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 FRA announced that the new Egyptian Accounting Standards postponed until 1 January 2021, according to the Ministerial Decree No. 1871 - recently issued - to postpone applying the Egyptian Accounting Standards no. (47), (48) (49) due to the economic impact of COVID-19 pandemic.

Dr. Mohammed Omran – FRA’s Chairman said that the Authority asked the Supreme Committee "to review the Egyptian accounting standards and Egyptian standards on Auditing Review and other Assurance Services” to study the impacts of applying the amendments to EAS 47 related to financial instruments,  EAS 48 (which addresses revenue sharing contracts) and EAS 49 (which governs leasing contracts).

FRA’s Chairman noted that the amendments made to the Egyptian Accounting Standards came with the aim of setting the principles that companies must adhere to these new amendments to provide appropriate information to users of financial statements. In addition, these standards enhance integrity and accuracy of financial statements through standardizing the accounting policies and treatments for companies to provide more disclosure and transparency to users of the financial statements and enabling them to take the economic and financial decisions. These amendments also represent a step to overcome a major obstacle hindering the competitiveness of the Egyptian market in attracting foreign investments and preparing the Egyptian economy to enter the scope of work of major companies.

It is worth noting that the Supreme Committee "to review the Egyptian accounting standards and Egyptian standards on Auditing Review and other Assurance Services” " is formed by Ministerial Decree no. (909) of 2011. The committee is headed by FRA’s Chairman and the membership of the Executive Director of GAFI or whoever he delegates, a representative of the Central Auditing Agency (CAA), Head of the Egyptian Society of Accountants & Auditors (ESAA) and an accounting expert.

The President passed Law No. 198 for 2020 by amending some provisions of Law No. 34 of 1976 in relation to the Commercial Register.

The first article of the published resolution stipulates that a person who is registered in the commercial register must be an Egyptian national and must be approved to trade from the competent Chamber of Commerce for individuals and companies establishing a business, or to have approval to engage in industrial activity from the competent industrial chamber for companies established to engage in industrial activity.

Law No. 206 of 2020 -Uniform Tax Procedures

Various tax Procedures merged in uniform procedures and simplified the paper cycle procedures in new procedures.

Law depends on using electronic process instead of paper in bookkeeping, invoicing, tax form and payments.

The Ministry of Finance issued decision  no 55 for 2021 to start applying   tax on treasury bill returns. As of March 1, 2021, the payment of tax on treasury bill returns through the electronic payment system, in accordance with the guide published on the Website of the Egyptian Tax Authority and is paid in accordance with forms (2) and (3) for the declaration of tax withheld from the source on the proceeds of treasury bonds and with the exception of the approval of the Minister of Finance may accept the payment of the tax by any means of non-cash payment due to pay the tax dues in the event of payment of the tax payment referred to.

Law 147 of 2021

President Abdel Fattah al-Sisi approved Law 147 of 2021 by passing the Water Resources and Irrigation Act, which aims to adopt comprehensive development programs, by improving water management, increasing the efficiency of its uses, and seeking non-traditional sources of water that support water balance. The law also aims to establish a mechanism for maintaining irrigation facilities and benefits and transferring the mandate of some public property and water resources-related facilities to the ministry, including flood ingrates, protection facilities, natural valleys, lows and an overflowing canal to provide protection. It also reduced high watercourse pollution rates, identified a restricted area along the Nile river to maintain a lifeline and prohibited the unauthorized execution of certain works and activities in the restricted area.

Prime Minister Dr. Mustafa Madbouly decision No 104 on January 4, 2022

Prime Minister Dr. Mustafa Madbouly decision No 104 on January 4, 2022, on approval of the distribution of subsectors of investment activities in the geographical scope of both Sectors A and B, in accordance with the attached tables. In accordance with the decision, the companies and facilities addressing the provisions of this decision are obliged to obtain the necessary approvals, permits and permits from the competent authorities, depending on the nature of each of the activities contained in the two schedules referred to.

The Official Gazette of Issue No. 34 on Thursday, 2022

The Official Gazette of Issue No. 34 on Thursday, 2022, published the decision of the Minister of Electricity and Renewable Energy Dr. Mohammed Shaker No. 14 of 2022 issued on January 26, on the approval of the sale price of electricity for the shipment of electric cars.

The Official Gazette published in its issue no. 7 bis (e) issued on February 23, 2022

The Official Gazette published in its issue no. 7 bis (e) issued on February 23, 2022, the Prime Minister's Decision No. 752 of 2022 on the exclusion of certain areas, entities and entitlements from submission to the provisions of the Law regulating the use of non-cash payment methods issued by Law No. 18 of 2019. Article 1 of the resolution states that the following regions, entities and entitlements should be excluded from the provisions of the Law regulating the use of non-cash payment methods, until the justification for determining this exception is removed. Among the areas excluded from the provisions of the Law regulating the use of non-cash payment methods are: (North Sinai areas. Public hospitals, university, education and specialized medical centers. Emergency departments in public, university and educational hospitals, specialized medical centers and ambulances, and amounts that must be performed immediately at auctions in accordance with the Law on the Regulation of Contracts concluded by public authorities starting from 100,000 pounds.

The Official Gazette published in its issue no. 10 bis (f),

The Official Gazette published in its issue no. 10 bis (f), issued on March 14, 2022, prime minister Dr. Mustafa Madbouli's decision No. 991 for 2022, on extending the period of applications for reconciliation of informal economic projects for one year. Article 1 of the resolution reads, "Extends the period specified by article (72) of the SME Development Act to submit applications for reconciliation of informal economic projects, for another year ending on 5 April 2023."