In light of the anticipated issuance of the new Egyptian labour law, complementary and related laws are also expected to undergo changes.
In this respect, last December, law no. 186 of 2023 (the “Law”) was issued with the primary objective of amending specific penalties outlined in Child Law No. 12 of 1996 (the “Child Law”) and introducing a new provision.
First and foremost, the Law has added a new provision, namely Article 72 bis, which grants female employees in the government, public sector, business public sector, and private sector the same rights as provided in Articles 71 and 72 (nursing breaks and childcare leave) if they have custody or guardianship of a child under 6 (six) months. These rights are subject to the provisions of the executive regulations of the Child Law.
Additionally, the Law has amended several penalties within the Child Law, mainly increasing the monetary fines.
It is crucial to highlight one such amendment, wherein the penalty for negligence while supervising a child, resulting in their endangerment, may now, alternatively, be imposed through enrolling the violator in a rehabilitation program lasting no longer than 6 (six) months by virtue of a court ruling instead of through imprisonment or monetary fines.
The programs will be determined by a decree issued by the competent Minister of Social Affairs in collaboration with the National Council for Women and the National Council for Childhood and Motherhood.
Furthermore, the court will monitor the violator through monthly reports the entity overseeing the rehabilitation programs submits. The court will then decide on the completion of the program, its replacement, or the enforcement of the penalty.
It is encouraging to witness initiatives prioritising rehabilitation as a form of deterrence, in addition to or in lieu of traditional penalties. Such approaches may inspire other stakeholders to focus on and contribute to improving these programs.
On 17 May 2023, the Cabinet of Ministers approved the anticipated package of incentives for green hydrogen and derivative projects established in Egypt. Earlier this year, the draft law regarding investment incentives for green hydrogen projects (the “Draft Law”) was finally approved by Parliament, and it is expected to be enacted into law soon.
Green hydrogen is part of Egypt’s plan to promote sustainable social and economic development and reduce carbon emissions. In 2022, several decrees, including Cabinet Decrees No. 20, 981, and 983, were issued, recognising and granting incentives for producing, storing, and exporting green hydrogen, aligning with the state’s economic development strategy and investment law. In light of those decrees, the Draft Law that Parliament approved tackled the incentives and guarantees for green hydrogen production projects and their derivatives to create an attractive investment environment for investors, enabling them to accelerate the implementation of their projects inside Egypt.
The Draft Law aligns with the Egyptian Constitution regarding economic objectives, including achieving economic development, creating job opportunities, and reducing the unemployment rate. It includes other objectives such as encouraging investment, creating a conducive atmosphere for investment, expanding production, and promoting exportation. The development of green hydrogen projects aims to enhance private sector participation in serving society and the national economy. The Draft Law’s key provisions are detailed across seven articles, which will be presented below:
Article One covers definitions.
Article Two specifies the scope of the law’s application to projects for producing green hydrogen and its derivatives and that such projects must have agreements concluded within 5 (five) years from the law’s implementation date. These projects include factories to produce green hydrogen and its derivatives, water desalination plants, electric power production plants from renewable energy sources, projects limited to transporting, storing, or distributing green hydrogen and its derivatives, and projects directly involved in manufacturing or production equipment necessary for green hydrogen production and their derivatives.
Article Three clarifies some of the requirements for establishing the project company (i.e., Special Purpose Vehicle (“SPV”)), the governing laws, and the maximum duration of the project agreements. The article also included a condition, which is to conclude project expansion agreements within 7 (seven) years from the date of the start of commercial operation of the project.
Article Four provides numerous tax incentives to green hydrogen production projects and their derivatives. Key incentives include a cash investment incentive known as the ‘Green Hydrogen Incentive,’ valued at no less than 33% (thirty-three per cent) and no more than 55% (fifty-five per cent) of the tax paid upon declaring the income generated from initiating activities in the project or its expansions. These incentives also involve VAT exemption on equipment, tools, machines, devices, raw materials, supplies, and transportation (excluding passenger cars). Furthermore, the VAT rate for exports of green hydrogen projects and their derivatives is set at 0% (zero per cent). The article outlines exemptions from real estate tax for properties actively utilised in these projects, as well as a waiver of stamp tax, documentation and registration fees related to the company’s article of association, credit facility and mortgage contracts, land registration contracts necessary for establishing green hydrogen projects and their derivatives, and customs tax exemption on all imports essential for these projects, excluding passenger cars.
