CC BY
5JURIDICAL SCIENCES
LEGAL FRAMEWORK FOR FOREIGN INVESTMENT IN TAJIKISTAN
Odilov M.
Master student of the 1st year of the Faculty of Law of the L.N. Gumilyov ENU,
Nur-Sultan, Kazakhstan Kala N. Scientific adviser DOI: 10.5281/zenodo.6532627
Abstract
In this scientific article the attraction of foreign investors in the free economic zones of the Republic of Tajikistan
Keywords: Foreign investment, credit investment, entrepreneurial investment, free economic zone, resources, market mechanism, national economy.
Investment, it is one of the most famous and widely used concepts in the economy. Many economists commented on his meaning. Of course, these messages and opinions are very diverse, from the absolute meaning of the concept and continuing to interpret the Marxist way.
Legal basis of state regulation of investment activities in the territory of the Republic of Tajikistan comes from the Constitution of the Republic of Tajikistan and the adoption of the law of the Republic of Tajikistan "on investments"[1].
Investment, often understood as a certain amount of money. At the same time, the view is widely accepted that not all the amount, but rather a large and visible amount is understood as capital. Because in real life, investment often serves as a starting point for en-trepreneurship.
Foreign investor - foreign state, foreign legal entity, foreign organizations without the formation of a legal entity, foreign citizen, as well as the international organization carrying out investments in Tajikistan in accordance with the legislation of the country of its location. [2]
Individuals and legal entities (private investors) may be actors, as well as individual States (state inves-tors).[3]
Private investor is a foreign individual or legal entity providing funds to another person. Private investors include a group of private banks, private firms, foreign citizens, etc.
The purpose of the legislation is to attract and effective use of material and financial resources, modern methods and technologies, management experience, ensure favorable conditions for investment activities, as well as conditions for free use, transparency, transparency and ownership, investment cooperation.
The provisions above are clear that the law considers "all legal and property forms" related to investment objects. First of all, the object of investment "property associated with personal use or activity on sale of goods without processing" is excluded. Secondly, a particular investment object is reflected in its relationship, " including money, securities, production and technological equipment and intellectual activity results»[4].
The above elements reflecting the concept of "investor" limit the possibility of investment activities due to the following factors. [5]
- The current legislation of the Republic of Tajikistan shares the concepts of "property" and "property rights". For example, in part 2 of article 140 of the Civil code of the Republic of Tajikistan, the definition of "property" looks as follows. "Within the framework of regulated civil relations - these items, money, securities, works, services, results of creative intellectual activity, brand name, trademark, property rights and other property"[6] .
Thus, it is possible to conclude that "property rights" are an integral part of "property". In this case, the law limits the object of investment "property rights" and shares property in the form of material interests, i.e. specific things, including money, securities, e. t. c. [6].
According to the provisions of the law to investment objects include material and intangible benefits.
- Realty
- Securities
- Intellectual property
- Other objects not prohibited by the legislation of the Republic of Tajikistan.
Therefore, based on the concept of "investment", it is advisable to establish the scope of investment activity as a necessary sign of legal regulation.
Investment activities are carried out in species, especially by composition of subjects. If you look at the provisions of the current legislation, it is clear that investors are equal to equal conditions, regardless of the composition of the subjects. In this case, there is no need in this distinction. At the same time, the concept of "investor" fully reflects the composition of investors.
Investment or investment may not only be provided by cash, but also by providing equipment and technologies in compliance with legal acts [7].
Most often differ from each other two concepts of investment,
Direct investments usually understand investments in any commodity material asset such as land, equipment or organization.
International experience shows that the creation of free economic zones is a priority and priority method of ensuring economic development of any country or region .[8] The creation and formation of free economic
zones is mainly aimed at solving the priorities of economic development, implementation of strategic programs and projects. In general, it laid the Foundation for the development of foreign capital in Tajikistan.
Each investor is an object of property rights, which (property) may be the property of another state (foreign state) or property of individuals and legal entities (private investors), whose legislation does not prohibit its activities (investment).
