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| <html> | |
| <head> | |
| <title>Mali Investment Law</title> | |
| <meta NAME="Keywords" CONTENT="investment law mali, tax law mali, business law mali, mali, west africa, africa, bamako, embassy"> | |
| <meta name="Microsoft Border" content="b, default"></head> | |
| <body background="IMAGES/background_en.gif"><!--msnavigation--><table border="0" cellpadding="0" cellspacing="0" width="100%"><tr><!--msnavigation--><td valign="top"> | |
| <div align="right"> | |
| <table border="0" width="86%"> | |
| <tr> | |
| <td width="100%"><font size="3"><b><p ALIGN="CENTER">PRESENTATION OF INVESTMENT LAW AND</p> | |
| <p ALIGN="CENTER">PROCEDURES OF APPROVAL</p> | |
| <p ALIGN="CENTER"> </p> | |
| <p ALIGN="CENTER"> </p> | |
| <ol> | |
| <li>PRESENTATION OF THE INVESTMENT LAW </b></li> | |
| </ol> | |
| <p>Law N' 91- 048/AN-RM dated February 26, 199 1, and Decree N' 91-079 P-RM dated March 4, | |
| 1991 has instituted the investment law that is presently in force in Mali. </p> | |
| <p>It shall abrogate and replace law N' 86-39/AN- RM dated March 8, 1986. </p> | |
| <p>The Investment Law shall institute a preferential tax system with a view to promote | |
| national as well as foreign private capital investment in the activities of production and | |
| service fees, and shall offer the necessary guarantees for giving security to investments | |
| realized. </p> | |
| <p><u> </p> | |
| <p>The Systems of Approval </u></p> | |
| <p>Three systems of approval shall be provided for in the present Investment Law, that is: | |
| <ul> | |
| <i> | |
| <li>A System</i> called system of small and medium-sized firms. It shall apply to | |
| investments whose amount is inferior to 100 million CFA Francs (1 million French Francs). </li> | |
| </ul> | |
| <ul> | |
| <i> | |
| <li>B System</i>, called system of large which shall apply to investments superior or equal | |
| to 100 million CFA Francs. </li> | |
| <li>The system called <i>system of Free Zones</i>, which shall apply to new firms dealing | |
| mainly with exports which can sell off up to 20% of their production on the national | |
| market. </li> | |
| </ul> | |
| <p><u> </p> | |
| <p>Advantages Granted </u></p> | |
| <p>Firms, which are accepted by the Investment Law, shall enjoy the following tax | |
| shelters: <ol> | |
| <li>Exemption from taxes on industrial and Commercial profits (tax on Bic) and license fees. | |
| The duration of this exemption shall be 5 years as far as A System is concerned and 8 | |
| years as far as B System in concerned. </li> | |
| <li>Exemption from tax on land income 'and tax on "*Les biens de main morte" | |
| concerning new constructions. The duration of this exemption shall be 5 years for A and B | |
| Systems. The duration shall be 10 years concerning property development project firms. </li> | |
| <li>The spreading out over 3 years of registration fees on articles of incorporation or | |
| companies and exemption from these fees in case of the increase of capital. </li> | |
| </ol> | |
| <p> </p> | |
| <p>Accepted firms in the system called system of free zones, shall enjoy total and | |
| permanent exemption from fee and taxes relative to the practice of their activities. | |
| However, they shall be authorized to sell 20% of their production on the national market | |
| by paving off duties and taxes normally owed. </p> | |
| <p>Take-overs so as to discharge public firms by new promoters within the framework of the | |
| privatization program of public firms, can, according to the amount of investment, enjoy | |
| the advantages of A System or B System. </p> | |
| <p>The setting up of industries in the regions shall be encouraged through the extension | |
| of the tax exemption period on industrial and commercial profits and license fees. | |
| The Decree of implementation of the law shall specified three geographical | |
| zones of which Bamako District constitutes Zone I. Concerning Zone III (Koulikoro Sikasso | |
| and Segou Region), the period of exemption from taxes on industrial and commercial profits | |
