Back to the complete issue
Sunday, 29 July 2018

El Sisi signs into law a series of legislation

LEGISLATION WATCH- President Abdel Fattah El Sisi signed into law on Thursday amendments to the income tax code that would set a 2.5% tax on the quick sale value of real estate assets — whether in the form of a building or unoccupied land, AMAY reports. Under the new stipulations, property owners would not have access to basic services such as power and water until they are able to present proof that they have paid the necessary taxes.

El Sisi also ratified on Thursday a law that shields senior military officials from prosecution, Youm7 reports. Under the new law, any legal action against senior military officers requires permission from the Supreme Council of the Armed Forces. Officers will also be granted the same status as diplomats under the newly ratified law. The move is receiving coverage in the foreign press, with pickups of the AP stating that the law would protect officers from prosecution from the violence witnessed in 2013.

He also signed into law legislation to reduce the pensions of ministers, governors, and their deputies, according to Youm7. Under the law, pensions for these positions will be reduced to 25% of their pre-retirement wages, down from an original 80%.

Other legislation ratified by El Sisi last week include amendments to the Police Act, which forms the a disciplinary council for the police, according to Akhbar Al Youm. He also ratified a USD 300 mn grant from China to support the launch of a new Egypt satellite.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Etisalat Misr (tax ID: 235-071-579), the leading telecoms provider in Egypt; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.