Tunisia passes new Investment Code to attract more investments
Tunisia’s new Investment Code is scheduled to come into force on 1 January 2017. It was one of the priorities set by the Government of National Unity. In view of the International Investment Conference to be held in Tunis on 29-30 November, the Code aims to enhance the Country’s economic appeal by removing the administrative impediments dissuading foreign investors. The main aim of the new Code is to streamline procedures, accelerate investment flows, create new jobs more quickly and lay the groundwork for greater social cohesion. The other aim is to facilitate market access and enhance competition in order to favour a reduction in prices. Among the new Code’s provisions, notice should be taken of the possibility given to investors to freely transfer capital in foreign currencies in compliance with the procedures authorised by the Central Bank of Tunisia (BCT). The new Code’s provisions lower the BCT’s power of discretion by including, in a subsequent decree, a deadline by which to reply to the request or to apply the tacit consent rule. In addition, investment incentives and bonuses are applied to projects creating value added, jobs, regional development and sustainable development. The projects considered to be of national interest (in terms of the size of the investment and the number of jobs created) will also benefit from tax reductions over a ten-year period and a bonus equal to one third of the investment costs.