| and license fees shall be extended to two years. (Mopti Toumbouctou, Gao and Kidal Region) | |
| this extension shall be four years.</p> | |
| <p><b> </p> | |
| <p>Guarantees </b></p> | |
| <p>Foreign investment shall enjoy the same preferential rights as national investors. </p> | |
| <p>The right to capital transfer and its income shall be guaranteed to individual or legal | |
| entities that make in Mali an investment funded by a contribution of foreign exchange. In | |
| other words, foreign persons who proceed to investment or who hold a job in a Malian firm, | |
| shall have the right, subject to compliance with regulating on matters of exchange, to | |
| transfer, in the foreign exchange sold at the time of the constitution, of the said | |
| investments, the dividends, products of any nature of invested capital, products of | |
| liquidation or of the realization of their assets and salaries.* </p> | |
| <p>Disputes, which could arise between foreign investors and the Government, shall be | |
| settled first through an amicable procedure, or within the frame- work of bilateral | |
| agreements for protecting foreign investments. In case of failure, the parties shall have | |
| recourse to the arbitration procedure which shall be the one provided for by the March 18, | |
| 1965 Agreement creating the International Center for Settling Disputes Relative to | |
| Investment among States and Nationals from other States (CIRDI), established under the | |
| aegis of the World Bank and ratified by Mali on January 3, 1978. </p> | |
| <p>Approval by Investment Law is equally worth the investment approval for granting any | |
| guarantee in the spirit of article 15 from the Treaty instituting the Multilateral Agency | |
| for Guaranteeing Investments (AMGI), signed by Mali in October 1990. </p> | |
| <p><b> </p> | |
| <p>Appraisal Criteria of Projects at Approval </b></p> | |
| <p>The rate of added value, which has to be equal of superior to 35%, shall be the only | |
| fundamental element for appraising projects. </p> | |
| <p>No minimum level of investment is required for a project to be eligible to the law. </p> | |
| <p><b> </p> | |
| <p>Field of Implementation of the Investment Law </b></p> | |
| <p>The only firm excluded from approval by the investment Law, shall be the ones that are | |
| exclusively commercial, firms for research and development of petroleum and mining. | |
| Commercial Law, Petroleum Law, and Mining Law governs these activities. </p> | |
| <p>The period granted for the realization of projects shall be set to five (5) years with | |
| a possibility of extending it to six (6) years after a start of realization.</p> | |
| <p><b> </p> | |
| <p>II-PROCEDURE OF APPROVAL</b></p> | |
| <p>It has been simplified with the institution of the Sole Counter at the level of the | |
| National Department of Industries. </p> | |
| <p>All the applications for approval by the Investment Law, or the applications for prior | |
| authorization for the creation of firms are centralized at the level of the Sole Counter. </p> | |
| <p>Any application file for approval by the Investment Law, shall consist of the following | |
| documents: <ul> | |
| <li>An application on which stamp duty has been paid and addressed to the Minister | |
| responsible for Industries</li> | |
| </ul> | |
| <ul> | |
| <li>A feasibility study in five (5) copies prepared in accordance with the presentation | |
| model of project </li> | |
| </ul> | |
| <ul> | |
| <li>A copy of authorization to exercise if the case arises. </li> | |
| </ul> | |
| <p>Application forms for approvals, as well the presentation model of projects, are | |
| available at the level of the Sole Counter. </p> | |
| <p>The approval period of a project by the Investment Law, shall imperatively be set to | |
| thirty (30) clear days from the date of receipt of the application. Only when there is | |
| non-compliance with a legislative or statutory provision in force, shall the non-approval | |
| be delivered. The approval shall be granted through a decree issued by the Ministry | |
| Responsible for Industries. </p> | |
