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Wednesday, 24 January 2018

Cabinet approves amendments to Income Tax Law, draft law regulating billboards

CABINET WATCH- The Ismail Cabinet approved yesterday amendments to the Income Tax Law to facilitate procedures for submitting tax declaration forms, according to an official statement. The new procedures will grant a 60-day window after declaration forms are submitted to the Tax Authority for citizens to submit the remaining necessary documents. The move is meant to reduce the rate of incomplete tax declarations.

The ministers also signed off on a draft law regulating billboards on roads and bridges. The law will give us a National Advertising Regulatory Authority to set regulations for the issuance of licenses for new billboards—and to regulate content in the ads they carry. The authority will be headed by the prime minister and its members will include the transport, local development, defense, interior, housing, environment, finance, electricity, and culture ministers.

Also approved during the weekly meeting:

  • Beginning procedures for the Egyptian Electricity Transmission Company to sign a contract with Lekela Power for its USD 400 mn, 250 MW wind farm in the Gulf of Suez;
  • A presidential decree amending a USD 16 mn grant agreement with the United States for the US-Egypt Science and Technology Joint Fund.

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