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Thursday, 16 March 2017

Structure of incentives proposed under draft Investment Act to change, will delay passage of the act by at least a month -PM

Structure of incentives proposed under draft Investment Act to change, will delay passage of the act by at least a month: The structure of investment incentives offered under the proposed Investment Act could well change after Prime Minister Sherif Ismail said yesterday that amendments are coming. The changes to the bill, now before the House of Representatives, will be ready in a month’s time, he added, according to Al Masry Al Youm. The PM gave no hint as to what the changes might be. The House had been on track to pass the law before the end of this month. Ismail’s comments yesterday came after the chair of the House of Representatives’ Economic Committee said on Monday that the act might be split into two.

Khodeir looks to slide in amendments granting GAFI more powers: If media reports are true, it appears General Authority for Free Zones and Investment (GAFI) chief Mohamed Khodeir is tussling with the House Economics Committee looking to widen GAFI’s powers. According to Ahram Gate, Khodeir wants to amend clauses in the draft Investment Act that allow GAFI to suspend or revoke free zone licenses without requiring a verdict from the courts, something MPs are vehemently against, apparently. It’s hard for us to believe we’re saying this, but good on them.

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