Egypt’s Senate reviews capital market law, insurance sector reforms

Egypt’s Senate has approved a report assessing the legislative impact of key provisions in the Capital Market Law and Income Tax Law, referring the findings to the President.

The report, prepared by a joint committee comprising the Committee of Financial, Economic, and Investment Affairs and the Committee of Constitutional Affairs and Legislation, was based on a request submitted by MP Sameh Mohamed Anwar Esmat El-Sadat. It examined the effects of Article 29 of Law No. 95 of 1992 on direct investment and venture capital activities, as well as Articles 46 bis 2 and 50 of the Income Tax Law under Law No. 91 of 2005, which relate to tax incentives and treatment for these activities.

In a separate discussion, the Senate reviewed a general debate request from MP Mohamed El-Manzalawi and over twenty members regarding government policies to enhance the efficiency and competitiveness of the insurance sector. The discussion focused on the digitisation of non-banking financial transactions and accelerating digital transformation to strengthen financial inclusion in the non-banking financial sector.

The Senate referred the matter to the Committee of Economic and Financial Affairs for further study and report preparation.

Attribution: Amwal Al Ghad English

Subediting: M. S. Salama