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Monday, 2 January 2023

New real estate registry, competition law, and tax amendments are now in effect

El Sisi signs into law real estate registry, competition, and tax law amendments: President Abdel Fattah El Sisi has ratified a number of legislative amendments recently passed by the House of Representatives, according to a decree published in the Official Gazette.

#1- Amendments to the Real Estate Registry Act that streamline the real estate registration process by reducing paperwork, digitizing some of the procedures, and putting a time ceiling on the entire process.

#2- Competition Act amendments that grant the Egyptian Competition Authority (ECA) the power to block M&As that it thinks could harm market competition and promote monopolistic practices.

#3- The controversial amendment to the Unified Tax Procedures Act that allows foreign tax authorities to access individuals and businesses’ financial information.

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