| <p>The authorization period for the setting up of industries without advantages from the | |
| Investment Law shall be set to fifteen (15) working days from the delivery date of the | |
| file, and the authorization granted through a decision issued by the Ministry Responsible | |
| for Industries. </p> | |
| <p> </p> | |
| <p><b> </p> | |
| <p ALIGN="CENTER">LAW N 91-048/an-rm</p> | |
| <p ALIGN="CENTER">Dated February 26, 1991 bearing on</p> | |
| <p ALIGN="CENTER">INVESTMENT LAW</p> | |
| <p ALIGN="CENTER"></b> </p> | |
| <p>The National Assembly deliberated and adopted during its February 2 1991 Session the | |
| following: </p> | |
| <p>The President of Republic promulgated the terms are as follows: </p> | |
| <p><b> </p> | |
| <p>Heading I </p> | |
| <p>Article 1</b>: This law aims at encouraging investment in Mali with a view to: </p> | |
| <p>a) Mobilizing National savings as well as well as the contribution of capital coming | |
| from abroad</p> | |
| <p>b) Creating National jobs, training managers and skilled national labor</p> | |
| <p>c) Creating, extending and modernizing the industrial and farm producing - forestry - | |
| pastoral infrastructures; </p> | |
| <p>d) Encouraging investment in the exporting and in the economic sectors using raw | |
| material and other products; </p> | |
| <p>e) Creating small and medium - size firms, developing ping micro-firms </p> | |
| <p>f) Transferring necessary and appropriate technologies</p> | |
| <p>g) Realizing investments in the least developed regions of the country </p> | |
| <p>h) Encouraging and promoting a complementary economic fabric </p> | |
| <p>i) Favoring recovery so as to discharge public firms by new promoters within the | |
| framework of the privatization program of public firms. </p> | |
| <p> </p> | |
| <p><b> </p> | |
| <p>Heading II</p> | |
| <p>Definition and field of implementation </p> | |
| <p>Article 2</b>: Is regarded as investment, in the spirit of this law, the funding of | |
| assets and of the initial working capital within the framework of a development project. </p> | |
| <p><b> </p> | |
| <p>Article 3</b>: The individual or legal entities, whatever their nationalities, | |
| regularly settled in Mali in accordance with the Malian legislation, fulfilling or wishing | |
| to fulfil an activity which falls into the field of implementation such as defined in the | |
| below-mentioned article 4, shall be assured of general guarantees and advantages set out | |
| in this law, subject to their projects being eligible according to the defined criteria | |
| through a Decree issued by the Council of Ministers. </p> | |
| <p><b> </p> | |
| <p>Article 4</b>: The following shall be excluded from enjoying the advantages of this | |
| law: Firms having an exclusive commercial character, research and mining development | |
| firms, research and petroleum development firms. These activities shall be governed by | |
| commercial law, Mining law, petroleum law and their texts of implementation. </p> | |
| <p><b> </p> | |
| <p>Article 5</b>: Firms, which fall into the field of implementation of this law, shall be | |
| granted the benefit of one of the following systems. </p> | |
| <p>The system of small and medium-size firms called "A System</p> | |
| <p>The system of large firms called "B System' </p> | |
| <p>The system of free zones. </p> | |
| <p><b> </p> | |
| <p>Article 6</b>: direct added values shall be the fundamental elements for appraising | |
| projects. Their mini- mum rate, as well as the elements making it up, shall be set through | |
| a decree issued by the Council of Ministers. </p> | |
| <p><b> </p> | |
| <p>Article 7</b>: The approval procedure, as well as the appraisal elements other than the | |
| added value shall be determined through a Decree issued by the Council of Ministers. </p> | |
| <p><b> </p> | |
| <p>Article 8</b>: Industrial investments seeking no advantage from this law, shall | |
| nevertheless be subject to prior permission from the Minister responsible for industries. </p> | |
| <p> </p> | |
| <p><b> </p> | |
| <p>Heading III </p> | |
| <p>About General Guarantee </p> | |
