LAW OF THE REPUBLIC OF TAJIKISTAN

of May 12, 2007 No. 260

About investments

This Law governs the relations connected with implementation of investing activities, legal, economic basis of activation, stimulation and the state support of investments by means of provision of fair, equal legal regime and guarantee of protection of the rights of investors in the territory of the Republic of Tajikistan.

The purpose of this Law is attraction and effective use in economy of the Republic of Tajikistan of material and financial resources, the advanced equipment and technology, managerial experience; providing favorable conditions for investing activities, and also conditions for free use, transparency, ownership and the order of investments; respect for rules of international law and international practice of investment cooperation.

This Law is not applied in the relations concerning investing activities from means of the government budget and guarantees of the Government of the Republic of Tajikistan, and also connected with investment of non-profit organizations.

Chapter 1. General provisions

Article 1. Basic concepts

The basic concepts applied in this Law:

- investment - all types of the right to property (except property of private use or, connected with sales activity of goods without their conversion), including money, securities, it is production - the processing equipment and results of intellectual activities belonging to the investor on the basis of the property right and put by it in objects of investing activities for the purpose of profit earning (income) and (or) achievement of other significant result;

- the investor - the physical person or legal entity performing investing activities in the Republic of Tajikistan;

- foreign investors - foreign investors are recognized the Republic of Tajikistan:

- foreign states and them it is administrative - territorial units on behalf of authorized bodies;

- international organizations;

- foreign legal entities;

- the foreign organizations, not being legal entities, created according to the legislation of foreign states;

- foreign citizens and stateless persons;

- the domestic investor - physical persons and legal entities, not being the foreign investor and performing investing activities in the Republic of Tajikistan;

- investing activities - action of the investor on attachment of investments into production or their other use for the purpose of profit earning (income) and (or) achievement of other significant result;

- reinvestment - investment attachment in the territory of the Republic of Tajikistan by profit on investing activities in the Republic of Tajikistan;

- investment dispute - the dispute between the investor and state bodies, officials of the Republic of Tajikistan and other participants of investing activities arising when implementing investing activities;

- authorized state body - the body authorized by the Government of the Republic of Tajikistan in the investment sphere;

- the state natural grants - the properties and means which are state-owned property and issued without payment as property or for use of the earth to legal entities for the purpose of implementation of investing activities.

Article 2. The legislation of the Republic of Tajikistan in the field of investments

1. The legislation of the Republic of Tajikistan in the field of investments is based on the Constitution of the Republic of Tajikistan and consists of this Law, regulatory legal acts of the Republic of Tajikistan and international legal acts recognized by the Republic of Tajikistan.

2. In case of contradictions between provisions of this Law and conditions of the international legal acts recognized by Tajikistan conditions of the international legal acts are applied.

Article 3. Objects and types of investing activities

1. Objects of investing activities are:

- real estate;

- securities;

- intellectual property;

- other objects in which the investing activities are not forbidden by the legislation of the Republic of Tajikistan.

2. Types of investing activities:

- the private investing activities performed by citizens, the non-state companies, organizations, the organizations and other structures of the Republic of Tajikistan;

- the state investing activities performed by the state and executive bodies, the state companies, organizations and the organizations at the expense of budget and not budget funds, own and borrowing facilities;

- the foreign investing activities performed by foreign citizens, legal entities, foreign states, the international financial institutions, and also stateless persons;

- the joint investing activities performed by citizens, legal entities of the Republic of Tajikistan to foreign states.

Chapter 2. Guarantees protection of investment and investor's rights

Article 4. Guarantee of equal rights of the investor

The state guarantees equal rights between foreign and domestic investors, without allowing any discrimination against investors on the basis of their nationality, nationality, language, floor, race, religion, the venue of economic activity, and also country of source of the investor or investments.

Article 5. Guarantees of legal protection of the investor to investing activities

1. This Law and other regulatory legal acts of the Republic of Tajikistan, and also the international legal acts recognized by Tajikistan guarantee to the investor complete and unconditional protection of the rights and legitimate interests.

2. In case of introduction of amendments and amendments to the investment legislation of the Republic of Tajikistan, investors within five years from the date of the official publication of such changes or amendments have option of conditions, optimum for them. This mode does not extend concerning changes and additions made to the Constitution of the Republic of Tajikistan and to the legislation of the Republic of Tajikistan, connected with national security issues, health cares, environment protection, morality and ethics.

3. The investor has the right to compensation to it the harm done as a result of the edition by state bodies of the acts which are not corresponding to legal acts of the Republic of Tajikistan and also as a result of illegal actions (failure to act) of officials of these bodies according to the legislation of the Republic of Tajikistan.

4. The Republic of Tajikistan guarantees stability of conditions of the agreements signed between investors and authorized state bodies, except as specified, when changes and additions are made to agreements by agreement of the parties.

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