News from Egypt

  • To Petya or NotPetya; this is how to protect yourself!
    A new ransomware has risen and is spreading across Europe like wild fire. This new malware is creating chaos across businesses, from supermarkets to shipping ports, ad agencies and law firms. The new ransomware - code named “NotPateya” - shares some very similar characteristics to a very recent malware “Wannacry”. About NotPateya NotPateya gets its name from an older malware...
  • Ratification of Egypt – Kuwait Income Tax Treaty
    On 23rd of February, 2017 the Egyptian President Abdel Fatah El Sisi issued the presidential decree no. 155 of 2016 ratifying the Income Tax Treaty concluded between Egypt & Kuwait on 16th of December 2014. The convention between Egypt and Kuwait serves the purpose of avoidance of double taxation in connection with the applied taxes on income in both countries...
  • Egypt to issue Executive Regulations of VAT law
    In anticipation from all concerned parties, the Egyptian Minister of Finance announced the issuance of the Executive Regulations of the Value-Added Tax law no. 67/2016 by the beginning of February 2017 after reviewing its draft by the People’s Assembly (the Egyptian Parliament) and approving it. The VAT law no. 67/2016 was issued early in September 2016 to repeal and replace...
  • New Import Rules in Egypt
    Egypt | March 2016 | Mandatory GOEIC Registration for importing products Egypt’s Ministry of Trade and Industry issued Decree 43/2016 amending the rules affecting the registration of factories qualified to export listed products to Egypt. The new decree requires factories and companies who own trademarks in Egypt, to register their trademarks with the General Organization for Export & Import Control...
  • Procedure for registration of pharmaceuticals in Egypt
    Egypt/September 2015 Article 59 of Law 127 for 1955 states that pharmacies may not sell drugs that are not registered with the Ministry of Health. This restriction applies to drugs either prepared domestically or imported from abroad. Any medicine should be registered with The Egyptian Drug Authority (EDA) - the pharmaceutical regulatory body of the Egyptian Ministry of Health (MOH)...
  • Free Zones System in Egypt
    Egypt/July 2015 Free Zones are one of the distinguished investment patterns where investor can establish, set up and start his own project under the umbrella of this system. This system provides to the investor several benefits related to goods movement, either in or out, without dealing with different procedures in relation to customs, import, monetary system and other aspects of...
  • Eurofast moves to new premises in Georgia
    Georgia/July 2015 We are pleased to announce that Eurofast is relocating to new and bigger office in Tbilisi on 15 July 2015. The new office of Eurofast Georgian branch is conveniently situated in Tbilisi business centre. Our Eurofast Georgia is headed by Anna Pushkaryova who has over 10 year experience in advisory services specialising in M&A transactions dealing with sale...
  • FYR Macedonia – Azerbaijan treaty enters into force
    FYR Macedonia/October 2013 Speedy ratifications of the treaty between FYR Macedonia and Azerbaijan have ensued from both parties recently. The Azerbaijani Parliament ratified the treaty on June 21, 2013 while the FYR Macedonian Parliament followed suit just a month later.  The ratifications both come shortly after the signing of the treaty which was concluded in April of this year. The...
  • Draft VAT law under discussion
    Egypt/May 2014 Egypt is currently in the process of introducing a VAT legislation which will completely replace its existing General Sales Tax regime that was applicable since 1991. The decision for the introduction of the Egyptian VAT legislation was under consideration for a long time but was postponed repeatedly in the past. The implementation of a VAT system was also...
  • Electronic payments on tax and custom duties rose
    Egypt/October 2013 At the end of September 2013, the Electronic Payment Center of the Ministry of Finance announced that the tax payments made through electronic payment system has rose to EGP 8bn per month. So far 28 banks (3,320 branches) were taking part in the electronic payment system. Recently with the post offices participation (1,200 post offices), the number of...
  • Proposed changes in taxation laws
    Egypt/May 2013 Various changes in the taxation laws of Egypt are in the agenda of Egyptian tax authority. One of the planned changes is the introduction of tax on tourist facilities which is said to take place as early as next July. Though there are no clear indications on which basis (property size, location or property use) the properties in...
  • Recently negotiated, signed and ratified double tax treaties
    Egypt/March 2013 During the second half of 2012 and the first two months of 2013, Egypt has negotiated, signed and ratified a number of Double Tax Treaties (DTT) with other countries. What follows below is an overview of the developments in the last six months. Egypt and Luxembourg commenced treaty negotiations in July of 2012, which are still ongoing. The...