Article Five grants non-tax incentives to such projects, the most important of which are: the SPV obtaining a single approval (Golden License) detailed under the provisions of Investment Law No. 72 of 2017 allowing the SPV to import, on its own or through others raw materials, production requirements, machines, spare parts, and means of transportation for its establishment, expansion, or operation without the need for a license and without the need to be registered in the importers’ register. Incentives also included allowing the SPV, during the first 10 (ten) years from the date of signing the project agreements, to hire foreign workers up to 30% (thirty per cent) of the total project workforce. It permits the establishment of special customs zones for the project’s exports or imports in accordance with the Minister of Finance. Additionally, the Draft Law grants a 30% (thirty per cent) reduction in fees related to the use of maritime ports and maritime transport services in Egyptian ports, a 25% (twenty-five per cent) reduction in fees for the right to use the industrial land allocated for the establishment of green hydrogen production factories and its derivatives and a 20% (twenty per cent) reduction in fees for storing facilities in ports. The licenses required for implementing green hydrogen production projects and their derivatives should have the same duration as the usufruct right to the land.
Article Six highlights several conditions to grant incentives to green hydrogen projects, their derivatives, and expansion projects under the law, including (1) initiating commercial operation of the project within five years from the date of concluding the project agreements, (2) financing the project depends on foreign currency from international project financiers, constituting at least 70% (seventy per cent) of the investment cost, and (3) using national components whenever available in the local market constituting at least 20% (twenty per cent) of the project components. The article also emphasises the project’s contribution to transferring and localising technology and a commitment to developing and implementing training programs for Egyptian workers.
Article Seven states that the competent minister or their authorized representative will issue the required certificate to benefit from the incentives in this Draft Law. This certificate is considered final and effective on its own without the need for the approval of other authorities, and all authorities must act in accordance with it and abide by the data contained therein.
We advised Akh Gold Limited on its two exploration licenses awarded by the Egyptian Ministry of Petroleum and Mineral Resources and the Egyptian Mineral Resources Authority following the international bid round 1/2020 second round for Gold and Associated Minerals.
Our team was led by Partners Ragy Soliman, Malak Khalil, and Sadeem Abdelsalam, Associate.
Congratulations to Akh Gold on this new milestone.
For more information, click here
We are delighted to share that we have won Debt - Equity Deal of the Year presented by IFLR Awards Middle East. This is a testament to the unwavering dedication, resilience, and hard work of our truly exceptional team!
ADSERO represented the Ministry of Finance in Egypt (MOF) as local Egyptian counsel with regards to (i) drafting the executive regulations of the sovereign Sukuk law, (ii) incorporating the first Sovereign Taskeek Company in Egypt, and (iii) establishing a USD 5 BN Sukuk program in London Stock Exchange and the issuance of the first Sukuk tranche of USD 1.5 BN in the form of Sukuk Ijara.
The ADSERO team was led by Partners Hossam Gramon, Malak Khalil, and Ehab Fedaa, assisted by Associates, Aya Badr, Hussien Moustafa, Malak El-Alfi and Sadeem Abdelsalam, and Junior Associates Dina Sharshar and Yosr Allam.
Special thanks to the MOF and to all parties involved in this historical transaction!
We also extend our warmest congratulations to all other winners and nominees.
To learn more, click here.
In the spirit of government-led reforms in Egyptian legislation, a significant legal development occurred on 6 August 2023, with the issuance of Law No. 163 of 2023 (the “Law”), establishing the Egyptian Authority for Intellectual Property (“EAIP”). EAIP shall report directly to the Prime Minister and will have jurisdiction over all matters related to intellectual property rights (“IPR”).
The establishment of EAIP represents a crucial step toward centralizing and unifying the management of IPR matters within a single and competent authority. This move aims to address the challenges posed by the fragmented responsibilities previously held by various administrative authorities across different entities and ministries. By consolidating these functions under EAIP, the goal is to streamline processes, eliminate inefficiencies, and reduce contradictions that have hindered the effective treatment of various IPR matters.
The Law, which came into on effect 7 August 2023, extends beyond the cultural and scientific research industry. It also recognizes the pivotal role played by IPR in driving economic and social development. The protection and enforcement of IPR have a direct impact on the technological, industrial, and investment sectors, making this reform paramount in enhancing the investment climate in Egypt by ensuring IPR protection and enforcement.
