{"id":601854,"date":"2019-03-12T03:54:14","date_gmt":"2019-03-12T03:54:14","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/12\/egypt-parliament-approves-e-payments-act\/"},"modified":"2019-03-12T03:54:14","modified_gmt":"2019-03-12T03:54:14","slug":"egypt-parliament-approves-e-payments-act","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/12\/egypt-parliament-approves-e-payments-act\/","title":{"rendered":"Egypt parliament approves E-Payments Act"},"content":{"rendered":"

<\/a> LEGISLATION WATCH- The House of Representatives\u2019 general assembly approved the E-Payments Act yesterday<\/b>, Al Shorouk reports<\/a>. The law drafted by the CBE makes it mandatory for government and private sector entities to make all payments to subsidiaries, suppliers, and contractors electronically. The bill also demands electronic payment for big-ticket items such as taxes and customs payments, as well as subscriptions to IPOs, investment funds, and share purchases. Violators will pay a penalty equivalent to 2-10% of the total payment, or up to EGP 1 mn.<\/p>\n

What does this mean for business? <\/b>We\u2019ll know more in the coming months as the government works out the executive regulations to the act.<\/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 month<\/a> it will make electronic payment of government fees for amounts exceeding EGP 500 mandatory by early May.<\/p>\n

And speaking of the move to a cashless society: <\/b>The move toward (electronic) cash payment of welfare benefits<\/b> appears to be gathering steam. A widely picked-up piece by state-run news agency MENA<\/a> quotes Supply Minister Ali El Moselhy as saying that people benefiting from his ministry\u2019s bread subsidy program could soon be paid cash instead. El Moselhy noted that the strategy would not save the government money, but would allow it to better target the subsidy to those who need it most. The proposal would see bread produced under the subsidy program sold at market prices.<\/p>\n","protected":false},"excerpt":{"rendered":"

LEGISLATION WATCH- The House of Representatives\u2019 general assembly approved the E-Payments Act yesterday, Al Shorouk reports. The law drafted by the CBE makes it mandatory for government and private sector entities to make all payments to subsidiaries, suppliers, and contractors electronically. The bill also demands electronic payment for big-ticket items such as taxes and customs […]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[72,274,180,2380,98,777],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-601854","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-house-of-representatives","tag-legislation","tag-speed-round","tag-subsidies","tag-supply-ministry","wpautop","entry"],"acf":{"mongo_id":"c7f2e70b-ba4b-41f0-b86d-2cdf6792fe97","is_powered_by":true,"section_story_id":"4cba9f5b-8938-4c3c-ac53-8d9b8bdc8d6a","story_type":"1","photo_url":"","photo_position":"above","related_issue":[601845],"teaser":"","voice_url":""},"yoast_head":"\nEgypt parliament approves 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\/03\/12\/egypt-parliament-approves-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 parliament approves E-Payments Act\" \/>\n<meta property=\"og:description\" content=\"LEGISLATION WATCH- The House of Representatives\u2019 general assembly approved the E-Payments Act yesterday, Al Shorouk reports. 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The House general assembly is kick the tires of the final bill \u2014 which seeks to guide\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/662.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":624423,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/09\/cbe-completes-draft-of-new-e-payments-act\/","url_meta":{"origin":601854,"position":1},"title":"CBE completes draft of new e-payments act","author":"enterpriseam admin","date":"9 September 2018","format":false,"excerpt":"LEGISLATION WATCH- CBE completes draft of new e-payments act: The CBE has completed a draft of a new e-payments act and presented it at a meeting of the National Payments Council on Saturday, according to a statement from Ittihadiya. No details were provided on the specifics of the bill. The\u2026","rel":"","context":"In "Speed Round"","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":604368,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/02\/e-payments-act-with-egypts-council-of-state-for-review\/","url_meta":{"origin":601854,"position":2},"title":"E-Payments Act with Egypt\u2019s Council of State for review","author":"enterpriseam admin","date":"2 December 2018","format":false,"excerpt":"LEGISLATION WATCH- E-Payments Act with Council of State for review: The final draft of the E-Payments Act, which is meant to guide Egypt\u2019s transition to a cashless, paperless economy, has been referred to the Council of State (Maglis El Dawla) for review, CBE Sub-Governor for Payment Systems and Business Technology\u2026","rel":"","context":"In "Speed Round"","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":601296,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/25\/house-postpones-final-vote-on-e-payments-act\/","url_meta":{"origin":601854,"position":3},"title":"House postpones final vote on e-Payments Act","author":"enterpriseam admin","date":"25 February 2019","format":false,"excerpt":"LEGISLATION WATCH- The House general assembly postponed its final vote on the E-Payments Act after MPs failed to reach quorum on Sunday, Al Ahram reports. 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