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Tuesday, 14 May 2019

Egypt’s Investment Act amendments get committee-level approval

LEGISLATION WATCH- Companies looking to do follow-on investment could qualify for the same incentives as a new project: The House Economic Committee has greenlit amendments to the Investment Act approved by cabinet in March, Investment Minister Sahar Nasr said, according to Al Masry Al Youm. The changes would add a clause to Article 12 making certain expansions at existing companies eligible for incentives granted under the law. Amendments to Article 48 of the law would cap notary fees on contracts worth up to EGP 10,000 in a bid to lower costs for investors. The proposed amendments will now head for a final vote in the House general assembly ahead of being signed into law by President Abdel Fattah El Sisi.

New Investment Ministry committee to advocate good morals in governance: The House committee has also approved a separate draft law to promote stronger moral values in company governance, Nasr told the newspaper. The draft would set up a permanent Investment Ministry committee to promote “fair-mindedness, transparency, and excellence.”

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