Regulatory Alerts2019-01-01
Board of Directors Decision No. 59 of 2019 on the Development Fee for Charitable Investment Funds
The Financial Regulatory Authority (FRA) of Egypt issued Board Decision No. 59 of 2019 to impose a Development Fee on charitable investment funds that were previously exempted. The ruling requires these funds to pay a fee calculated at two ten-thousandths of their total annual revenues, subject to a maximum cap of 1,000 Egyptian pounds. This decision formally repeals the exemption under the FRA's 2016 Decision No. 18 and takes effect the day following its publication in the Egyptian Gazette.
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