Yemen plans to approve new investment code

SANA'A, Sep. 12 (Saba)- An economic source said on Friday that
Yemen's government intends to approve a new investment law due to a
recommendation offered by the European Union.

Criticizing the government's step, head of the General Federation of
Chambers of Commerce and Industry Mohammed Abdu Saeed claimed that
the unapproved investment law would cancel a lot of advantages
provided to investors, pointing out that "it is a setback for
investment in Yemen if it was approved".

Saeed was quoted by the independent al-tagheer.net as saying that
the government plans to turn the General Authority for Investment to
a promotional body, affirming the need to reconsider income tax and
investment laws which encourage to tax evasion.

YA