Good afternoon, friends, and welcome to the fresh start of a new workweek. We’re hitting the ground running today with tax dispute news from the Finance Ministry, updates to industry export standards, and concerns that Big Tech is setting its sights on making a userbase out of our little ones.
THE BIG STORY TODAY-
The Finance Ministry is looking into extending its 12 May deadline for pre-2020 tax dispute requests by three months, a government source told EnterpriseAM. The extension request is currently under review by the ministry, which is looking to ensure that taxable entities receive the maximum amount of benefits from the government’s new tax facilities, the source said.
REMEMBER- The Finance Ministry is rolling out measures to make it more attractive for businesses to settle disputes dating to before 2020, including by paying a fixed percentage of taxes owed. Businesses will be able to make those payments in four installments over a 12-month period without paying late fees or additional interest charges. This comes as part of a larger push by the Finance Ministry to widen the tax base.
THE BIG STORY ABROAD-
There’s no single story dominating the headlines this afternoon, with the global business press continuing to unpack what a post-Warren Buffet Berkshire Hathaway will look like now that the Oracle of Omaha has announced he will step down by the end of the year. All eyes are now on likely successor Greg Abel, who has some sizable shoes to fill. (Financial Times | Bloomberg | Wall Street Journal)
Also ranking high on the world’s digital front pages are elections across the globe, be it the ruling parties of Singapore and Australia securing reflections, and ongoing vote in Romania that looks likely to see the far-right nationalist Union of Romanians take the country’s highest office. (Reuters | New York Times | Guardian)
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*** 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: We take a look at how the government and private sector are increasingly focusing on accreditation as a key tool to enter local markets and expand abroad.
☀️ TOMORROW’S WEATHER- Blue skies ahead tomorrow in the capital, with the mercury set to rise to a maximum of 30°C throughout the day before falling to 17°C at night, according to our favorite weather app.