Entrepreneurship brings income or profit. Thus, international investment agreements, along with investments and income, in particular, profit or shares, dividends, interest, licensing fees, etc., pay technical assistance.
By the nature of foreign investment foreign investment, foreign investment is divided into borrowable and entrepreneurial.
Credit investment, these are the funds provided in the form of state and international loans and loans.
Entrepreneurial investment, these are the means provided by entrepreneurs and their main goal is to get profit.
The law of the recipient state of foreign investment determines the existing foreign organization as a "foreign investor". After all, recognition of the subject by foreign capital means:
1) the provision of the relevant rights and privileges provided by the law and to establish international treaties;
2) satisfaction of registration and licensing requirements for economic activity;
3) identify guarantees and other conditions of contracts of international established under this country;
4) the resolution of the state to provide diplomatic protection (host country). This category of persons usually treat foreign investors.
1) foreign legal and individuals;
2) citizens of the Homeland living abroad;
3) Foreign countries;
4) International organizations.
Germany's legislation States that the term "investor" means a company, Association or institution that has or not the rights of a legal entity to obtain or benefit [9].
The legislation of individual countries usually recognizes a foreign state as a foreign investment. In countries of the world, regardless of ownership, all investors are equally.
The policy of state investment is governed by law or legal norms. In most developed countries - USA, Germany, France, UK and Japan - there are no special laws on foreign investment. They apply general law regulating economic activity, tax, currency, banking and other laws [10].
For example, the people's Republic of China has adopted hundreds of laws and regulations governing foreign investment, which are intended to attract foreign investments and solve economic development problems. Article 18 of the Constitution of the people's Republic of China allows foreign institutions and other organizations or individuals to invest in China in accordance with the legislation of the people's Republic of China and participate in various forms of economic
cooperation with Chinese enterprises and other economic organizations [11].
Thus, the first post of colonial period in developed countries was the reduction of control over the economy and national wealth.
This is reflected in investment policy aimed at restoring independence from natural resources and responding to foreign investments. In the 1980s, a policy on foreign investment has changed dramatically in some developed countries [12].
Free economic zones were created to attract foreign investments in different countries, which provide the benefits of the overall foreign investment regime, which contributes to the flow of foreign capital, advanced foreign equipment and technology, management experience, etc. such regions appeared in different countries of China, Vietnam, Bulgaria, Hungary [12], as well as in Tajikistan, which led to economic growth in these countries.
Investment, it is also all derived productive, monetary and commodity resources necessary to create material wealth. International capital movement is based on its international distribution as historically formed factor of production. International capital distribution is not only in countries with rich material resources, but also in different historical traditions and manufacturing practices, the level of production and market mechanisms, as well as other cash resources. The availability of accumulated capital reserves is the main basis for investment and production characteristics.
Foreign investments for the development of the national economy are based on the current legislation. In 2016, the law on investment in the new edition was adopted in order to develop foreign investments in Tajikistan in 2016, as well as new standards and benefits in this area were introduced.
The conclusion can be noted that the only goal of the state is the steady growth of foreign investments in free economic zones and the development of the national economy, taking into account the use of natural resources. In this direction, a legal base was created.
References
1. Scientific and public comments on the Constitution of the Republic of Tajikistan.2009.-p. 178
2. Article 1 Law of the Republic of Tajikistan "On Investments" dated March 15, 2016, No. 1299.
3. Bozorov R.B. Investment law. D.2017.-S.89
4. Pavlov L.N. "Finance of enterprises" M. 1998. -S..273-274
5. Bozorov R.B. decree work.-S.99
6. Civil Code RT.2000.-C .57
7. Bozorov R.B. Investment law. D.2017.-S.198
8. Gerchikova I.N. "International Economic Organizations". M.2001. -S 470
9. https ://fincult.info/article/chto -nuzhno -znat-nachina. Access date 12/26/2021
10. https ://fincult.info/article/chto -nuzhno -znat-nachina. Accessed 12/28/2021
11. See https://www.concourt.am/world_constitu-tions/constit. Constitution China.
12. Bozorov R.B. Investment law. Dushanbe. 2017.-p.124
