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Monday, 9 March 2020

El Sisi ratifies amendments to temporary tax dispute bill, Terrorist Entities Act

LEGISLATION WATCH- President Abdel Fattah El Sisi has ratified the temporary tax dispute resolution bill, Youm reports, carrying a copy of the amended law published in the Official Gazette on 3 March. The legislation extends the expired Tax Dispute Resolution Act for six months, allowing the newly-established dispute settlement committees to handle tax disputes until 30 June this year. It permits businesses whose assets were frozen for not paying taxes to make a 10% down payment to unfreeze them and allow them to file for a settlement.

El Sisi ratified amendments to the Terrorist Entities Act, Youm7 reports separately. The House had approved the changes late last year, under which the general prosecution is required to announce new additions or removals of groups or individuals from the terror watchlist in the Official Gazette.

House gives preliminary approval to Anti-Money Laundering Act amendments: The House of Representatives yesterday approved in principle amendments to the Anti-Money Laundering Act that would expand the list of assets that can be used in money laundering to include selling and smuggling of oil, natural resources, securities and cryptocurrency, among others, according to Al Shorouk. The amendments, which were proposed last month and approved by a parliamentary committee earlier in March, also gives jurisdiction to the Money Laundering and Terrorist Financing Unit to expedite assets freezes and would put in place tougher sanctions.

The House Energy Committee also approved in principle a bill scrapping the Hydro Power Plant Executive Authority, which was proposed by the Madbouly Cabinet last month, Al Shorouk noted. The hydroelectric assets would be transferred to a new Renewable Energy Development Agency that would be run by the Electricity Ministry.

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