Mohamed On 22 December 2016, the Minister of Finance issued Decree No. 418 of 2016 determine the difference between the official and parallel market prices of the foreign currencies for purposes of calculating income taxes for the years 2013, 2014 and 2015.
On 15 December 2016, the Ministry of Investment passed the Executive Regulations of the Movable Collaterals Law no. 115/2015 which was passed a year ago on 15 November 2015 (Movable Collaterals Law).
Our partner Dr. Fatma Salah gave a seminar to the Japanese business community on the Egyptian corporate governance rules.
A draft law on the Development of Vehicles Industry and its Feeders Industries (“Draft Law”) has been recently issued by the Ministry of Trade and Industry and submitted to the Egyptian House of Representatives for approval. The purpose of the prospective law is to enhance and develop vehicles industry and feeders industries in Egypt (the “Industry”).
The Central Bank of Egypt (CBE) announced the liberalization of the foreign exchange market on the 3rd of November 2016. Below is a summary of main decisions taken by the CBE in this regard.
On 29 August 2016, the Egyptian Parliament approved the long-debated Value Added Tax Law to abolish and replace the Sales Tax Law no. 11 of 1991 (the “Sales Tax Law”).
The Value-Added Tax Law was issued under no. 67 of 2016 (“VAT Law” or the “Law”) and was published in the Official Gazette on the 7th of September 2016. It has an immediate effect as of 8th of September 2016.
Implementation of VAT Law depends to a great extent on the release of the executive regulations which will clarify the methods of calculation and deduction of the tax.
The legal grounds for terminating the employment contracts under Egyptian law vary depending on the type of the employment contract and the circumstances surrounding the termination.
Round two of the feed in tariff (FiT) program has been announced by the Egyptian Minister of Electricity in a press conference Tuesday, the 6th of September 2016.
The Economic Committee at the Egyptian House of Representatives has preliminarily approved the draft amendments to the Importers Register Law no. 121/1982 suggested by the Ministry of Trade and Industry, in collaboration with the Federation of Egyptian Chambers of Commerce.
Riad & Riad (R&R) advised and successfully represented a number of Chinese Exporters and the China Petroleum and Chemical Industry Federation to respond to a safeguard investigation initiated by the Egyptian Government on the Polyethylene terephthalate (PET) imported into Egypt.