The Law focuses on the implementation of the National Strategy for Intellectual Property (the “Strategy”), and defines it as a future plan outlining the goals, priorities, and policies necessary for the development of the IP system. The primary objective of this Strategy is to foster sustainable development.
The implementation of the Strategy signifies a commitment to creating a conducive environment for IP development. It aligns with the broader goal of achieving sustainable development goals by leveraging the potential of IPR.
The establishment of EAIP is driven by strategic objectives that prioritize the regulation, protection, and enhancement of IPR in Egypt. This commitment aligns with the country’s international obligations concerning IP. EAIP recognizes the crucial balance between safeguarding these essential rights and fostering sustainable development in economic, social, cultural, and technological aspects. With a clear focus on building a knowledge economy, EAIP aims to create an environment where IP thrives and contributes to the nation’s growth.
To achieve these strategic goals, EAIP is entrusted with significant competencies and prerogatives, including, inter alia, the following:
The implementation of the Law consolidates EAIP as the sole authority responsible for all matters related to IPR. This consolidation replaces competencies previously held by various ministries and public entities, including:
Additionally, several public entities have undergone changes in their competencies concerning IP matters. The Academy of Scientific Research and Technology, the Supreme Council of Media, the Patent Office, and the Registry Plant Variety Protection have been replaced by EAIP.
These significant changes establish EAIP’s exclusive authority in all matters concerning IPR. By centralizing these competencies, EAIP aims to streamline processes, enhance efficiency, and ensure a cohesive approach to IPR administration and enforcement.
EAIP is set to assume its competencies within 1 (one) year of the entry into force date (i.e., 5 August 2024). However, this period can be extended once for up to 6 (six) months through a Prime Ministerial Decree. During this transitional period, all ministries, entities, and authorities responsible for IP matters will continue to exercise their prerogatives.
To ensure a smooth transition, a Prime Ministerial Decree will determine the timeline of this transitional period. The objective is for EAIP to commence assuming its prerogatives within 1 (one) month, with the aim of fully replacing the above-mentioned entities and ministries by the end of the stipulated transitional period.
Additionally, a committee comprising representatives from the Cabinet, competent ministries, and public entities will be formed. This committee will assess the human resources, experts, and specialized skills required. Furthermore, the committee will identify the necessary assets, equipment, and departments needed to support EAIP's operations effectively.
We will continue to monitor the progress of the full implementation of the Law and provide you with relevant updates. If you have specific inquiries or require guidance on how these changes may impact your IP matters, please do not hesitate to contact our team.
ADSERO - Ragy Soliman & Partners is delighted to announce the promotion of several talented individuals to the firm’s partnership. These promotions reflect our commitment to nurturing talent and fostering professional growth, which enables us to deliver outstanding legal services to our clients.
As our firm continues to expand its presence in the legal industry, we proudly recognize the outstanding achievements and dedication of the following five exceptional individuals:
As we embark on this exciting chapter of growth, ADSERO extends its gratitude to our dedicated team members and esteemed clients for their unwavering support. Together, we are poised to tackle new challenges and embrace emerging opportunities in today's evolving legal landscape.
“We have witnessed our team members’ growth and dedication, a testament to their hard work, commitment to our clients, and the firm's success, all while upholding our values. Our newly promoted homegrown partners highlight the authenticity of our diversity, each contributing a unique and distinctive talent.
On behalf of the entire team at ADSERO, I extend my heartfelt congratulations to our newly promoted partners. Your remarkable achievements fill the ADSERO family with pride. I have no doubt you will excel in your new roles, and I look forward to the bright future that lies ahead for us.” - Ragy Soliman, Managing Partner.
On 15 June 2023, Law No. 30 of 2023 (the “Law”) was issued, introducing significant amendments (the “Amendments”) to the following tax legislations:
The Amendments establish an integrated system to restructure the income tax, aiming to achieve social justice, support capital market investments, and follow the updates and changes pursued by the Tax Authority for digital transformation and tax operations automation.
A. The Law amends the definition of the factual company by stipulating that it exists or continues between 2 (two) natural persons without fulfilling incorporation and publicity procedures, except for the sole proprietorship resulting from inheritance.
B. The Law also amends the definition of the related person in accordance with the international standards and provides a list of persons triggered by such definition. This definition aims to ensure the following:
C. The definition of the permanent establishment has been amended accordingly to comply with Egypt’s international obligations in this regard, as well as the international standards of fixing the taxation treatment for non-resident companies operating in Egypt. The list of establishments falling under such definition includes, inter alia, the following:
Further, the Law stipulates a list of cases that are not considered as a permanent establishment.
