{"id":598913,"date":"2019-06-12T04:00:02","date_gmt":"2019-06-12T04:00:02","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/12\/legislative-activity-is-ramping-up-in-the-house\/"},"modified":"2019-06-12T04:00:02","modified_gmt":"2019-06-12T04:00:02","slug":"legislative-activity-is-ramping-up-in-the-house","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/12\/legislative-activity-is-ramping-up-in-the-house\/","title":{"rendered":"Legislative activity is ramping up in the House"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <b>LEGISLATION WATCH- It\u2019s the busiest day in the House since, well, last June: <\/b>It\u2019s that time of the year, ladies and gentlemen, when our esteemed representatives are looking to close up shop before the summer recess. As is typical at this time of the year, the rate of legislative activity spikes, and yesterday we saw a number of decisions (and delays) on key pieces of business-relevant legislation:<\/p>\n<p><b>Planning committee delays stamp tax decision:<\/b> The House Planning and Budget Committee has postponed a decision on amendments that would leave the stamp tax on EGX transactions unchanged at 0.15% in FY2019-2020, <a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=11062019&id=3330a9e1-19f3-4e41-afb4-d1f4ef3f1fdb\">Al Shorouk reports<\/a>. The committee said that it did not have enough information to make a decision and that it required more time to collect EGX data. The stamp tax on stock market transactions was scheduled to increase to 0.175% on 1 June but the Finance Ministry <a href=\"https:\/\/enterprise.press\/stories\/2019\/05\/08\/finmin-calls-off-egx-stamp-tax-increase\/\">called it off<\/a> last month in a move designed to ease the financial burden on traders. The Finance Ministry introduced the tax at <a href=\"https:\/\/enterprise.press\/stories\/2017\/07\/02\/what-were-tracking-on-02-july-2017\/\">0.125% in 2017<\/a>, and planned to increase it annually over a three-year period.<\/p>\n<p><b>Punitive measures set under draft Mineral Resources Act: <\/b>The House Industry Committee signed off on new amendments to the Mineral Resources Act that impose harsher punishments on wildcat miners who dig and drill without a license, <a href=\"https:\/\/almalnews.com\/%D8%B5%D9%86%D8%A7%D8%B9%D8%A9-%D8%A7%D9%84%D8%A8%D8%B1%D9%84%D9%85%D8%A7%D9%86-%D8%AA%D8%BA%D9%84%D8%B8-%D8%B9%D9%82%D9%88%D8%A8%D8%A9-%D8%A7%D8%B3%D8%AA%D8%AE%D8%B1%D8%A7%D8%AC-%D8%AE\/\">local press reported<\/a>. Offenders could now face a minimum one-year jail sentence and a fine between EGP 50,000 and EGP 5 mn. Mining outside the boundaries of the concession area carries a fine of between EGP 100,000 and EGP 5 mn, a figure that would double for repeat violations. People who transport material from an unlicensed mine could spend between three and six months in jail and receive a fine to the tune of double the value of the material transported. Issuing a mining license on agricultural land without the approval of the Agriculture Ministry will be punished with a fine ranging from EGP 200,000 to EGP 1 mn. <a href=\"https:\/\/enterprise.press\/stories\/2019\/06\/11\/mineral-resources-act-amendments-set-for-parliamentary-approval-before-summer-recess\/\">You can check out new details on the act that were revealed earlier this week here<\/a>.<\/p>\n<p><b>Gov\u2019t can step in if court revokes privatization:<\/b> The House\u2019s general assembly gave its final approval to a law presented by the government that would refer certain disputes over privatization to the cabinet\u2019s dispute resolution committee, according to the<a href=\"https:\/\/www.alborsaanews.com\/2019\/06\/11\/1211995\">local press<\/a>. The law specifically addresses cases where Egyptian courts overturn decisions by the government to sell off state assets. Egypt has seen a spate of such rulings following the events of 25 January 2011. Examples include <a href=\"http:\/\/www.bbc.com\/arabic\/middleeast\/2011\/05\/110507_egypt_omar_afandi\">an administrative court ruling<\/a> in May 2011 that rolled-back the sale of ailing retailer Omar Effendi to Saudi business figure Gumail Al Kunbeet and <a href=\"https:\/\/www.almasryalyoum.com\/news\/details\/134495\">a separate ruling<\/a> later in the year to keep Nile Cotton Ginning Company under state control.<\/p>\n<p><b>Real estate appraisals get committee-level sign-off: <\/b>The House Economic Committee approved an amendment to the Investment Act that would set new standards for real estate appraisals and mandates the use of appraisers listed with the Financial Regulatory Authority, <a href=\"https:\/\/almalnews.com\/%D8%AA%D8%B9%D8%AF%D9%8A%D9%84-%D8%B9%D9%84%D9%89-%D9%82%D8%A7%D9%86%D9%88%D9%86-%D8%A7%D9%84%D8%A7%D8%B3%D8%AA%D8%AB%D9%85%D8%A7%D8%B1-%D9%8A%D9%82%D8%B6%D9%8A-%D8%A8%D8%A7%D8%B9%D8%AA%D9%85%D8%A7\/\">Al Mal reports<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>LEGISLATION WATCH- It\u2019s the busiest day in the House since, well, last June: It\u2019s that time of the year, ladies and gentlemen, when our esteemed representatives are looking to close up shop before the summer recess. As is typical at this time of the year, the rate of legislative activity spikes, and yesterday we saw [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":598914,"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":[8572],"tags":[68,72,274,180,3688,83,2380,766,587],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-598913","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-egx","tag-enterpriseam","tag-house-of-representatives","tag-legislation","tag-mineral-resources-act","tag-real-estate","tag-speed-round","tag-stamp-tax","tag-state-privatization-program","wpautop","entry"],"acf":{"mongo_id":"a06183ec-ba2f-46e9-843b-62e150e5f8f9","is_powered_by":true,"section_story_id":"41095f05-c424-4c59-9c8e-fb8062b65bb6","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/1\/662.jpg","photo_position":"above","related_issue":[598906],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Legislative activity is ramping up in the House - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2019\/06\/12\/legislative-activity-is-ramping-up-in-the-house\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Legislative activity is ramping up in the House\" \/>\n<meta property=\"og:description\" content=\"LEGISLATION WATCH- It\u2019s the busiest day in the House since, well, last June: It\u2019s that time of the year, ladies and gentlemen, when our esteemed representatives are looking to close up shop before the summer recess. As is typical at this time of the year, the rate of legislative activity spikes, and yesterday we saw [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2019\/06\/12\/legislative-activity-is-ramping-up-in-the-house\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2019-06-12T04:00:02+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2020\/1\/662.