Egypt is stepping up its fight against corruption with the introduction of a new law aimed at enhancing corporate governance. The government submitted a bill to Parliament on August 26, 2024 that will create a committee responsible for promoting integrity, transparency and accountability within companies. The new legislation should promote economic development through increased foreign investment and an improvement in the business climate, according to the authorities.
A new law aimed at enhancing corporate governance has been introduced in Egypt. On August 26, 2024, the Egyptian government submitted a bill to Parliament that will create a commission to promote integrity and transparency within businesses. The legislation is part of government efforts to combat corruption and clean up the business environment in the North African country.
The main objective of this bill is to enable the Egyptian State to recover all taxes owed by companies which manage, through various forms of corruption even at the level of tax services, to pay less than what is due or even not pay these taxes at all.
Boubacar Malal Bâ, Economist
Egypt loses around USD 37 billion a year to corruption, according to experts. The country has made considerable efforts to counter this scourge through the promotion of transparency and accountability, particularly in public services. The committee envisaged in the bill will notably develop a code of conduct for commercial entities. The proposed law provides a mechanism for employees to report any financial, administrative or ethical misconduct within their organization and incentives to encourage adherence to these standards.
that many African countries put on businesses. Companies create wealth because they create jobs and added value. Companies must have confidence in the State to present real accounts and on the other hand, the State must succeed in ensuring that entrepreneurs have confidence in the tax system. It is only through mutual trust that the problem of tax corruption could be resolved.
Boubacar Malal Bâ, Economist
The new legislation should help increase foreign investment, improve the business climate and strengthen citizen confidence, which will promote economic development, according to Egyptian authorities.