| <p>Article 9</b>: The individual or legal entities concerned by article 2 from this law, | |
| shall receive the same treatment in the same conditions of eligibility. </p> | |
| <p><b> </p> | |
| <p>Article 10</b>: The right to the transfer of capital and its income, shall be | |
| guaranteed to foreign individual or legal entities, who makes in Mali an investment funded | |
| by a contribution of foreign exchange.</p> | |
| <p>Foreign persons who have investments, hold jobs in a Malian firm, shall have the right, | |
| subject to exchange control, to transfer in the disposed of foreign exchange during the | |
| making of the said investments, dividends, and products of any capital, products of | |
| liquidation or of the realization of their assets and salaries.</p> | |
| <p><b> </p> | |
| <p>Heading IV</p> | |
| <p> </p> | |
| <p>About Advantages granted </p> | |
| <p>Article 11</b>: Firms whose level of investment is inferior to one hundred (100) | |
| million francs, shall be, accepted in "A System" and shall enjoy the following | |
| advantages: <ol> | |
| <li>Exemption from taxes on individual and commercial profits, as well as on licenses fees | |
| during the first five (5) financial year</li> | |
| <li>Exemption from taxes on land income and tax on " *les biens de main morte" | |
| during five (5) years only for new buildings. The exemption period shall run from the | |
| completion date of the construction of the concerned buildings. The duration of the | |
| exemption from taxes on land income and from taxes on "*Les biens de main morte" | |
| shall be brought to ten (10) years for agencies promoting real estate. </li> | |
| <li>The spreading out over three (3) years of the registration fees payment on the articles | |
| of incorporation of companies and exemption from fee in case of capital increase. </li> | |
| </ol> | |
| <p>The first third of the fees shall be paid during the registration, and the two other | |
| thirds shall be paid annually</p> | |
| <p><b> </p> | |
| <p>Article 12</b>: Firms whose level of investment is equal or superior to one hundred | |
| (100) million francs shall be accepted in "System B" and enjoy the following | |
| advantages:<ol> | |
| <li>Exemption from taxes on industrial and commercial profits as well as on license fees | |
| during the first eight- (8) financial years. </li> | |
| <li>Exemption from taxes on land income and on taxes on "*Les biens de main morte" | |
| The exemption period shall run from the completion date of the construction of the | |
| concerned buildings. The duration of the exemption from taxes on land income and from | |
| taxes on "*Les biens de main morte" shall be brought to ten (10) years for | |
| agencies promoting real estate. </li> | |
| <li>The spreading out over three (3) years of the registration fees payment on the articles | |
| of incorporation of companies and exemption from these fees in case of capital increase. </li> | |
| </ol> | |
| <p>The first third of the fees shall be paid during the registration, and the two other | |
| thirds shall be paid annually.</p> | |
| <p><b> </p> | |
| <p>Article 13</b>: Take-overs so as to discharge public firms by new promoters within the | |
| framework of the privatization of public firms, can, according to the investment amount, | |
| enjoy the advantages in A and B Systems. </p> | |
| <p><b> </p> | |
| <p>Heading V </p> | |
| <p>Article 14</b>: The new firms which are dealing mainly 'with exports shall be | |
| classified under the system of free zones. These firms shall enjoy to this affect, the | |
| total and permanent exemption from any fees and taxes relative to the practice of their | |
| activities. </p> | |
| <p>However, these firms, if they so wish, can sell off up to 20% of their production on | |
| the local market, which shall be subject to fees and taxes being imposed on similar | |
| imported products. </p> | |
| <p><b> </p> | |
| <p>Heading VI </p> | |
| <p>About Particular Provisions</b> </p> | |
| <p><b> </p> | |
| <p>Article 15:</b> In addition to the advantages provided for in "A and B Systems. | |
| Firms which settle in the areas industrialized (Zone II and III), shall enjoy the | |
