VOL. XLI

No. 29

20-July-1998

EGYPT

Egyptian Tax Authority Explains Law 5 Of 1998

The Egyptian Tax Authority has issued further explanatory notes regarding theimplementation of Law 5 of 1998 which sought to close a tax loophole (MEES, 29June). Prior to the law, passed earlier this year, income from funds invested in"non-core movable capital" (NCMC) - defined as activity not directly related tothe business of the entity as listed in its articles of association - mainly treasuries,was 90% exempt...