On June 1 President Abdel Fattah El Sisi of Egypt signed the new investment law no. 72 of 2017. The law cancels and replaces the Investment Guarantees and Incentives Law no. 8 for 1997 (“Law 8/1997”). The aim of the law is generally to attract new investments to Egypt through offering further incentives and guarantees, removing obstacles and streamlining the procedure.

The legislation includes a variety of bureaucratic reforms, and outlines new fiscal incentives for potential investors. It will compliment other important economic reforms which have been recently implemented, such as the introduction of a VAT system, the liberalization of the FOREX regime and the gradual elimination of energy subsidies.

Dr. Ashraf Hanna accounting and auditing firm has prepared some brief points on the new law.  Click here to read the summary or contact Dr. Ashraf Hanna at ashrafhanna@ashrafhanna.com if you need further help