Cabinet to transfer percentage of funds, private accounts to state treasury

CAIRO - 12 July 2018: The Cabinet approved during a meeting under Prime minister Mostafa Madbouli on Thursday a number of decrees and draft laws.

The bills include a draft law that allows the transfer of a percentage of funds, private accounts, units of special nature and surpluses of public organizations to the state’s treasury.

The bill excludes the bank accounts of educational and research projects, ventures funded by international grants and agreements, donations, social housing projects and university hospitals.

The cabinet also agreed to a bill to exempt financiers from a portion of the delay fine imposed on them according to the laws of stamp tax and income tax.

The cabinet also approved a bill to exempt facilities and individuals from additional amounts of contributions and installments imposed by the National Authority for Social Insurance in order to help them restore their production capacity.

Another draft law was approved to set measures aiming at distributing the general reserves of the 2018-2019 state’s general budget that adds up to EGP 45 million.

The cabinet also approved amending the executive regulations of the law regulating universities.

Another bill was approved that amends the position and area of the dry cast plant to be established at Adabiya port.

The cabinet also okayed a bill to allow the New Urban Communities Authority to renew its agreements with Telecom Egypt company for additional three years to plan, implement, operate and maintain television networks in the new cites.