{"id":600849,"date":"2019-02-12T03:42:48","date_gmt":"2019-02-12T03:42:48","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/12\/egypts-house-committee-gives-preliminary-nod-to-e-payments-act\/"},"modified":"2019-02-12T03:42:48","modified_gmt":"2019-02-12T03:42:48","slug":"egypts-house-committee-gives-preliminary-nod-to-e-payments-act","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/12\/egypts-house-committee-gives-preliminary-nod-to-e-payments-act\/","title":{"rendered":"Egypt\u2019s House committee gives preliminary nod to E-payments Act"},"content":{"rendered":"

<\/a> LEGISLATION WATCH- House committee gives preliminary nod to E-payments Act: <\/b>The House of Representatives\u2019 Economic Committee has preliminarily approved the final draft of the E-payments Act<\/a>, according to reports in the local press<\/a>. The House general assembly is kick the tires of the final bill \u2014 which seeks to guide Egypt\u2019s transition to a cashless economy \u2014 \u201csoon.\u201d If passed, the law\u2019s executive regulations will be out within six months of approval. The Madbouly Cabinet signed off on the final draft last October<\/a>.<\/p>\n

What\u2019s the bill about? <\/b>According to documents leaked to the domestic press, the bill force demand electronic payment for everything under the sun, particularly big-ticket items including taxes and customs payments, subscriptions to IPOs, investment funds and share purchases, and just about every form of state fee. The law would only cover payments made in EGP.<\/p>\n

Background:<\/b> The bill is part of the government\u2019s plan to gradually transition towards a cashless, paperless economy. The Cabinet had announced last year<\/a> its intention to make all government transactions electronic by the start of this year, and the Finance Ministry announced last week<\/a> it will make electronic payment of government fees mandatory by early May for amounts exceeding EGP 500.<\/p>\n","protected":false},"excerpt":{"rendered":"

LEGISLATION WATCH- House committee gives preliminary nod to E-payments Act: The House of Representatives\u2019 Economic Committee has preliminarily approved the final draft of the E-payments Act, according to reports in the local press. The House general assembly is kick the tires of the final bill \u2014 which seeks to guide Egypt\u2019s transition to a cashless […]<\/p>\n","protected":false},"author":1,"featured_media":600850,"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":[155,72,7087,183,180,343,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-600849","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-digitization","tag-enterpriseam","tag-finance","tag-fintech","tag-legislation","tag-regulation","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"312d47cc-dbcd-45d5-8f07-29118ead2255","is_powered_by":true,"section_story_id":"bfe9a0b2-15c8-4422-a72b-c64c48f86b50","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/1\/662.jpg","photo_position":"above","related_issue":[600837],"teaser":"","voice_url":""},"yoast_head":"\nEgypt\u2019s House committee gives preliminary nod to E-payments Act - 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\/02\/12\/egypts-house-committee-gives-preliminary-nod-to-e-payments-act\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt\u2019s House committee gives preliminary nod to E-payments Act\" \/>\n<meta property=\"og:description\" content=\"LEGISLATION WATCH- House committee gives preliminary nod to E-payments Act: The House of Representatives\u2019 Economic Committee has preliminarily approved the final draft of the E-payments Act, according to reports in the local press. 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