Good afternoon, friends. This new workweek is bringing what is shaping up to be a busy news day both at home and in the region.

THE BIG STORY TODAY

Tax breaks incoming? The government has formed a committee to look into simplifying and reducing the number of taxes and fees on goods and services in a bid to incentivize local industries, boost exports, attract new investments and curb inflation, a senior government source told Enterprise. The committee will begin reviewing a list of taxes and fees during its first meeting this week, the source added.

There’s much room for improvement: The proposed tax breaks seek to eliminate double taxation and redundant fees that see some goods taxed at up to 45%, the source explained.

THE BIG STORY ABROAD

US and UK-led attacks on Houthi militants in Yemen continue to lead the conversation in the international press today. Aircraft aboard the USS Eisenhower conducted the attacks last night while sailors aboard the USS Mason fired missiles at the Houthis, who have been attacking passing vessels in solidarity with Gaza, building up fears of widespread regional escalation. Just a day earlier, the US had struck 85 targets in Iraq and Syria in response to the Iran-backed attack that killed three of their own in Jordan. As a result of the turmoil, the global oil market is turning to local supply to avoid any trouble amidst Houthi promises of retaliation. (CNBC | Bloomberg | Financial Times | Associated Press | Reuters)

** CATCH UP QUICKon the top stories from today’s EnterpriseAM:

HELP GAZA-

Want to support relief efforts in Gaza, but don’t know how? We’ve got you. More than 1 mn people in Gaza have been thrown from their homes and every human being there lacks access to food, water, and fuel amid the most intense bombardment any population has endured this century.

The folks at Talabat are processing donations for a range of Gaza relief appeals by charities including the Egyptian Food Bank and Misr El Kheir. Pay in EGP using your credit card.

Or check out our list of charities to which you can make direct donations via bank deposit and / or Fawry.

*** It’s Inside Industry day —your weekly briefing of all things industrial in Egypt. Inside Industry focuses each Sunday on what it takes to turn Egypt into a manufacturing and export powerhouse, ranging from initial investment and planning to product distribution, through to land allocation to industrial processes, supply chain management, labor, automation and technology, inputs and exports, regulation and policy.

In today’s issue: As most manufacturers struggle to keep up with pressures from rising FX costs and difficulties securing imports of raw materials and other production inputs, pharma players say their sector is faring worse than most others. In addition to these burdens, pharma players are bound by mandatory pricing from the Egyptian Drug Authority, which makes it difficult for them to raise prices in tandem with increasing costs.

⛅️ TOMORROW’S WEATHER- Expect some clouds to roll back in with the mercury rising to a high of 19°C and a low of 11°C in the evening, according to our favorite weather app.

Tags: