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Sunday, 18 June 2017

On the horizon

LEGISLATION WATCH- The executive regulations of the Investment Act will be with Prime Minister Sherif Ismail for review within 10 days, Investment Minister Sahar Nasr told Reuters over the weekend.

The Universal Healthcare Act could be going to the House of Representatives right after Eid Al Fitr, which is when the actuarial study backing the law is set to be completed, Health Minister Ahmed Rady said on Saturday, according to Al Shorouk.

The Ismail cabinet is currently reviewing an amended Leasing and Factoring Act drafted by the Egyptian Financial Supervisory Authority in April, according to Nasr.

More long-term, the central bank expects to finalize a draft of the new Banking Act in two months’ time, sources with knowledge of the matter tell Al Borsa. Priorities include the regulation of non-banking financial institutions, protecting the interests of retail clients, and reducing red tape in the sector. Consultations with the domestic banking industry and international organizations including the IMF are underway, the story says.

The Tax Authority has extended the deadline to pay real estate taxes until the end of June. The extension from the initial deadline of 15 June shields taxpayers from additional charges or interest for late payment, Al Shorouk reports. The authority will be staying open until 6pm through the end of filing season.

New electricity prices announced end of June: The Electricity Ministry plans to announce planned price hikes by the end of this month, unnamed senior government officials tell Al Borsa. The electricity ministry is resisting pressure from MPs to delay the price hikes.

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