| exemption during two (2) financial years four (4) financial years in zone III, commercial | |
| profits (BIC) and from license fees. For the implementation of these provisions, the | |
| Malian territory is divided into zone I, zone II and zone III specified through a Decree | |
| issued by the Council of Ministers. </p> | |
| <p><b> </p> | |
| <p>Heading VII </p> | |
| <p>About Special Provisions </p> | |
| <p>Article 16:</b> For each of the advantages provided for by this law, the first | |
| financial year taken into account, unless otherwise stated, shall be the one during which | |
| the first delivery or putting up for sale of products, services, to the exclusion of | |
| trials, is recorded. </p> | |
| <p>The accepted firms shall notify through a registered letter, the starting date of their | |
| productions to the competent authorities specified through a Decree issued by the Council | |
| of Ministers. </p> | |
| <p><b> </p> | |
| <p>Article 17</b>: Firms governed by this law comply with the legislation and the | |
| regulation in force on matters of trade and legal statues of companies, before their | |
| putting into service. </p> | |
| <p><b> </p> | |
| <p>Article 18</b>: Firms settled in Mali shall comply with the following obligations:<ol TYPE="a"> | |
| <li>Keeping regular accounts according to the accounting plan accepted in accordance with | |
| the provisions of the Commercial Law</li> | |
| <li>Favoring the recruiting of nationals through the running of vocational | |
| training sessions at all levels in the firm </li> | |
| <li>Complying with legislation on environment </li> | |
| <li>Providing accounting and financial documents, implementation reports on investment, | |
| employment, national and foreign funding, to the competent authorities in accordance with | |
| tax laws. </li> | |
| </ol> | |
| <p><b> </p> | |
| <p>Article 19</b>: Non compliance with signed commitments by accepted firms shall involve | |
| sanctions in accordance with the regulation in force. </p> | |
| <p><b> </p> | |
| <p>Article 20</b>: The realization period of firms accepted by this shall be set five (5) | |
| years. Promoters whose projects have not started to be realized (Civil engineering, | |
| acquisition of equipment material) within the prescribed time, shall automatically lose | |
| the benefit from advantages set by the text of approval. </p> | |
| <p>However, only one extension of time of one (1) year shall be granted, starting from the | |
| expired date of the approval time limit, to promoters who justify a start of their project | |
| realization. </p> | |
| <p><b> </p> | |
| <p>Heading VIII</p> | |
| <p>Article 21</b>: Disputes bringing one or several investors into conflict with the | |
| Government and relative to the validity, interpretation, implementation or revision of one | |
| or several clauses of the approval, shall be the subject of an amicable procedure between | |
| the parties. </p> | |
| <p>When investors are nationals from other States, the arbitration procedure is the one | |
| provided for by the March 18, 1965 Agreement creating the International Center for | |
| Settling Disputes relative to investment among States and Nationals from other States | |
| (CIRDI), established under the aegis of the World Bank and ratified by the Republic of | |
| Mali on January 3, 1978, unless investment protection bilateral agreements struck with | |
| government of which investors are nationals, exist. The consent is made up of this | |
| article, as far as the government is concerned; it expressly set out in the application | |
| for approval, as far as investors are concerned.</p> | |
| <p>The approval of Investment law shall also be worth the approval of investment for the | |
| granting of any guarantee in the spirit of article 15 from the treaty creating the | |
| Multilateral Agency for Investment Guarantee (AMGI), signed by the Republic of Mali in | |
| October 1990. </p> | |
| <p> </p> | |
| <p><b> </p> | |
| <p>Heading IX</p> | |
| <p>Final Provisions </p> | |
