Egypt: Parliament Approves Unified Tax Law

Youm7, 18 December 2022: The Egyptian House of Representatives has approved a draft law to amend provisions of the Unified Tax Procedures Law relating to the implementation of the provisions of the international tax agreements to which Egypt is a party.

The draft law allows foreign countries to verify the commercial transactions of its nationals to confront tax evasion, giving Egypt the right to reciprocate with 172 countries that have joined those international tax agreements.

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Egypt: Central Bank Proposes Measuring Egyptian Pound Against Gold

Alkhalkeej, 24 October 2022: The Governor of the Central Bank of Egypt has proposed a new index to measure the performance of the Egyptian Pound against other currencies and gold to change the culture of linking the exchange rate to the US dollar. 

The governor highlighted recent increases in the value of the Pound against the Turkish Lira and Pound Sterling, saying it is essential for the public to be aware of how the Pound is performing against other currencies. 

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Egypt: Draft Food Waste Law Considered

Egypt Today, 4 May 2022: Egypt’s House of Representatives has considered a new draft food waste law.

It aims to regulate the disposal of food and encourage it to be redistributed, recycled and donated.

It aims to ban food which is edible and can be redistributed from being thrown away.

Anyone who wastes edible food will be fined between 100,000 and 500,000 Egyptian Pounds.

Under the law, a national programme will be established by the Egyptian Food Safety Authority and the Social Solidarity Ministry.

The disposal of unsold food at retailers will also be illegal and this food will have to be donated.

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Egypt: Income Tax Amendments Confirmed

Dostor, 2 May 2022: The Egyptian Finance Minister, Mohamed Maeit, has confirmed that amendments introduced in the Income Tax Law, which have been approved by the Council of Ministers and referred to the Parliament, aim at reducing the burden on nationals and stimulating investment.

The amendments include increasing the personal tax exemption limit from 9,000 to 15,000 Egyptian Pounds which would makes the annual total tax exemption limit 30,000 Egyptian Pounds. They also include an incentive for individuals to request electronic invoices and receipts, and an incentive for those who report tax evasion.

He also added that the amendments include some reforms which have been designed to invigorate the Egyptian Bursa such as simplified accounting benefits for investing individuals and establishments.

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Egypt: Amendments to Brokers and Agencies Law Approved

Youm7, 29 March 2022: Egypt’s House of Representatives has approved the final amendments to Egypt Law No. 120/1982 on brokers and commercial agencies.

The law aims to control and restrict expanding brokery activities to reduce chaos in the real estate market by registering brokers and agencies in the related authority.

It supports Government attempts to activate electronic payments and registry in order to tackle money laundering attempts and increase investment projects. For full story, click here.

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Egypt: FinTech Law Approved

Arab News, 16 February 2022: Egypt’s President has approved a new FinTech Law.

Under the Law, the country’s Financial Regulatory Authority is now the sole licensor and regulator of companies in this field.

The Law will also regulate various digital financial solutions, including robo-advisory, nano-finance, insurtech and tech-enabled consumer finance.

The President also approved the Unified Budget Act. This makes it mandatory for the Government to be more transparent on public finances.

Under the Law, the Government will also have to present annual medium-term budgets and tax strategies to the House of Representatives and set spending limits for each Ministry.

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Egypt: Smoking in Health, Education and Government Facilities Banned

Egypt Today, 8 November 2021: Egypt’s Prime Minister has announced smoking in sports clubs, all health, education and Government facilities will be banned.

All managers and directors in these places have to ensure they implement the Decision.

Managers who fail to implement the smoking rules will be fined between 1,000 and 20,000 Egyptian Pounds.

Smokers will be fined between 50 and 100 Pounds.

Smoking may also be banned in other establishments approved by the Health Ministry.

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Egypt: Opening Hours Amended for Cafes and Restaurants

Egypt Independent, 19 September 2021: Egypt’s Local Development Ministry has announced opening hours for shops, cafes and restaurants have been amended.

They were amended following a Decision from the Supreme Committee for Shop Licensing Public Shops.

The amended opening hours will come into force on 30 September 2021.

All, shops, cafes and restaurants which aren’t specified in Article 3 of the Decision will be allowed to open at 7am and will have to close at 10pm.

On Thursdays, Fridays and holidays during winter they will be able to close at 11pm.

Restaurants, cafés and bazaars, including those in malls, will be allowed to open from 5am and will have to close at 12am.

Takeaway and delivery service for restaurants and cafés will be able to operate at 24 hours a day.

Workshops and craft shops in residential blocks will be open at 8am and close at 6pm. Workshops on roads and gas stations as well as workshops associated with urgent services for citizens will not be included.

A separate decision will be issued by the Chairman of the Supreme Committee for Licensing Public Shops for these entities.

Shops in coastal and tourist governorates may be modified by a decision of the Chairman of the Supreme Committee for Licensing Public Shops following a proposal from the relevant governor or the head of the New Urban Communities Authority after it is presented to the Higher Committee for Licensing Public Shops together with the Tourism and Antiquities Minister.

Grocery stores, supermarkets and bakeries will be exempt from these requirements. The night activities of some shops selling fruit and vegetables, poultry, wholesale markets and pharmacies will have to be taken into account.

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