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Égypt-actus
Égypt-actus
revue de presse sur l'actualité culturelle, archéologique, politique et sociale de l'Égypte
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Egypt to apply gains tax in QNB bid for NSGB

Egypt to apply gains tax in QNB bid for NSGB | Égypt-actus | Scoop.it

Shareholders and investment funds that make capital gains from Qatar National Bank's (QNB) bid for Cairo-based National Societe Generale Bank (NSGB) will face a 10 percent tax, Egypt's tax authority said on Tuesday.

Egypt's regulator approved the QNB offer in February after insisting that the Qatari lender buy 100 percent of Egypt's second-largest private sector bank by market value rather than the originally planned 77 percent stake.(...)

The Egyptian tax authority said Societe Generale would be exempted from taxes for the transaction under an agreement to avoid double taxation between Egypt and France.

But individual shareholders and investment funds holding minority stakes in NSGB will have to pay a 10 percent tax on their gains, the tax authority wrote in a letter to the stock exchange, which was published on Tuesday.

 

More on: http://thepeninsulaqatar.com/latest-news/230683-egypt-to-apply-gains-tax-in-qnb-bid-for-nsgb.html

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Egypt could introduce tax hikes and subsidy cuts to deal with deficit

Egypt could introduce tax hikes and subsidy cuts to deal with deficit | Égypt-actus | Scoop.it

In order to reduce Egypt's growing budget deficit, the government has proposed a package of reforms that includes raising taxes and cutting subsidies.

The reforms will be included in a modified economic programme that Egypt will present on Tuesday to the IMF, with the aim of meeting the pre-conditions for a proposed $4.8 billion loan to Egypt.

The proposed modifications should, according to Hani Qadri Demyan, assistant to Egypt's minister of finance, reduce expenditures by between LE10-12 billion ($.1.8 billion) in 2013/2014.

At a conference held at the ministry of finance on Tuesday, Demyan said that savings from the current fiscal period will not be very high, as the reforms will not be adopted before March or April.

 

The implementation of the proposed reforms will not start until they are approved by the Shura Council, which will start debating them within two days, according to Demyan.

 

The reforms approved by Egypt's cabinet are a milder version of a set of policies proposed by Morsi in December, which he then suspended amid growing popular anger. The cabinet has approved an increase in tax sales for six goods instead of the 25 proposed previously. The concerned goods are beverages, cigarettes, steel, cement and telecommunications.

 

The fiscal reforms also include an increase in the maximum revenue tax from 20 to 25 percent, as well as an increase in the minimum monthly salary eligible for income tax exemptions from LE9,000 to LE12,000 as of October 2013.

 

Another aspect of the government programme is a cut in energy subsidies, which are estimated to reach LE117 billion this fiscal year. (...)

 

The fate of other industries is not clear yet. The government, however, increased energy prices in April last year for energy-intensive industries from $4 to $6 per million British Thermal Units (BTU) and from $2.25 to $3 for medium energy-intensive industries.

 

More on: http://www.albawaba.com/business/egypt-economy-deficit-473781

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Egypt’s media outlets owe EGP 10bn in arrear back taxes

Egypt’s media outlets owe EGP 10bn in arrear back taxes | Égypt-actus | Scoop.it

Negotiations are currently underway with a number of the country’s national media outlets over late payments of newspaper stamp taxes totaling EGP 10bn.

 

A meeting was held yesterday between Al-Morsi Hegazy, Egypt’s minister of finance, Mamduh Amr, president of Egypt’s Tax Authority, and Mamduh Al-Wali, president of Al-Ahram’s board of directors. Al-Ahram currently accounts for the lion’s share of the sector’s debt, owing EGP 5.85bn in back taxes.

 

Wali offered to pay an initial amount of EGP 2.95bn by 30 November 2006, but hoped that the EGP 2.9bn in interest and arrear fees accrued since then would be dropped. Amr said that this was not permissible under Egyptian law, but Wali stated that he would make his case to President Morsi in an upcoming meeting.

 

Hegazi promised that those media outlets associated with the Ministry of Education would pay the EGP 95m they owe in back taxes as soon as possible, in addition to taxes on advertising.

 

During the meeting Hegazi also promised to dissolve the country’s new sales tax on imported news presses, as they are considered necessary tools of production. Al-Ahram has recently spent EGP 130m to repair its presses in al-Galaa’ and 6th of October

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Coca Cola Halts Investments In Egypt Over Tax Adjustments

Coca Cola Halts Investments In Egypt Over Tax Adjustments | Égypt-actus | Scoop.it

Coca Cola Company is awaiting the latest taxes adjustments suggested by the Egyptian government; therefore it suspended its investments till taking a decision about its expansion plans in Egypt, which targets $ 1 billion investments.

Mr Hamish Banks, Director, Public Affairs & Communications for Coca-Cola's Middle East and North Africa, in his statements to " Amwal Al Ghad", the company is watching for the government's decision over the tax adjustments to evaluate the future of its investments in Egypt.

The Egyptian government has to make an effective societal dialogue with the officials over these adjustments in order to reach the right decisions.