| <p>Article 22</b>: The current approvals from the promulgation date of this law, granted | |
| under the system of law N' 62-5/AN-RM dated January 1962 from Order N" 62- 29/CMLN | |
| dated March 23, 1969, from Order N" 76- 31/CMLN dated March 30, 1976, from law | |
| N" 86- 39/AN-RM dated March 8, 1986, and which would not have been the subject of an | |
| express abrogation, shall remain in force in all their provisions subject to endorsement | |
| and later modifications. </p> | |
| <p><b> </p> | |
| <p>Article 23</b>: This law, which abrogates any contrary prior provisions, notably law N' | |
| 86-39/AN-RM dated March 1986, shall be recorded and published in the official magazine. </p> | |
| <p> </p> | |
| <p><b> </p> | |
| <p ALIGN="CENTER">The Council of Ministers</p> | |
| <p>DECREES </p> | |
| <p>Article 1</b>: The means of enforcing law No 91-048/AN- RM dated February 26, 1991 | |
| shall be laid down in accordance with the provisions of this decree. </p> | |
| <p><b> </p> | |
| <p>SECTION I: About Approval Procedures </p> | |
| <p>Article 2</b>: Applications for approval files in relation to investment law shall be | |
| delivered at the level of the Sole Counter. </p> | |
| <p><b> </p> | |
| <p>Article 3: </b>Any application for approval file shall be made up of the following | |
| documents:<ol TYPE="a"> | |
| <li>An application, on which stamp duty has been paid, addressed to the Minister Responsible | |
| for Industries. </li> | |
| <li>A feasibility study in five (5) copies prepared in accordance with the project | |
| presentation model. </li> | |
| <li>A copy of the authorization to practice if the case arises. </li> | |
| </ol> | |
| <p> </p> | |
| <p><b> </p> | |
| <p>Article 4: </b>Application forms for approval, as well as the project presentation | |
| model, are available at the level of Sole Counter. </p> | |
| <p><b> </p> | |
| <p>Article 5: </b>Promoters whose applications for approval files in relation to | |
| investment law, are deemed to comply with the provisions of the above-mentioned article 3 | |
| shall received a delivery acknowledgement of receipt within the following twenty four (24) | |
| working hours. </p> | |
| <p>Such an acknowledgement of receipt shall mention among other things, -the names and | |
| addresses of promoters, the subject of the activity, the requested system of investment | |
| law, the delivery of files, and the legal date of approval granting. </p> | |
| <p><b> </p> | |
| <p>Article 6: </b>Application for approval files shall be submitted to a preliminary | |
| instruction which consists in checking the subject of the planned activity in relation to | |
| the field of implementation of Investment Law. Files whose results have not been | |
| conclusive shall be returned to their promoters within seven (7) working days after the | |
| receipt of projects. </p> | |
| <p><b> </p> | |
| <p>Article 7: </b>After receiving applications for approval files in relation to | |
| Investment Law, the Sole Counter shall prepare a data sheet and shall be able to appoint | |
| any individual or legal entities, or any other structures whose competence shall be deemed | |
| necessary for the examination of the said file. </p> | |
| <p><b> </p> | |
| <p>Article 8: </b>After favorable notifications from the Sole Counter, approvals shall be | |
| granted by a decree issued by the Minister Responsible for Industries within a period of | |
| thirty (30) working days after the receipt date of the file. </p> | |
| <p>Only when there is non-compliance of investment projects with legislative or statutory | |
| provisions in force, shall refusal to grant approvals be pronounced. </p> | |
| <p><b> </p> | |
| <p>Article 9</b>: the approval decree shall enumerate the advantages granted to promoters, | |
| the activities for which firms are approved, and shall lay down the obligations which are | |
| incumbent upon promoters. </p> | |
| <p><b> </p> | |
| <p>Article 10</b>: Application files for authorizing the setting up of industries without | |
| advantages relating to Investment Law, addressed to the Minister Responsible for | |
| Industries, shall be delivery at the Sole Counter level. </p> | |
