{"id":590007,"date":"2023-07-12T00:00:00","date_gmt":"2023-07-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/12\/house-signs-off-on-bills-aiming-to-boost-fdi-private-investment\/"},"modified":"2023-07-12T00:00:00","modified_gmt":"2023-07-12T00:00:00","slug":"house-signs-off-on-bills-aiming-to-boost-fdi-private-investment","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/12\/house-signs-off-on-bills-aiming-to-boost-fdi-private-investment\/","title":{"rendered":"House signs off on bills aiming to boost FDI, private investment"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span> <\/span><span style=\"font-weight:700\">House signs off on bills to boost FDI in final session before<\/span><span style=\"font-weight:700\"> summer recess: <\/span><span style=\"font-weight:400;\">In their last session before the three-month summer break, MPs gave their final approval to two key pieces of legislation in the government\u2019s efforts to level the playing field for the private sector and attract more foreign investment. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">REFRESHER- What bills to boost FDI? <\/span><span>The two bills are listed as part of 22 m<\/span><span>oves to reform the business climate <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a3816fe9-2abf-4b6c-91ce-680ea72e2d1b\" style=\"\">proposed<\/a><\/span><span> by the Supreme Investment Council in its first ever meeting back in May. They <\/span><span>were greenlit by <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c42300ba-c8d0-46a8-9163-74d189a26690\" style=\"\">House committees<\/a><\/span><span style=\"font-weight:400;\"> last week. They are: <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">#1- Amendments to the Investment Law<\/span><span> that expand the incentives made available to private <\/span><span>sector companies. The bill will allow projects that predate the 2017 law to benefit from incentives and expand eligibility for \u201cgolden licenses.\u201d <\/span><span style=\"font-weight:400;\">The amendments got MPs\u2019 preliminary approval earlier in the week. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">#2- A bill that will <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;font-weight:700;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c42300ba-c8d0-46a8-9163-74d189a26690\" style=\"\">eliminate tax exemptions<\/a><\/span><span style=\"font-weight:700\"> currently granted to state-o<\/span><span style=\"font-weight:700\">wned entities.<\/span><span style=\"font-weight:400;\"> While we don\u2019t have the details yet, MPs have said that will include scrapping customs and real estate tax exemptions that were previously granted to certain state entities. The bill is not set to impact projects that are subject to international agreements, that are defense- or national-security-related, or basic infrastructure projects.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Details still TK: <\/span><span>Both bills are welcome, but the devil is in the details, particularly when it comes to the thorny questions of which exemptions will be phased out for which companies on what schedule. <\/span><span>We expect to know more when the executive regulations for the laws hit the street \u2014 a process that can take up to six months from the moment they\u2019re signed into law by President Abdel Fattah El Sisi. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">ALSO APPROVED BY THE HOUSE YESTERDAY- <\/span><span>MPs put their last session to goo<\/span><span style=\"font-weight:400;\">d use, also signing off on bills setting up three new national entities, and on for foreign agreements: <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">New public bodies signed off on by MPs:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight:700\">The Intellectual Property Authority <\/span><span>will merge institutions currently responsible for regulating intellectual property rights in Egypt into a single entity. The new body would be responsible for advancing technological innovation, scientific research, and cultural development and comes as part of a wider <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/69a333e7-9848-43ac-bff4-717a4c97f3e9\" style=\"\">five-year intellectual property strategy<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/li>\n<li><span style=\"font-weight:700\">The <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;font-weight:700;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9b04d9d9-8402-4bc3-bf46-89c2cb4932f6\" style=\"\">EGP 1 bn<\/a><\/span><span style=\"font-weight:700\"> Differently Abled Fund <\/span><span>will support people with disabilities to enter the job market and run SMEs, among other forms of social and financial support. <\/span><\/li>\n<li><span style=\"font-weight:700\">The National Alliance for Civilian And Development Action <\/span><span style=\"font-weight:400;\">will work to establish development projects and social development initiatives in collaboration with NGOs and civil society organizations.<\/span><\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Foreign agreements that got the final greenlight:<\/span><\/p>\n<ul>\n<li><span>A <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/45a28956-8000-42b1-948c-4eea40a6fb50\" style=\"\">cabinet-led agreement<\/a><\/span><span> to scrap<\/span><span style=\"font-weight:700\"> double taxation with Qatar<\/span><span style=\"font-weight:400;\"> and crack down on tax evasion;<\/span><\/li>\n<\/ul>\n<ul>\n<li><span style=\"font-weight:700\">A USD 15 mn <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;font-weight:700;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a10abfdb-9dc8-4c91-ab5d-8513537de698\" style=\"\">grant from USAID<\/a><\/span><span style=\"font-weight:400;\">to combat climate change;<\/span><\/li>\n<li><span>Joining the Riyadh-headquartered <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;font-weight:700;\"><a href=\"https:\/\/www.fao.org\/neareast\/news\/view\/en\/c\/1618426\/#:~:text=The%20IDC%20established%20in%20Feb,duties%20stated%20in%20its%20Charter.\" style=\"\">International Date Council<\/a><\/span><span style=\"font-weight:700;\">; <\/span><\/li>\n<li><span style=\"font-weight:700\">Becoming a member of <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;font-weight:700;\"><a href=\"https:\/\/www.iaea.org\/about\/partnerships\/regional\/cooperative-agreements\/african-regional-cooperative-agreement-for-research-development-and-training-related-to-nuclear-science-and-technology-afra#:~:text=The%20African%20Regional%20Cooperative%20Agreement,focused%20on%20the%20specific%20shared\" style=\"\">AFRA<\/a><\/span><span style=\"font-weight:400;\">, a pan-African nuclear science cooperation agreement.<\/span><\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">What\u2019s next? <\/span><span>The House is now out for summer and won\u2019t reconvene until October. Stay tuned for our customary rundown of all the bills that were discussed, voted on, or got stuck in legislative limbo this session \u2014 and what to expect when MPs come back from the break. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Parliament will reconvene in October<\/p>\n","protected":false},"author":1,"featured_media":590008,"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":[531,7312,72,274,125,187,190,69,501],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-590007","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislation-watch","tag-civil-society","tag-egypt-qatar-relations","tag-enterpriseam","tag-house-of-representatives","tag-investment-watch","tag-legislation-watch","tag-social-welfare","tag-tax","tag-usaid","wpautop","entry"],"acf":{"mongo_id":"936b39e5-5bac-4b19-a3f6-1931538ced39","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/7\/287.jpg","photo_position":"above","homepage_title":"House signs off on bills to boost FDI","full_issue_title":"Egypt\u2019s House of Representatives signs off on two bills to boost FDI, private investment","related_issue":[589996],"teaser":"Parliament will reconvene in October","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/7\/.170c2010-1288-4da6-9d5c-47b1a24563f4.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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