work in those zones and its non-Jordanian workers work, and determine the provisions for the mechanism for the approval of tax and customs incentives and other financial incentives applicable to those zones. In addition to the development and simplification of procedures that stimulate the practice of business and economic activities, encourage investments, and improve the competitiveness of the economy, in accordance with the government’s policy to organize the investor’s journey in the Kingdom.

Other objectives include the regulation of the registration and licensing of economic activities, the definition of the obligations of the official authorities regarding the requirements of the license, the periods required for granting it, the duration of the validity thereof, and the matters to be taken into account. before any license is withdrawn, canceled or suspended, and to form a committee or effect to consider grievances filed by investors and determine the mechanism for settling disputes in investment contracts. The rules that apply, the applicable law, and the place of arbitration will be in the Kingdom, unless otherwise agreed.

A bill amending the Competition Act included 16 articles, and the amendments came in line with the compelling reasons to ensure the protection and promotion of free and effective competition in the market and its promotion in the Kingdom through the provisions relating stop with the prohibition of practices that promote fair competition, prevent the abuse of the dominant position by any institution, regulate economic concentration activities and intensify Penalties for violators of the provisions of the law.

The amendment aims to control the concept of the dominant institution and identify the factors under which any institution is considered to be in a dominant position, and to give the Directorate of Competition at the Ministry of Industry, Trade and Supply additional tasks and powers to ensure the proper application of the law and the protection of competition in the market, including a request from the competent court to issue an urgent decision to stop any infringing behavior against the provisions of the Competition Act or to to prevent or to institute remedial measures until a final decision is issued by the court in this regard, and to prohibit associations and any of the private sector entities from sponsoring any agreement or arrangement that leads to a breach, restriction or prevention of competition leads.

The reasons for the amendment of a draft law to amend the Companies Act provide for the facilitation and simplification of the procedures related to the practice of corporate business, in a manner that reduces time and saves effort and costs for partners and shareholders in companies, contribute to improving the competitiveness of the business environment in the Kingdom and stimulate the registration of companies and foreign investments therein, and to ensure the stability of related legislation venture capital companies to the registration of these types of companies that contribute to the promotion of economic development and support of emerging, small and medium companies.

The compelling reasons added that the amendment H was to achieve consistency with the legislation related to doing business, including the insolvency and securities laws and the management rules issued by the various supervisory authorities, and to give suspended and ineffective companies the opportunity to remedy their situation. in accordance with the provisions of the law.

A bill amending the National Center for Human Rights Act includes the amendment of only two articles, namely Article 13, which added a new condition for the person appointed as head of the Council that he must not be partisan not be, as well as amendment of Article 16 with the provision that the person appointed as the Commissioner General of the Center must not be partisan.

According to the reasons for amending the law of the National Center for Human Rights, the amendment came to consolidate the principle of impartiality and objectivity and to avoid conflicts of interest and the influence of party and intellectual affiliation on the work of the Chairman of prevent the Council. of Trustees of the National Center for Human Rights and the General Commissioner for Human Rights.

The Council is expected to continue the discussion of a draft law amending the General Sales Tax Act for the year 2021, from Article (3).

The council began the work of its special session last Wednesday by discussing the Child Rights Act, which sparked widespread parliamentary controversy before it was referred to a joint law and women’s committee, before moving on to discuss the general sales tax law.

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