This Law consisting of 51 articles divided into XII Chapters aims at (i) creating a competitive investment environment to attract capital and benefit from various expertise and specializations; (ii) expanding the production base to increase job opportunities and raising economic growth rates, which will have a positive impact on the increase in national income, leading to comprehensive and sustainable development; (iii) simplifying the procedures to obtain a license from the Syrian Investment Authority, whose main feature is tax exemptions for projects of national interest. Article 6 establishes the Supreme Investment Council, chaired by the Prime Minister, with the following main powers (i) studying and approving investment proposals; (ii) making decisions related to dealing with cases related to investors' problems; (iii) proposing the creation of special economic zones after coordination with the concerned authorities; (iv) studying and approving the procedures manuals; (v) studying and updating project licensing mechanisms in coordination with the concerned authorities; (vi) canceling exemptions, benefits or facilities granted to the project; (vii) procedural matters related to the work of the Syrian Investment Authority, a public body of an administrative nature established under article 8 that replaces the newly created in 2007 with its rights and obligations. Article 16 establishes the Investor Services Center which includes representatives of all public agencies concerned with investment, and acts as a single window for investment as well as (i) receiving and studying investor requests for an investment license; (ii) issuing all the licenses and approvals necessary to start the project; (iii) granting an investment license to start implementing the investment project; (iv) providing technical support, advice, data and information necessary to the investor throughout the life of the project; (v) registering companies and issuing records with the concerned authorities. The incentives provided by the Law regard (i) customs incentives (art.20); tax incentives (art.21); non-tax incentives (art.22). The tax and customs duty incentives in certain cases reach the level of complete tax exemption for a project. Development projects will benefit from a 75% discount on income taxes for 10 years. Some industrial projects benefit from exemptions ranging from 50% to 75% on income taxes, including those about technology, medicine, pharmaceuticals, renewable energy, waste recycling, and crafts. Imports of equipment, machinery, assembly lines, and transport systems will be processed free of duties and tariffs. Agricultural projects will not be taxed on profits.
Special Economic Zones are provided for at article 25 and they have the following aims (i) encouraging activities or sectors because they are of special importance, or because they constitute growth vectors; (ii) encouraging the establishment of a coherent set of economic activities in the form of production or service clusters; (iii) developing the affected or developing areas to achieve comprehensive growth. The decision to create the Special Economic Zone includes among others the following (i) shape of the area; (ii) administrative boundaries of the region; (iii) activities permitted; (iv) granted incentives and investment advantages. These zones include (i) development area; (ii) specialty area; (iii) area privately owned. Investors, their families, and employees have the right to obtain residence permits if they are not Syrian. The Minister of Finance cannot impose an administrative provisional attachment order on a licensed project, as this prerogative belongs solely to the judiciary. Investor obligations are provided in article 32.
The XII Chapters are entitled as follows Definitions (I); Objectives of the Law (II); Scope of application of the Law (III); Investment principles and guarantees (IV); Institutional organization (V); Investor Services Center and Licensing Mechanism (VI); Investment incentives and benefits (VII); Special Economic Zones (VIII); Investor rights (IX); Investor obligations (X); Settlement of Disputes (XI); General Provisions (XII).