In Tunisia, the new investment code allows foreign companies to freely transfer their foreign currency profits and assets and plans for numerous tax and financial advantages for companies operating in primary sectors or in the less favoured regions of the country, official press agency TAP reported.

The new code sets a clear regulation regarding transfer of profits and assets of foreign companies which are implanted in Tunisia in order to significantly mitigate the discretionary power of the Central Bank in this regard. It also reduces time of transfer.

The law which has already been submitted to the National Assembly also plans for financial advantages (subsidies that go up to 30% of total cost of project, possibility to get financing from the recently created national fund for investment, etc.) as well as tax advantages (taxes reduction for companies, full exemption of taxes over up to 10 years). These advantages are going to benefit only companies which are active in sectors known as primary or those establishing themselves in less favored regions of the country and creating jobs.

Additionally, the new code also plans for the implementation of a unique institution serving investors, the National Authority for Investment, and the substitution of authorizations by specifications in most economic sectors. This would allow companies to employ up to ten foreign executives against four presently.