Invested capital means:

(a) the local money paid by investor(s) to establish, operate, or rehabilitate a project.

(b) convertible foreign currencies that has been converted through one of the officially authorized commercial banks for purpose of rehabilitating investment project(s).

(c) The local currency that approved by the authority to meet investors accrued liability in foreign currency for purpose of rehabilitating investment project(s).

(d) The capital in kind such as mortgage ,debut guarantee, shares and bonds issued by companies, or any equipment and machinery that helps establish, operate and rehabilitate investment, project(s).

(e) Registered publishing rights, trademarks and industrial designs usable to establish, operate and rehabilitate investment, projects.
The Investment Act, 1999: INTERPRETATION

This Act aims at encouraging investment in projects which achieve the objectives of development plans, and private and public sectors investment initiatives. Without prejudice to the generality of the foregoing, this act aims at the encouragement in the project of any fields, set out in the following section:-

Fields of Investments
(1) This Act aims to encourage investment in the fields of: Agriculture , animals resources, industry, mining, energy transport, communications, tourism, storage , construction administrative and consulting services, information technology health and education services, water, culture and media and any other field specified by the Council of Ministers.

(2) Prohibition of discrimination between projects:- for the purpose of this Act, no discrimination shall be made between invested capital by reason of being a public, private national or foreign.

(3) No discrimination shall be made between similar projects with respect to granting privileges facilities or guarantees.
The Investment Act, 1999: INTERPRETATIONS

Investments in the following project represent strategic Investments:

(a) investment in infrastructure as: road, ports, electric power, dams, communications, energy transportation, construction, energy, transportation, construction, administrative and consultancy services, education and health services, tourism and information technology, health and water projects.
(b) Investment projects concerned with extraction of underground and undersea resources.
(c) Agricultural, animals and industrial projects.
(d) Interstate projects.
(e) Any other fields determined by the council of Ministers.

(a) Exemption from business profit tax, for a period not less than ten years, the validity thereof shall commence as from the year, following commercial production, or practice of activities. The concerned Minister can extend the exemption period as he sees.

(b) Full exemption from taxes and custom duties and other duty fees imposed on imports within he exemption period in the above clause as follows:
1. capital equipment as determined by regulations.
2.Salon cars, pickup trucks, and four wheels drive cars as determined
by regulations
3. Raw materials, primary intermediate production inputs, as
determined by regulations.

(c) Full automatic exemption:
1. Taxes and exports tax fees to the output of the project.
2. Federal industrial production duty fees or any similar duty fees.

The Minister can give the following privileges:

(a) Exemption from business profit tax for a period not exceeding five years from the commencement of the production or from the practice of activity and the Minister can extend this period.
(b) Full or partial exemption of custom duties to the following imports within the exemption period mentioned in (a) as Follows:
1.Capital equipment as determined by regulation.
2. Salon cars, pickup trucks and four wheels drive cars as determined by
regulations.
3. Raw materials, primary and intermediate production inputs as
determined by regulations.

The State Minister can give the State projects the following privileges Full or partial exemption of duties that imposed by State or local Act for a period not exceeding five years and it could be extended for anther period with approval of the State Council of Ministers:

(a) Any other State taxes and duties could be imposed to the project at a later time.
(b) Allocation of the land required for the State project at encouraging price.

1. Non-nationalization or confiscation of his project,
2. Non-seizure, expropriation, freezing, confiscation, custody or sequestration of the property of his/her project without any judicial order,
3. The repatriation of the invested capital, in this case of failure to implement the project, its liquidation or disposal of the same in any way of disposal, whether totally or partially, in the same currency in which was imported. This is on condition that all the obligation legally due from him shall be satisfied, provided that the transfer shall be at the best declared rate of exchange. IN the case of failure to implement the project the machinery, equipment, apparatus, transport means and other requisites and primary materials which were imported on the account of the project could be allowed to be re -exported when all the said obligations are satisfied.
4. Repatriation of profits and the cost of finance of foreign capital or debts in he same currency in which it were imported, that is after payment of all legal dues on the project.
5. mporting the raw materials needed by the project and exporting the output of the project.

The privileges and guarantees of this Act dominate over any other Acts, and administrative bodies shall not deny execution of these privileges.