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On March 3rd, Law No. 4 of 2021 was promulgated by President Abdel Fattah Al-Sisi. The new law amends some provisions of Law No. 16 of 2018 and establishes funds to honor and support the families of the victims who are missing, lost their lives and/or were injured in war, terror attacks and security operations.
The Executive Regulations were issued on May 10, 2021, by the Minister of Finance; their implications on companies have been summarized as follows:
• Deduction of a 0.0005% on every employee’s gross salary. This shall be applied on all employees in the public and private sector with an exemption of temporary employees and casual workers.
EUROFAST EGYPT GUIDANCE
Given that no remittance instructions have been published by the Egyptian Tax Authorities related to <Martyrs fund contribution, Eurofast advises that companies deduct retrospectively the amounts starting from March 2021 salaries and put in a separate bank account until the bank account details are published by the Egyptian Tax Authorities.
For further information, please contact our associate in Eurofast Egypt, Beshir Noureldin at cairo@eurofast.eu .
Eurofast is a regional business advisory organisation employing local advisors in over 23 cities in South East Europe & the Middle East (SEEME). The Organisation is uniquely positioned as a one-stop-shop for investors and companies seeking professional services in South-East Europe & the Middle East.
Director
Eurofast Cairo
cairo@eurofast.eu
24/6/21