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/06\/12\/legislative-activity-is-ramping-up-in-the-house\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/06\/12\/legislative-activity-is-ramping-up-in-the-house\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Legislative activity is ramping up in the House\",\"datePublished\":\"2019-06-12T04:00:02+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/06\/12\/legislative-activity-is-ramping-up-in-the-house\/\"},\"wordCount\":499,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/06\/12\/legislative-activity-is-ramping-up-in-the-house\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/1\/662.jpg?fit=%2C&ssl=1\",\"keywords\":[\"EGX\",\"EnterpriseAM\",\"House of Representatives\",\"legislation\",\"Mineral Resources Act\",\"real estate\",\"SPEED ROUND\",\"stamp tax\",\"state privatization program\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/06\/12\/legislative-activity-is-ramping-up-in-the-house\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2019\/06\/12\/legislative-activity-is-ramping-up-in-the-house\/\",\"name\":\"Legislative activity is ramping up in the House - 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The cabinet approved plans in March to slash stamp tax to 0.05%\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/5\/140.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":571605,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/18\/house-speaker-submits-income-tax-act-public-enterprises-act-others-for-committee-discussion\/","url_meta":{"origin":598913,"position":1},"title":"House Speaker submits Income Tax Act, Public Enterprises Act, others, for committee discussion","author":"enterpriseam admin","date":"18 May 2020","format":false,"excerpt":"LEGISLATION WATCH- House Speaker submits Income Tax Act, Public Enterprises Act, others, for committee discussion: House Speaker Ali Abdel Aal submitted six draft laws and two protocols to their relevant committees during parliament\u2019s plenary session on Sunday, the local press reports. Income tax amendments sent to the Planning and Budgeting\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":598994,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/16\/bourse-misr-clearing-to-refund-additional-stamp-tax-payments-when-house-approve-amendments\/","url_meta":{"origin":598913,"position":2},"title":"Bourse, Misr Clearing to refund additional stamp tax payments when house approve amendments","author":"enterpriseam admin","date":"16 June 2019","format":false,"excerpt":"Traders can expect stamp tax refunds when the House approves scrapping the recent increase: The EGX and Misr for Central Clearing, Depository and Registry will refund investors who paid the newly increased stamp tax that came into effect this month when the House of Representatives approves a bill canceling the\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":571638,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/19\/house-gives-preliminary-nod-to-stamp-tax-amendments-looks-set-to-give-tax-break-to-state-owned-enterprises-suspends-agriculture-land-tax\/","url_meta":{"origin":598913,"position":3},"title":"House gives preliminary nod to stamp tax amendments, looks set to give tax break to state-owned enterprises, suspends agriculture land tax","author":"enterpriseam admin","date":"19 May 2020","format":false,"excerpt":"LEGISLATION WATCH- House gives preliminary nod to stamp tax amendments, looks set to give tax break to state-owned enterprises, suspends agriculture land tax: The House of Representatives\u2019 general assembly yesterday gave preliminary approval to government proposals to cut stamp tax on EGX transactions and withholding tax on dividends, Al Mal\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/5\/202.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":598827,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/10\/house-planning-and-budget-committee-to-discuss-unifying-capital-gains-tax\/","url_meta":{"origin":598913,"position":4},"title":"House Planning and Budget Committee to discuss unifying capital gains tax","author":"enterpriseam admin","date":"10 June 2019","format":false,"excerpt":"LEGISLATION WATCH- House pushes ahead with proposal on capital gains tax reform: The House of Representatives\u2019 Planning and Budget Committee is planning to move forward with its plans to unify capital gains tax, despite the Tax Authority having already shot the idea down, the committee\u2019s deputy chair Yasser Omar told\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":596623,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/03\/finmin-egx-to-restore-the-old-capital-gains-tax-regime\/","url_meta":{"origin":598913,"position":5},"title":"FinMin, EGX to restore the old capital gains tax regime","author":"enterpriseam admin","date":"3 July 2019","format":false,"excerpt":"EXCLUSIVE- Gov\u2019t to restore the old capital gains tax regime under its latest proposal: A government committee looking to amend the capital gains tax (CGT) is proposing to restore the old tax rate of 10% on gains from the sale of shares in both EGX-listed and non-listed companies, a number\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed 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