Mar 01 2009 |
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Yemen to adopt new investment law
The head of the General Investment Authority (GIA) , Salah al-Attar, revealed on Sunday a number of amendments to Yemen's investment law. These include customs exemptions, a reduction in income taxes imposed on companies from 35% to 15%- 20%, and the modification of the General Investment Authority 's Board of Directors, to now consist of 50% public sector employees, and 50% from the private sector.In a press statement, Al-Attar clarified that changes to the existing legislations in the investment law come in response to changes in the investment environment.
"In a short time, the investment draft law will be sent to the ministerial committee responsible for revising investment laws, then to the cabinet and then to parliament," he said
He added that the engagement of the private sector with the authority's Board of Directors represents the implantation of the President's election platform to seek greater private sector participation in the country's affairs.
Al-Attar denied that allowing foreigners to purchase land will affect national sovereignty, as this is safeguarded by the country's political leadership, adding "we are at present in the age of globalization, and the engagement of the Yemeni economy with others is necessary, and our laws should reflect this open partnership."
Al-Attar renewed the call for the establishment of a stock-market in Yemen, to attract foreign investment. "The stock-market will enhance good-governance in the country. It will change family-run companies into shareholding companies, and help small and medium enterprises acquire the funds they need to expand," he said.
The current global financial crisis should not delay the establishment of the market in the country, he said, as there now exists a real opportunity for Yemen to attract further investment.
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