Egypt could exempt charity funds from paying taxes

The Finance Ministry has agreed in principle to exempt charity funds from paying taxes in a bid to encourage the sector, Italy-based asset manager Azimut Group Managing Director Ahmed Abou El-Saad tells Al Mal. Azimut has been hired to manage the assets of Egypt's first charitable investment fund, Ataa, which will serve people with disabilities. The Financial Regulatory Authority had approved a directive allowing the establishment of charitable investment funds, whose profits would go towards charity and other social welfare and development projects last year.