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L'Egypte taxe la stéatite

L'Egypte taxe la stéatite | Égypt-actus | Scoop.it

Le ministère égyptien de l’Industrie et du Commerce extérieur a décidé d’imposer une taxe sur la stéatite (Talc), à raison de 250 LE (28,29 €) la tonne.

Ces nouvelles dispositions, explique le ministre Hatem Salah  « permettront d’optimiser l’exploitation des matières premières du pays et augmenteront leur valeurs ajoutées. L'Égypte bénéficiera d’un revenu considérable si toutes ces ressources étaient transformées en produits possédant une grande valeur économique».

 

La stéatite est un minerai utilisé essentiellement dans le secteur pharmaceutique, la production de papier, l’industrie chimique et les peintures .L'Égypte possède une seule mine ( Allagui ) d’où est extraite ce minerai.

http://www.econostrum.info/L-Egypte-taxe-la-steatite_a14041.html

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BUSINESS - Turkish goods bang into Egyptian taxes

BUSINESS - Turkish goods bang into Egyptian taxes | Égypt-actus | Scoop.it

Turkish agricultural products lag behind Greek goods in the Egyptian market due to high customs duties and a lack of promotions, an official from an agricultural federation has said.

“Greek products, which are exempted from customs duties, dominate the Egyptian market but consumers want to buy quality Turkish goods even though their price is higher,” said Halil Öztürk, the head of the Turkish Fruit and Vegetable Commissioners’ Federation.

 

Egypt is an important export market for Turkey as there is a huge demand for Turkish goods, so exporters want the Turkish government to settle customs duties with Cairo, he said.

In his remarks, the exporters’ representative said Turkish producers could ship their products to the Egyptian cities Cairo or Alexandria by first shipping them through Syria. He asserted they can not export the goods directly to Egypt also because of lacking the opportunity to promote Turkish goods in Egypt market.

 

Öztürk said there was actually a huge demand for Turkish fruits and vegetables in Egypt, with apples at the top of the list. He said they had reached out to Egyptian tradesmen and invited them to Turkey, agreeing to export 5,000 tons of apples in principle but the deal could not be signed due to a 21 percent customs duty.

 

More on: http://www.hurriyetdailynews.com/turkish-goods-bang-into-egyptian-taxes.aspx?pageID=238&nID=41801&NewsCatID=345



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Egypt's new income tax will not be above 25 per cent - deputy minister

Egypt's new income tax will not be above 25 per cent - deputy minister | Égypt-actus | Scoop.it

Egyptis not planning to raise its top income tax bracket rate above 25 per cent, said Osama Tawakol, the deputy finance minister.

 

Egyptian President Mohamed Morsi announced in December sweeping increases in sales taxes and stamp duties on a wide range of consumer goods and services and ammendments toEgypt's income and property tax laws. 

In reply to the widespread discontent the decision caused, the presidency retracted the tax law and ordered the government to carry out a "social dialogue" on the measures before implementation.

The new taxes were included in the cabinet's economic reform programme that is attached to a $4.8 billion loan Egypt is currently negotiating with the International Monetary Fund.

Tawakol assured that the idea behind the new income tax rates was to include larger portions of the population and channel extra funds to the most underprivileged; he also denied rumours that a 35 per cent tax will be imposed on individuals with a yearly income over LE25 million.

"Once the government decreased the income tax to an average of 20 per cent, government revenues increased substantially and cases of tax evasion decreased," claims Tawakol.

Egypt-actus's insight:

In 2004, ousted PM Nazif's government restructured income tax scales and implemented a universal 20 per cent top tax rate on all income.

The new tax law will only come to effect once it is ratified by Egypt's lower house (Shura Council), added Tawakol during a meeting with representatives of the Egyptian tax authority inCairo andAlexandria.

"The Shura Council will ratify the new tax law only after it feels it had reached a level of popular consensus through the government-led national dialogues. So far, the dialogues have shown that disagreements over the tax law can easily be overcome," Tawakol told Al-Ahram's daily newspaper.

Egypt's lower house will thus ratify the tax law according to the agreements reached with opposition figures and state technocrats during the social dialogues.

The ministry of finance announced that it would amend the tax law with the goals of achieving social justice and tax equality.

The tax amendments are part of the government's quest to reduce its budget deficit, expected to edge above LE200 billion in the current 2012/13 fiscal year.

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Head of Tax Authority - Companies Raised Prices Before Applying New Amendments

Head of Tax Authority - Companies Raised Prices Before Applying New Amendments | Égypt-actus | Scoop.it

Head of Tax Authority, Mamdouh Omar, said on 12/1/2013 that there is no relationship between any new increase in the prices of some goods and the tax ammendments that have been off work until the end of the community dialogue by Ministry of Finance with other institutions, business and civil society organizations.

He said that prices of the sales tax on cigarettes and other goods did not enter into force until now and the recent increase in prices imposed by manufacturers, pointing out that all proposals made by members of Chambers of Commerce, the Federation of Industries, Investors Associations and parties during community dialogue will be considered and dealt with seriously and will be presented to Finance Minister to take appropriate measures before the start of the actual implementation of these amendments.

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