We are delighted to invite you to our Baker McKenzie Middle East Customs and Transfer Pricing Briefing.
Hosted at our Dubai International Financial Centre (DIFC) office on 12 October 2023 at 8:30 – 11:30 am GST, the session is designed to provide you with first-hand insights from our Middle East and international experts in the fields of Customs, Transfer Pricing and VAT.
We are delighted to invite you to the Baker McKenzie Middle East Tax Forum in Dubai on Wednesday, 18 October 2023 – a full day of interactive discussions on tax updates across the Middle East and a special focus on the impact of global tax policy developments such as Pillar 1 and Pillar 2 (Global Minimum Tax).
The Central Bank of Egypt recently published regulations setting out the licensing and regulatory framework for digital banks in Egypt (“Digital Bank Regulations”) which came into force on 12 July 2023. The Digital Bank Regulations will effectively allow for the establishment and operation of digital banks in Egypt, thus taking a significant step in aligning the country with global trends in financial technology and catering for the needs of a growing Egyptian financial market.
The Financial Regulatory Authority recently issued decrees No. 139, No. 140 and No. 141 completing and complementing the Financial Technology L aw No. 5 of 2022 which sets out the framework for the development and use of Fintech in non-banking financial services. The decrees, which came into force on 11 July 2023, come as part of the FRA’s continuing efforts to transition Egyptian financial markets towards digitization by encouraging the use of Fintech.
Join us for a four-part webinar series as our US moderators welcome colleagues from around the globe to share the latest labor and employment law updates and trends. US-based multinational employers with business operations in Asia Pacific, Europe, the Middle East and Africa, and the Americas regions will hear directly from local practitioners on the major developments they need to know, and come away with practical tips and takeaways to implement.
In a time of recession, competition law regulations do not change in their content or enforcement. On the contrary, it is vital for companies to remain compliant with applicable antitrust laws and continue their commercially independent behavior. We provided an overview perspective on key antitrust and competition trends for emerging markets including, Morocco, Egypt, Turkey, South Africa and Saudi Arabia in 2023.
In our 60-minute webinar on 14 March 2023 at 3:00pm CET, we’ll help in-house counsel and competition leaders track what to keep top of mind for 2023 in emerging markets, including Morocco, Egypt, Turkey, South Africa and Saudi Arabia. We’ll also provide practical takeaways to help navigate the new landscape.
In this vlog series, our MENA team of cross-practice specialists provide a quick roundup of the latest legal and commercial developments in the region as well as insights to emerging challenges and opportunities, to guide you as you shape your organization’s business resilience and strategy in the medium and long term. In addition, our senior female lawyers from our BakerWomen Middle East team join the conversations and share their insights on business and inclusion issues and trends in the region, as together we look to build trust and well-being in a post-pandemic world.
A recent Prime Ministerial Decree No. 4664 of 2022 was published on 25 December 2022, incorporating new provisions to the executive regulations of the Capital Markets Law No. 95 of 1992. The Decree provides for the establishment of a voluntary carbon market platform within the Egyptian Stock Exchange for the trading of carbon emissions reduction certificates (CERs). The CERs are tradeable financial instruments for greenhouse gases and are to be issued in favor of entities establishing projects reducing greenhouse gas emissions after obtaining the approval of the relevant authorities which are not currently specified. Each CER unit shall represent the equivalent of one metric ton of carbon dioxide reduced.
The Egyptian Parliament has approved amendments to the Law number 3 of 2005 on the Protection of Competition and the Prohibition of Monopolistic Practices (ECL), introducing for the first time a mandatory pre-merger notification regime in Egypt. Until now, the ECL had only a post-merger notification system which did not give the Egyptian Competition Authority any powers to assess, approve or block a transaction. The amendments are expected to be published in the Official Gazette and enter into force during December 2022.