D. The Law defines the civil company as a non-commercial company incorporated under the provisions of the Egyptian Civil Code No. 131 of 1948 or any other law.
The Law integrates the philosophy of the equal distribution of the tax burden by stipulating the following:
A. amending the tax rate according to the income brackets to ensure a progressive taxation policy by amending the net income subject to zero taxation to be EGP 21,000 (twenty-one thousand Egyptian pounds);
B. increasing the cap of the annual personal exemption for the taxpayer to be EGP 15,000 (fifteen thousand Egyptian pounds);
C. amending the deductible costs’ requirements by stipulating that they shall be supported by electronic invoices or receipts, starting from July 2023 for the electronic invoices and January 2025 for the electronic receipts. In this regard, some costs can be exempted from such requirements by virtue of a ministerial decree;
D. increasing the annual exempted amount of the life insurance and health insurance premiums for the taxpayer to be EGP 10,000 (ten thousand Egyptian pounds) or 15% (fifteen per cent) of the net income, whichever is less;
E. introducing a new provision regarding the tax on dividends received by the natural person residing in Egypt from companies, in addition to dividend income received by holders of investment funds’ instruments. Further, the tax rate in the aforementioned cases is determined at 5% (five per cent) or 10% (ten per cent) in accordance with the requirements mentioned under the Law;
F. determining the taxable capital gains and the criteria for calculating the net portfolio profit as well as the costs related to the disposal of shares in the Egyptian Exchange (the “EGX”) based on specific criteria; and
G. determining the cases in which companies’ dividends are subject to tax rate at 10% (ten per cent) or 5% (five per cent) and 20% (twenty per cent) for treasury bonds revenue.
A. The Law amends the list of tax exemption cases by abolishing the exemption that was previously granted for:
B. The Law also amends the requirements of tax exemptions for dividends received by holding companies from their subsidiaries.
C. The Law introduces new exemption cases to encourage the investment institutions supporting the state’s economy and the start-ups and aims to encourage investors to invest in Egypt. These exemptions - subject to the requirements mentioned under the Law - include, inter alia, the following:
Finally, the Law provides for cases of (i) tax deferment on capital gains gained by natural or legal persons subject to the conditions mentioned under the Law; (ii) taxplayer incentives; (iii) initial taxes due on establishments and companies as of the Law entry into force date; tax waiver; and (v) tax exemption continuation.
The Law introduces the establishment of the Supreme Council for Taxation and determines its competencies and prerogatives, which precisely include defending the rights of taxpayers and helping them to fulfil their legal obligations.
The Law provisions entered into force on 16 June 2023, except for several provisions that shall come into force as follows:
On 25 July 2023, Law No. 160 of 2023 was issued, introducing significant changes (the “Amendment”) to Law No. 72 of 2017, issuing the Investment Law (the “Investment Law”).
The Amendment, which entered into force the following day, on 26 July 2023, primarily concerns the general investment incentives and adds special incentives that investment projects could benefit from. Furthermore, the Amendment tackles the single authorization (the “Golden License”) provided by Article 20 of the Investment Law as well as the Free Zones System (“FZS”).
i. The Amendment provides that all investment projects subject to the Investment Law provisions are entitled to the general incentives provided within its provisions, regardless of their legal status and whether they were incorporated before or after the Investment Law came into force, except for the projects established under Free Zones System.
ii. The Amendment specifies Zone A as the area accredited by The National Economic and Social Development Plan, which can benefit from a special investment incentive consisting of a 50% (fifty per cent) discount on the investment costs on the net taxable profits of eligible companies.
iii. The Amendment modifies the requirements to be met by the investment projects to benefit from the special incentives. While the previous article required that the company or facility must be incorporated within a period of 3 (three) years from the date of entry into force of the Investment Law Executive Regulations’ (“ER”), the Amendment allows the Prime Minister (“PM”) to extend such period for a period(s) not exceeding 9 (nine) years.
iv. Additional incentives are added to the list of incentives provided in Article 13 of the Investment Law, which includes the following:
v. In addition to the above,the Amendment has introduced a new incentive. The Amendment authorizes the PM to issue a decree to determine some industrial activities as well as specific geographical areas that will benefit from a cash investment incentive ranging from 35% (thirty-five per cent) up to 55% (fifty-five per cent) of the paid tax per the tax return on income resulting from undertaking the activity in the investment project, or the expansions thereof, as applicable. In this respect, projects that will undertake the industrial activities (yet to be determined under a Cabinet decree) shall fulfil the following conditions to benefit from the said incentive:
The Amendment expands the scope of projects that are eligible to obtain the Golden License provided in Article 20 of the Law by stating that the incorporated companies can obtain such license regardless of their legal status, as well as those to be incorporated to implement new investment projects in case such projects contribute to achieving development in specific sectors and following certain criteria to be determined by PM decree.
