LEGISLATION WATCH- FinMin to make concessions to insurance providers: Insurance providers could receive tax exemptions under draft proposals currently being looked at by the Finance Ministry, minister Mohamed Maait said yesterday on the sidelines of insurance industry forum Sharm El Sheikh Rendezvous. The ministry could introduce the incentives within the coming two months, Maait said, providing little else in the way of detail. The move seems to be designed to lessen the impact on insurance companies of the 150% hike in minimum issued and paid-in capital contained in the proposed Insurance Act amendments. When details of the draft changes were leaked in January, the Insurance Federation of Egypt reportedly voiced concerns that the hike is unnecessarily high.

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