Egypt’s Finance Minister has announced a draft public finances law and a law on taxing advertising on social media sites are under considerations. The proposed legislative developments are part of a wider initiative, including amendments to the country’s 2005 Income Tax Law, Egypt Law No. 91/2005. The draft social media law will impose taxes on adverts displayed on social media. The Minister mentioned Facebook specifically as a platform where adverts can be placed without sufficient control. He also said the Government will send a draft customs law to the House of Representatives in the coming weeks to consider.
Egypt’s Housing Ministry has announced criteria for granting residency to foreigners who purchase residential units under construction are being considered. The Ministry said residency will be granted to owners of units who purchase them in US Dollars, provided the minimum payment for a unit is 40% of its price or at least $100,000 and the period of construction of the property does not exceed four years. The Ministry added the passport department is responsible for determining the length of stay, according to the transfer amount. The Ministry added that in terms of constructed residential units, residence will be granted in line with the law and an Interior Ministry Decision to this effect.
Egypt’s Parliamentary Budget Committee has approved the amendments to the 2008 Real Estate Tax Law. The Committee approved the proposal to extend the real estate revaluation period from August 2018 to August 2021, instead of the Government’s proposal to extend it 2020 only. It is understood the Government will submit a new draft real estate taxes law before 31 December, which will include significant amendments. The Finance Ministry has agreed to make changes to prepare for implementing the real estate tax law in the coming days.
This week the spotlight is on legal developments in Egypt, where Egyptian parliamentary health committee member Inas Abdel Halim MP has said that she will submit a bill at the start of the next parliamentary session in October amending the Child Law, Egypt No. 12/1996 in order to criminalize and tighten penalties for parental negligent. The basis of the proposed change is to amend Article 8 of Egypt Law No. 12/1996, which allows the punishment of a father or mother in such cases with six months imprisonment and a fine of 500 Egyptian Pounds. The proposed changes would increase the punishment of parents to imprisonment of at least 10 years if the negligence led to the death of the child. A parent found to have killed their child would face life imprisonment. The committee will invite comments from civil society organisations who work in this area.
This week the spotlight is on legal and regulatory developments in Egypt, where the Cabinet has approved a draft law to protect personal data, electronically processed in whole or in part by any holder, controller or processor. The law applies to Egyptians inside or outside the country, non-Egyptians living in Egypt and non-Egyptians outside of Egypt who carry out an act punishable in the State where it was signed. The law will impose obligations on controllers and processors with regards to the electronic processing of personal data, to ensure the rights of citizens and compliance with international legislation in this area.
Under the proposed law, personal data may not be collected, processed or disclosed by any means except with the consent of the relevant person or in cases authorised by law. The relevant person will have the right to access and obtain their own personal data. Penalties include jail terms of at least one year and/or a fine of up to 100,000 to 1,000,000 Egyptian Pounds. Those disclosing or making personal data available by any means other than those authorised by law or without the consent of the relevant person will face the same penalties. A Centre for Personal Data Protection in the Information Technology Industry Development Agency will be established and the employees will be appointed by a Ministerial Decision following a proposal from the competent minister. The Centre will formulate and develop policies, strategic plans and programmes to protect data and implement the relevant decisions, controls, measures, procedures and standards for data protection.
The Executive Regulations of the Universal Health Insurance Law, Egypt Law No 2/2018 (the Law) were issued by virtue of the Egypt Prime Minister Decree No 909/2018 on 8 May 2018 (the Regulations). The Regulations have mainly further elaborated on the role and mandates of the three authorities that will replace the General Authority for Health Insurance.
Click here to view the highlights of the most notable provisions: https://www.lexismiddleeast.com/doc/2661065_2661066
The President of Egypt’s Financial Regulatory Authority Mohamed Omran has announced Parliament will vote on the amendments to the Capital Market Law next month. Omran added work is ongoing to redraft the new comprehensive insurance law to ensure it is unified with the Private Insurance Funds Law.
Egypt’s Investment Minister, Sahar Nasr has announced the Executive Regulations to the Investment Law will be issued by 30 June. The drafting committee will hold a meeting on Sunday to finalise the Regulations. The Investment Law was approved by President Al-Sisi on 1 June.
Egypt’s Government is considering new social media curbs. If approved, users in the country would have to register with the Government to access social media sites including Twitter and Facebook. If their registration was successful they would receive a login which would be linked to their national ID. Unauthorised use of social media could result in violators being jailed and fined.
Egypt's Parliament has approved the country’s new Investment Law. It will now be referred to the President for further consideration. Under the law, there will be tax exemptions of up to 50% for investors in the country's poorest regions and other incentives in sectors like electricity and renewable energy. It will also provide a service centre for investors which will be aimed at being a one-stop shop. Authorities will have 60 days to provide investors with all of the necessary authorisations.