The Amendment grants new powers to GAFI to monitor the companies’ compliance with the requirements of establishing and operating the investment project per the applicable laws and regulations.
In case of any violations, the following specific procedures shall follow: (i) notice, (ii) a grace period to rectify the violation, (iii) the project/activity suspension for a period not exceeding 1 (one) year, and (iv) cancellation of the Golden License granted to the company.
The Amendment reduces the list of prohibited projects that cannot be established under the FZS. These projects include only the following sectors:
Therefore, upon authorization of the Supreme Council of Energy, the Amendment now allows the projects in the following sectors to be engaged under FZS:
It should be noted that these projects were previously banned from being established under FZS.
It is also worth mentioning that the Amendment allows the entry of substances and waste resulting from the FZS projects activities inside the country for their disposal or recycling. However, such entry must be at the expense of the concerned person and per the provisions of The Waste Management Regulation Law No. 202 of 2020.
We are pleased to share our latest report highlighting the laws and decrees issued in the second quarter of 2023.
To access the report, click on the attachment below.
If you are interested in acquiring a copy of the legislation and keen on remaining up to date with the most recent laws and decrees, sign up here
The Egyptian Financial Regulatory Authority (FRA) has delivered on its mandate to invigorate the non-banking financial services industry by issuing three core decrees regulating e-contracts, digital identity and e-KYCs, and digital security requirements.
Throughout this publication, our team of legal experts in fintech explore the various aspects of the new regulatory regime's vision.
The contributors to this publication:
- Hossam Gramon, Partner, Head of Banking, Finance & Projects
- Karima Seyam, Senior Associate
- Aya Badr, Associate
- Yosr Allam, Junior Associate
To learn more, click on the attachment below
In a major step towards digital transformation, the Central Bank of Egypt issued a circular on 12 July 2023 regulating the licensing, registration, and supervision of Digital Banks in Egypt.
The Circular is issued in conformity with the CBE’s long-standing financial technology transformation and innovation agendas. It is expected to alter the Egyptian banking landscape as we know it significantly.
The contributors to this publication:
- Hossam Gramon, Partner, Head of Banking, Finance & Projects
- Karima Seyam, Senior Associate
- Aya Badr, Associate
- Yosr Allam, Junior Associate
To learn more, click on the attachment below.
We are thrilled to announce that ADSERO has been certified as a scheme member recognised by The Law Society of England and Wales for the third consecutive year. In addition, ADSERO remains the only firm in the MENA region awarded the Lexcel accreditation.
The Law Society is the independent professional body for solicitors. Lexcel is their legal practice quality mark for client care, compliance and practice management.
To learn more about Lexcel, click here: https://lnkd.in/d9FzrQmv
We are pleased to share our most recent report highlighting the critical decisions the Board of Directors issued by the Financial Regulatory Authority (FRA) during the first half of 2023.
To access the first issue, click on the attachment below.
The Senate initially approved a new draft of the labour law, to be issued soon, entirely replacing the current labour law no. 12 of 2003 (the “Draft Law”).
This alert briefly sheds light on the key revisions introduced to the Draft Law by the Senate compared to the previously published draft (earlier in 2021) and the current labour law. It also touches upon our take on the importance of complying with the Draft Law with other applicable laws and regulations in Egypt.
In light of the above, please see below a link to the updated brief overview of the Draft Law, which sheds light on the main insights we have noted under the Draft Law.
Download AttachmentThe MoF issued the following Decrees introducing amendments to the ER of the Customs Law, issued by virtue of the MoF Decree No. 430 of 2021:
1. Decree No. 209 of 2023 (the “Decree”)
Issuance Date: 19 April 2023.
Purpose:
Entry into Force: 20 April 2023.
2. Decree No. 268 of 2023 (the “Decree”)
Issuance date: 29 May 2023.
