LEGISLATION WATCH- Egypt’s sovereign wealth fund will be exempt from paying taxes on transactions with any of its subsidiary funds. The House of Representatives’ Budget Committee reached an agreement yesterday with Finance Minister Mohamed Maait to tax only transactions with non-affiliates, Youm7 reports. We reported on Sunday that amendments had been introduced to the bill — which will outline the functions and structure of Egypt’s EGP 200 bn sovereign wealth fund — to exempt the fund from taxes for a renewable periods of four-years, right before the Planning Ministry and Budget Committee reached consensus on the final draft. The bill could go be up for a plenary session discussion any day now, but officials have given clarity on the timeline beyond Planning Minister Hala El Said saying the law would be issued by year’s end.

The House also made it tougher to dodge a 2.5% tithe on real estate sales, Al Shorouk reports. MPs voted in favor of amendments to the tax code that bar property owners from basic services such as power and water until they are able to present proof that they have paid the tax.

Public transportation, traffic laws in play: The House is also waiting on the government to send back its draft law on public transportation, House Transport Committee deputy chair Rep. Mohamed Zeineldin tells Al Mal. The legislation would be a prelude to installing so-called “intelligent transportation systems” to manage and monitor transportation networks around the country. The law should also be passed before the new Traffic Act, which is also on the agenda for the National Security Committee.

Parliament also gave a preliminary nod to the Foreign Campuses Act, which sets the rules for foreign universities opening campuses in Egypt, Ahram Gate reports.

Elsewhere, Health Minister Hala Zayed is expected to make an appearance this week to present her ministry’s program to the House Health Committee.