"Economic MPs" agree to set a maximum of 10 thousand pounds for corporate advertising fees

Policy

The Economic Committee, chaired by MP Ahmed Samir, agreed today to discuss the amendment of the investment law submitted by the government on the text of the amendment submitted by the government, which includes the reduction of fees for documentation and publicity, contained in the investment law, If not without a limit, in response to complaints from investors of the huge amounts that were imposed during the publicity and documentation.

Mohsen Adel, CEO of the Investment Authority, said that the amendments to the investment law include putting an end to the fees for advertising and documentation of investment companies, as was the case with the old investment law, after the Investment Authority was surprised to impose excessive fees on companies. And surprised to pay 44 million pounds. "

Adel added that these huge fees caused the Investment Authority to receive daily complaints from investors, especially as this had a negative impact on the international classification of Egypt in the business performance index, so the amendment of these fees with a ceiling of about 10 thousand pounds.

The new amendment to Article 48 of the Investment Law stipulates that: "In all cases, the signatures of the partners or their representatives shall be ratified on the companies' contracts, whatever the investment system they are subject to, in return for a ratification fee of one fourth of one percent of the paid up capital, Ten thousand pounds or the equivalent of foreign exchange as the case, whether ratified in Egypt or the Egyptian authorities abroad, and apply these provisions to any amendment in the company's system. "

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