| <p>They shall include the following documents:<ol TYPE="a"> | |
| <li>An application on which stamp duty has been paid </li> | |
| <li>Feasibility study in two (2) copies. </li> | |
| </ol> | |
| <p>Authorization from the Minister Responsible for Industries shall be granted through a | |
| decision within a fifteen- (15) working days period, starting from the date of receipt of | |
| files. </p> | |
| <p><b> </p> | |
| <p>Article 11</b>: Approved firms shall have to notify through registered letters, the | |
| starting dates of their activities at the National Department of Industries and the | |
| National Department of Tax in accordance with the revisions of article 16 from Law N' | |
| 91-048/AN-RM dated February 26, 1991 relating to Investment Law. </p> | |
| <p><b> </p> | |
| <p>SECTION II: About elements for appraising </p> | |
| <p>Article 12</b>: Direct - Added values shall be the fundamental elements for appraising | |
| projects which are submitted for approval in relation to Investment Law. </p> | |
| <p>Direct added values of firms shall be defined as the sum of the following components of | |
| the trading accounts: </p> | |
| <p>a) Staff costs </p> | |
| <p>b) Taxes </p> | |
| <p>c) Endowments to redemption </p> | |
| <p>d) Financial costs </p> | |
| <p>e) Gross operating profits </p> | |
| <p>Their accepted minimum rate shall be 35 % of turnovers.</p> | |
| <p><b> </p> | |
| <p>Article 13</b>: Elements for appraising other than the one specified in the above | |
| mentioned article 12, and, which shall be used during the examination and evaluation of | |
| applications for approval, shall be the following: </p> | |
| <p>a) The advantage investments are likely to bring to the State, to national | |
| entrepreneurs and to consumers, </p> | |
| <p>b) Contribution of external funding, </p> | |
| <p>c) The setting up of head offices in Mali, </p> | |
| <p>d) The degree of integration of firms into the national economy, </p> | |
| <p>e) The effects of investments on trade balance, </p> | |
| <p>f) The effects on environment. </p> | |
| <p><b> </p> | |
| <p>SECTION III: About distribution into Zones </p> | |
| <p>Article 14</b>: As implementation of the provisions of Article 15 from Law N' | |
| 91-048/AN-RM dated February 26, 199 1, bearing on Investment Law, relating to | |
| decentralization, the Malian territory is divided up into zones as follows: <ol TYPE="a"> | |
| <li>zone I : the District of Bamako </li> | |
| <li>zone II : the Regions of Koulikoro, Sikasso and Segou </li> | |
| <li>zone Ill: the Regions of Kayes, Mopti, Toumbouctou, Gao and Kidal </li> | |
| </ol> | |
| <p><b> </p> | |
| <p>SECTION IV: About the System of Free Zones </p> | |
| <p>Article 15</b>: Free enterprises shall be on the ones which are subject to the system | |
| of free zones as specified in article 14 from Law N'91-048/AN-RM dated February 26, 199 1, | |
| relating to Investment Law. </p> | |
| <p>This system shall apply to investments realized by promoters, whatever their | |
| nationalities, in activities mainly dealing with exports. </p> | |
| <p><b> </p> | |
| <p>Article 16</b>: Free enterprises, within the framework of their activities, shall be | |
| exempted from any taxes, and duties, of a fiscal, exceptional tax, and customs nature. | |
| However, these enterprises, shall remain subject to the system of Common Law concerning | |
| sales realized on national territory. </p> | |
| <p><b> </p> | |
| <p>Article 17: </b>Foreign Staff recruited by free enterprises shall be liable to a fixed | |
| system of gross income tax set at 15 % of the amount of their remuneration. </p> | |
| <p><b> </p> | |
| <p>Article 18: </b>Commercial relations between free enterprises and the enterprises set | |
| up on national territory, shall be governed by provisions relating to foreign trade. </p> | |
| <p><b> </p> | |
| <p>Article 19: </b>Free enterprises, during their running shall have to comply with the | |
| following obligations: <ol TYPE="a"> | |
| <li>The keeping of a production sheet, </li> | |
| <li>The monthly declaration of stocks concerning raw material and consumable goods as well | |
