Back to the complete issue
Tuesday, 5 July 2022

Tax payers get break on late fees + Changes to competition Act delayed

Taxpayers who are in arrears to the government will catch a bit of a break this year after representatives approved amendments that will reduce late payment fees due before 31 August by 65%. The bill had originally been set to waive 50% of fees due before 15 July, but the Finance Ministry moved to make it more generous in yesterday’s session after MPs called for more support to taxpayers amid the fallout from the crisis in Ukraine. The move comes as the House of Representatives looks to close out this legislative cycle today.

What about amendments to the Competition Act? They’ve been kicked into the long grass: MPs won’t take a vote on proposals to hand the Egyptian Competition Authority (ECA) greater powers over mergers and acquisitions until the next legislative session, which begins in October. Negotiations over key parts of the amendments to the Competition Act remained at a standstill yesterday, with the ECA not seeing eye to eye with the central bank, the Financial Regulatory Authority and the EGX over how much power it should have to regulate M&As.

Want more on the proposed changes to competition rules? We have an explainer here.

Railway money: The House also approved a KWD 750k (USD 2.45 mn) grant from the Kuwait Fund for Arab Economic Development to the International Cooperation Ministry to prepare feasibility studies for a rail connection between Egypt and Sudan.

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 HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; 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.