House gives its final nod to Unified Tax Procedures Act amendment: The House of Representatives yesterday voted through a controversial amendment to the Unified Tax Procedures Act that would allow foreign tax authorities to access individuals and businesses’ financial information.

The Egyptian Tax Authority won’t be harvesting your bank statements: Policymakers have moved to assure the public (pdf) that the law will not give the Egyptian Tax Authority access to personal information and is being passed to meet obligations required by the Global Forum for Transparency and Exchange of Information for Tax Purposes, which Egypt joined in 2016.

It’s different for Egyptians abroad: The amendments allow foreign tax authorities to access the personal financial information of Egyptian expats and foreigners if they request access to investigate tax evasion, the Finance Ministry and CBE have said.

In the nick of time: By passing the amendment yesterday, Egypt has avoided being labeled a “non-cooperative member country” by the Forum, Finance Minister Mohamed Maait told the House ahead of yesterday’s vote. The Forum is set to evaluate Egypt in the coming days, House Speaker Hanafi El Gebaly said.

Some MPs used the debate to gripe: Some opposition MPs took to the floor to berate the government over its handling of the economic crisis, with MP Mostafa Bakry going as far as to call on the Madbouly government to resign. Bakry and MP Abdel Moneim Emam were among MPs who rejected the amendment, saying its scope and objectives were not clear.

THE HOUSE ALSO APPROVED:

Allowing the government to contract with companies to develop the Tahya Misr 1 terminal at Damietta port: A consortium of three European firms signed an agreement with the port authority earlier this year which will see them invest USD 500 mn to build the terminal.

Egypt joining the Africa Finance Corporation (AFC): It has been over a year since cabinet approved plans to join the multilateral lender, which could open the door to new investment in several economic sectors.

Three new laws were referred to the House:

• Two draft laws that would allow the government to bring in companies to develop two container terminals in Alexandria’s Dekheila port and the Ain Sokhna port. Companies are already lining up to take part in the ports’ development.
• A draft law amending the Penal Code. Just last year the House approved amendments to the code, imposing harsher penalties to those convicted of leaking military secrets.