{"id":577244,"date":"2022-11-15T04:00:39","date_gmt":"2022-11-15T04:00:39","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/15\/senate-tweaks-fx-for-tax-cut-plan-contractors-bill-clears-committee-in-the-house\/"},"modified":"2022-11-15T04:00:39","modified_gmt":"2022-11-15T04:00:39","slug":"senate-tweaks-fx-for-tax-cut-plan-contractors-bill-clears-committee-in-the-house","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/15\/senate-tweaks-fx-for-tax-cut-plan-contractors-bill-clears-committee-in-the-house\/","title":{"rendered":"Senate tweaks FX-for-tax cut plan, contractors bill clears committee in the House"},"content":{"rendered":"

What happened in the upper and lower houses of parliament yesterday?<\/strong><\/p>\n

#1- The contractor compensation bill is heading to the House general assembly:<\/strong> The House Housing Committee yesterday gave a final approval to amendments<\/a> that would see the government pay compensation to contractors who have suffered losses on the back of recent economic reforms such as the EGP float. The Senate green-lit<\/a>the move at the end of October.<\/p>\n

Remember: <\/strong>MPs are currently on recess because of COP27 and will return on Sunday, 20 November.<\/p>\n

#2- Senate tweaks FX-for-tax cuts bill: <\/strong>The Senate made a minor change to draft amendments that would grant income tax breaks to investors who use FX to finance at least half of the cost of their projects. The change to the proposed amendments to the 2017 Investment Act would now have companies receive a tax cut ranging between 15% and 55%<\/strong> on income generated by projects funded by FX, instead of up to 55%<\/strong>. Senators approved the legislation<\/a> on Sunday.<\/p>\n

#3- Term limits for attach\u00e9s: <\/strong>The Senate gave a final nod to amendments to a 1982 law regulating the performance of Egyptian diplomatic and consular corps. The one-article bill allows the foreign minister to recruit employees affiliated with ministries to act as technical attach\u00e9s at diplomatic and consular missions abroad for one-year renewable terms, rather than for an indefinite number of years currently.<\/p>\n

What\u2019s next: <\/strong>The bill will make its way to the House of Representatives to be discussed and passed.<\/p>\n

FYI-<\/strong> The Senate has adjourned and will return on Sunday 27 November.<\/p>\n

IN THE HOUSE NEXT WEEK-<\/strong><\/p>\n

The House Housing committee will discuss government-drafted amendments to the <\/strong>Unified Building Code<\/a><\/strong>, committee chairman Rep. Emad Hammouda said. The changes to the code \u2014 which has already been amended multiple times since it was passed in March 2020<\/a> \u2014 are expected to resolve some of the problems<\/a> of the legislation.<\/p>\n","protected":false},"excerpt":{"rendered":"

What happened in the upper and lower houses of parliament yesterday? #1- The contractor compensation bill is heading to the House general assembly: The House Housing Committee yesterday gave a final approval to amendments that would see the government pay compensation to contractors who have suffered losses on the back of recent economic reforms such […]<\/p>\n","protected":false},"author":1,"featured_media":577245,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7344],"tags":[7195,130,72,187,301,392],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-577244","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislation-watch","tag-building-code","tag-construction","tag-enterpriseam","tag-legislation-watch","tag-sameh-shoukry","tag-senate","wpautop","entry"],"acf":{"mongo_id":"03c4d73c-1155-49ff-8a63-1b6ea3570401","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/11\/237.jpeg","photo_position":"above","related_issue":[577234],"teaser":"","voice_url":""},"yoast_head":"\nSenate tweaks FX-for-tax cut plan, contractors bill clears committee in the House - 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Under the proposed amendments\u2026","rel":"","context":"In "LEGISLATION WATCH"","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":576876,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/01\/senate-gives-final-nod-to-amendments-that-could-see-contractors-compensated-for-suffering-losses-in-deval-2-0\/","url_meta":{"origin":577244,"position":2},"title":"Senate gives final nod to amendments that could see contractors compensated for suffering losses in Deval 2.0","author":"enterpriseam admin","date":"1 November 2022","format":false,"excerpt":"Good news for government contractors: Senators yesterday approved legal amendments that would allow contractors who have suffered losses because of recent economic reforms to receive compensation from the government.The current bill was drafted with 2016 in mind: The original 2017 law was drafted to provide compensation for losses caused by\u2026","rel":"","context":"In "LEGISLATION WATCH"","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/43.jpeg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578065,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/14\/new-building-violation-reconciliation-law-gets-a-nod-by-a-house-committee\/","url_meta":{"origin":577244,"position":3},"title":"New building violation reconciliation law gets a nod by a House committee","author":"enterpriseam admin","date":"14 December 2022","format":false,"excerpt":"New building reconciliation law gets committee approval: The House Housing Committee yesterday approved the new bill that will make it easier for owners of illegal buildings to go legit following three days of discussions. The legislation \u2060\u2014 which replaces a 2019 law designed to legalize informal buildings \u2060\u2014 will prevent\u2026","rel":"","context":"In "LEGISLATION WATCH"","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/294.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":581159,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/21\/govt-approves-two-month-extension-to-expat-car-import-scheme\/","url_meta":{"origin":577244,"position":4},"title":"Gov\u2019t approves two-month extension to expat car import scheme","author":"enterpriseam admin","date":"21 February 2023","format":false,"excerpt":"The scheme has so far failed to gain traction among Egyptians abroad","rel":"","context":"In "LEGISLATION WATCH"","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/2\/cars-ports-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":561754,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/20\/senate-opposes-thanaweya-amma-2-0-shawky-defends-planned-overhaul\/","url_meta":{"origin":577244,"position":5},"title":"Senate opposes Thanaweya Amma 2.0, Shawky defends planned overhaul","author":"enterpriseam admin","date":"20 April 2021","format":false,"excerpt":"Senate votes against proposed Thanaweya Amma overhaul in general assembly: Proposed legislative amendments that would have changed the assessment model for Thanaweya Amma were rejected by Egypt\u2019s upper house of parliament yesterday, according to Youm7. 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