CAIRO: No more browsing from site to site, view the top business news stories on August 29 here:
Swiss Court accepts resuming probe into Mubarak frozen assets
The Swiss Federal Court ruled to accept an Egyptian appeal to resume internal investigations into suspicion of participation or support of a criminal organization in Mubarak’s obtaining of assets.
Since his ouster in 2011, Egypt has been negotiating with the Swiss government to retrieve Mubarak’s frozen assets through legal routes by proving illegality of means of obtaining them.
Egypt imposed a freeze on Mubarak’s assets abroad after forming a committee to retrieve money smuggled overseas.
Technological centers to be built in new cities: Telecommunication Min.
Minister of Telecommunication Yasser el-Qady stated at a parliament session Monday that technological centers will be established in the new smart cities that will be founded across governorates, MENA reported.
Parliament speaker demands to delay imposing VAT on tourism companies
Parliament Speaker Ali Abdel Aal demanded Monday to grant tourist companies a one or two year notice before applying the value added tax act due to the drop in tourism industry in the country, Youm7 reported.
The parliament held a general session Monday, during which it gave a final say to approve the act.
Human Rights Committee delays meeting due to absence of Health Minister
The Human Rights Committee of the parliament postponed its Monday meeting today to discuss the recommendations of the yearly report of the National Council of Human Rights on the health sector as Health Minister Ahmed Emad failed to appear, Youm7 reported.
5 parliament committees approve 4-month deadline for governor to respond to church applications
Five committees at the parliament approved Article 5 of the draft law on building churches that gives a governor a grace period of four months to license church applications. The committees are the Housing Committee, the Legislation Committee, the Religious Affairs Committee, the Local Administration Committee and the Culture and Media Committee.
The article obligates governors to respond to the application after four months of receiving it, and if rejected, they are also obligated to detail their reasons.
Tax evasion penalty toughened to 3-5 yrs in prison
The parliament toughened the penalty of tax evasion to 3-5 years in prison and a fine of at least 5,000 EGP and maximum 50,000 EGP. The penalty was previously at least six months in prison, as tax evasion has been escalated from a misdemeanor to a crime.
Energy Committee to visit hydrocracking project in Mustard over environmental concerns
The Energy Committee of the parliament decided to organize a visit to the hydrocracking project in Musturad city in Qalyubia governorate after 21 members of parliament filed a report of environmental and health risks of building such a factory in the area, Youm7 reported.