Purpose:
The Decree replaced a provision of previous MoF Decree No. 367 of 2021, allowing the importer or his agent/representative to undertake the procedures of the prior custom release of goods and to pay 1% (one per cent) of the initially estimated customs and fees prior to its arrival to Egypt, though the final settlement and the payment of the total amount of due customs and fees after the goods arrival must occur following the effective customs tariff at the time of release.
Entry into Force: 30 May 2023.
Amendments to the Executive Regulations of the Income Tax Law
The MoF issued the following Decree introducing significant amendments to the ER of the Income Tax Law, issued by virtue of the MoF Decree No. 991 of 2005:
Decree No. 188 of 2023 (the “Decree”)
Issuance Date: 9 April 2023.
Purpose:
The Decree added new provisions to the ER mentioned above by providing that while determining the net commercial and industrial profits subject to the tax for the taxpayers registered in the e-tax invoice system, the e-invoices shall only be taken into consideration to prove all deductible costs, starting 1 July 2023, except for the paper invoices previously issued before the date in which the taxpayers are abiding by the e-invoice system.
Entry into force: 10 April 2023.
Amendments to the Executive Regulations of the Unified Tax Procedures Law
The MoF issued the following Decree introducing significant amendments to the ER of the Unified Tax Procedures Law, issued by virtue of the MoF Decree No. 286 of 2021:
Decree No. 188 of 2023 (the “Decree”)
Issuance Date: 9 April 2023.
Purpose:
The Decree amended Article 42 of the ER mentioned above by providing the following:
i. The data included in the e-invoice or the e-receipt, in addition to those stipulated in Article 37, are as follows:
ii. The list of data included in the e-receipt, in addition to the list mentioned above, shall include the following:
iii. Finally, the list of data to include in the professional receipt should contain the following:
Entry into Force: 10 April 2023.
Amendments to the Executive Regulations of the VAT Law
The MoF issued the following Decrees introducing important amendments to the ER of the VAT Law, issued by virtue of Decree No. 66 of 2017:
1. Decree No. 188 of 2023 (the “Decree”)
Issuance date: 9 April 2023.
Purpose:
The Decree introduced significant provisions to the ER as follows:
Entry into force date: 10 April 2023.
2. Decree No. 249 of 2023 (the “Decree”)
Issuance date: 17 May 2023.
Purpose:
The Decree provides specific guarantees to be presented by the industrial producer to suspendn tax payment. To benefit from such suspension, the producer must submit a commitment - by himself or his legal representative approved by the validity of a signature from the bank to the ETA or the Customs Authority - attesting that he will be paying the amount of suspended tax when due, as well as the additional tax.
Entry into force: 18 May 2023.
The Composition of the General Assembly of the Egyptian Financial Company for the Sovereign Sukuk
The MoF Decree provides the composition of the General Assembly (the “GA”) in accordance with the statute of the Egyptian Financial Company for Sovereign Sukuk (the “Company”) issued by virtue of Decree No. 216 of 2022.
Decree No. 81 of 2023 (the “Decree”)
Issuance date: 16 February 2023.
Purpose:
The Decree provides the composition of the GA of the Company chaired by the MoF and the membership of the vice minister of finance for the financial policies, deputy minister of finance for economic affairs, the Chief of Finance Sector within the MoF, who are all appointed for 3 (three) years. Also, it was provided that their membership can be subject to renewal for 1 (one) or more period(s) following the Company’s business outcome.
Entry into force date: 17 February 2023.
The Ministry of Finance Requiring Several Companies/Entities to Apply the Unification of Basis and Criteria of Wages and Salaries Calculations System
The MoF Decrees provide that the listed companies and entities shall abide by the system of unification of basis and criteria of wages and salaries calculations (the “Unification System”).
1. Decree No. 137 of 2023 (the “Decree”)
Issuance date: 13 March 2023.
Purpose:
The Decree listed 16 (sixteen) companies and entities which shall apply the Unification System as of 15 March 2023. Moreover, the Decree opens the faculty for other non-listed companies or entities to apply for the application of such system. Therefore, the ETA shall undertake the necessary procedures in this regard.
Entry into force date: 14 March 2023.
2. Decree No. 251 of 2023 (the “Decree”)
Issuance date: 20 May 2023.
Purpose:
The Decree listed 327 (three-hundred and twenty-seven) companies and entities required to apply the unification system as of 15 August 2023. Also, the Decree encourages non-listed entities and companies to apply for the application of such system.
Entry into force: 21 May 2023.