| as finished products, </li> | |
| <li>The protection of the environment, </li> | |
| <li>Offer of products on the Malian Market in accordance with Malian Standards, in the case | |
| arises, with international standards. </li> | |
| <li>The realization of infrastructures enabling the Administration to proceed to the control | |
| of import, stocking, processing of inputs operations, and export operations of finished | |
| products, </li> | |
| <li>Collection and transfer of general income tax (I.G.R) </li> | |
| <li>The keeping of a full, honest and convincing accounting, </li> | |
| <li>The keeping of a separate accounting for sales realized on the national market</li> | |
| </ol> | |
| <p><b> </p> | |
| <p>Article 20: </b>Files for approval of free enterprises shall be made up of the | |
| following documents:</p> | |
| <p> <ol TYPE="a"> | |
| <li>An application on which stamp duty has been paid, addressed to the Minister Responsible | |
| for Industries and delivered at the sole Counter level</li> | |
| <li>A feasibility study in seven (7) copies specifying the subject of the activity, the name | |
| and address of the promoter, the setting up site of the enterprise, market research, | |
| financial analysis, employment plan. </li> | |
| </ol> | |
| <p><b> </p> | |
| <p>Article 21</b>: Files of approval of free enterprises, after instruction, shall be | |
| examined by a commission made- up of the representative of the following services: </p> | |
| <p>The National Department of Industries </p> | |
| <p>The National Tax Department</p> | |
| <p>The National Department of Economic Affairs</p> | |
| <p>The National Department of Customs</p> | |
| <p>The National Department of Health</p> | |
| <p>The National Department of Employment Labor and Social security </p> | |
| <p>The Commission shall appoint any competent structures according to the nature of | |
| projects on the agenda. </p> | |
| <p>Secretariat shall be provided by the sole Counter. </p> | |
| <p><b> </p> | |
| <p>Article 22</b>: The approval period for free enterprises shall be set to thirty (30) | |
| working days, starting from the delivery date of files. </p> | |
| <p>Approvals of free enterprises shall be granted by decree issued by the Minister | |
| Responsible for Industries. </p> | |
| <p><b> </p> | |
| <p>Article 23</b>: Free enterprises shall be registered in Mali at the level of the | |
| National Department for Industries. </p> | |
| <p><b> </p> | |
| <p>SECTION V: About follow up and control </p> | |
| <p>Article 24</b>: Follow up of approved projects in relation to investment Law, and the | |
| control of commitments by investors, shall be ensured by the National Department of | |
| Industries which shall, if the case arises, appoint any technical service, to record its | |
| opinion on any area which may fall within its competence.</p> | |
| <p><b> </p> | |
| <p>Article 25</b>: Non compliance of subscribed commitments by promoters of approved | |
| projects in relation to investment Law, except force major, shall lead to a partial or | |
| total withdrawal of granted advantages after a formal notice not followed by any effect. | |
| The withdrawal shall be issued by the Minister Responsible for Industries through a | |
| decree. </p> | |
| <p><b> </p> | |
| <p>SECTION VI: About final provisions </p> | |
| <p>Article 26</b>: This decree shall abrogate any contrary prior provisions, notably | |
| Decree N"91-079/P-RM dated March 4, 1991 bearing on the means of enforcing law | |
| N'91-048/AN-RM dated February 26, 1991 relating to Investment Law. </p> | |
| <p><b> </p> | |
| <p>Article 27</b>: The Minister responsible for Industries, handcraft and Tourism, and the | |
| Minister Responsible for the implementation of this decree which shall be recorded and | |
| published in the official magazine. </p> | |
| <p>-------------------------------------------</p> | |
| <p>*This is tax imposed on: Religious Missions - Public companies - Limited Liability | |
| Companies Semi-public companies - State-Owned Companies</p> | |
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