{"id":590084,"date":"2023-07-13T00:00:00","date_gmt":"2023-07-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/13\/heres-what-mps-got-done-this-session\/"},"modified":"2023-07-13T00:00:00","modified_gmt":"2023-07-13T00:00:00","slug":"heres-what-mps-got-done-this-session","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/13\/heres-what-mps-got-done-this-session\/","title":{"rendered":"Here\u2019s what MPs got done this session"},"content":{"rendered":"

<\/span>It's Sahel time for our elected representatives \u2014 here\u2019s what they got up to over <\/span>the past year:<\/span> The House of Representatives held its final session on Tuesday before breaking for the annual three-month summer recess. Lawmakers passed some 188 bills during the cycle, <\/span>according to House Speaker Hanafi Gebali<\/span>. The current legislative session saw measures to boost investment and economic reform at the forefront of our lawmakers\u2019 agendas. <\/span><\/p>\n

Here\u2019s a rundown of the key bills impacting the business community<\/span>, the economy, and wider society:<\/span><\/p>\n

BUSINESS + FINANCE<\/span><\/p>\n

INVESTMENT ACT AMENDMENTS- <\/span>Amendments<\/a><\/span> to the Investment Act<\/span>aim to improve<\/a><\/span>the <\/span>investment climate, support private-sector participation, and promote fairness, competition and transparency in the economy. The bill will also allow projects predating the 2017 act to benefit from its incentives and expand eligibility for golden licenses. The amendments are one of 22 moves to reform the business climate <\/span>proposed<\/a><\/span> by the Supreme Investment Council in its first ever meeting in May.<\/span><\/p>\n

COMPETITION ACT<\/span>- <\/span>Amendments to the Competition Act<\/a><\/span>passed <\/span>late last year grant the <\/span>Egyptian Competition Authority (ECA) the power to block M&As that it believes could be anti-competitive or encourage monopolistic practices.<\/span><\/p>\n

AUTOMOTIVE LEGISLATION- <\/span>MPs <\/span>approved legislation<\/a><\/span> that will see the establishment of a <\/span>new regulatory body \u2014 dubbed the Supreme Council for Vehicle Manufacturing \u2014 to set policy for the local automotive industry (including EV assembly), as well as set up a new fund to offer incentives to companies in the business of assembling environmentally-friendly cars. A second piece of automotive legislation that got the go ahead allowed <\/span>Egyptian expats to import new cars<\/a><\/span> and get an eventual rebate on all related fees if they pay upfront in FX, an initiative that raised <\/span>USD 900 mn<\/a><\/span> in FX.<\/span><\/p>\n

SIMPLIFIED PROPERTY REGISTRATION IN NEW CITIES- <\/span>Amendments to a 2018 law<\/a><\/span> will <\/span>simplify the real estate registry and notarization process in new cities. Under <\/span>the changes<\/span>, owners of property and plots of land in new cities will no longer be required to interact with real estate registry and notarization offices and will only need to submit registration paperwork to the New Urban Communities Authority (NUCA).<\/span><\/p>\n

INTELLECTUAL PROPERTY AUTHORITY- <\/span>The House <\/span>signed off on a bill<\/a><\/span> that <\/span>will<\/span>merge<\/a><\/span>institutions currently responsible for regulating intellectual property rights into a single entity<\/a><\/span>. The new body would also be responsible for advancing technological innovation, scientific research and cultural development as part of <\/span>a wider five-year intellectual property strategy<\/a><\/span>.<\/span><\/p>\n

CONTRACTOR COMPENSATION BILL-<\/span> Amendments to the 2017 <\/span>Contractors Compensation<\/a><\/span>bill<\/a><\/span> will allow construction firms who have suffered losses on state projects due to recent economic reforms to receive compensation from the government. <\/span>Amendments to the law<\/a><\/span> \u2014 which was originally drafted for economic reforms undertaken in 2016 \u2014 will be extended to cover all periods of reform.<\/span><\/p>\n

TAXATION<\/span><\/p>\n

TAX AND DUTY HIKES-<\/span> A <\/span>raft of tax, duty and development fee hikes<\/a><\/span> cleared the House in <\/span>May. Among the changes:<\/span><\/p>\n