{"id":543655,"date":"2022-02-13T04:04:51","date_gmt":"2022-02-13T04:04:51","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/13\/this-morning-labor-act-is-up-for-senates-approval-get-your-e-invoicing-paperwork-done\/"},"modified":"2022-02-13T04:04:51","modified_gmt":"2022-02-13T04:04:51","slug":"this-morning-labor-act-is-up-for-senates-approval-get-your-e-invoicing-paperwork-done","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/13\/this-morning-labor-act-is-up-for-senates-approval-get-your-e-invoicing-paperwork-done\/","title":{"rendered":"THIS MORNING: Labor Act is up for Senate\u2019s approval + get your e-invoicing paperwork done"},"content":{"rendered":"

Good morning, wonderful people. <\/strong>We\u2019ve got a torrent of business news for you this morning, from investment to M&A by way of superapps and our highest inflation reading in nearly three years. But what\u2019s preoccupying our thoughts? Ukraine.<\/p>\n

THE QUESTION OF THE WEEK- Are we looking at what could be the most significant <\/strong>land war in Europe since the Second World War? <\/strong>\u201cSwift and severe costs\u201d is the quote splashed across the front pages of the international press this morning. That\u2019s what US President Joe Biden yesterday promised Russian President Vladimir Putin would be in store for him and his country if Ukraine is invaded. The threat \u2013 and whatever else was said on the hour-long call \u2014 failed to deliver a breakthrough: US officials continue to brief of an imminent Russian attack on Ukraine, which Russia continues to characterize as absurd. Meanwhile, Germany and a handful of other countries have followed the US\u2019 lead by advising their citizens in Ukraine that it's time to get out of Dodge.<\/p>\n

Embassies are moving personnel out of Kyiv <\/strong>and more than 30 Russian ships have set sail in the Black Sea for what Moscow says are exercises. Everyone has more on the story, from the New York Times<\/a>, the Washington Post<\/a> and the Wall Street Journal<\/a> to Reuters<\/a>, Bloomberg<\/a> and the Financial Times<\/a>.<\/p>\n

Why are we leading with this? We have a lot at stake here<\/strong>. Russia and Ukraine are key tourism markets for Egypt \u2014 and two of our most important suppliers of wheat. And that\u2019s to say nothing of the fact that global markets tend not to like shooting wars\u2026<\/p>\n

HAPPENING TODAY- <\/strong><\/p>\n

The Senate is set to finish its discussion of the <\/strong>draft Labor Act during plenary <\/strong>sessions today and tomorrow,<\/strong> according to Ahram Online<\/a>. The Senate has already approved several articles in the new act, which is set to be passed onto the House of Representatives for final approval. The law would, if enacted, extend both maternity leave and notice periods, cap working hours, and change minimum raise increments, among other things. We have an explainer on the bill\u2019s finer points here.<\/a><\/p>\n

ALSO- The <\/strong>draft ins. Act<\/a><\/strong> is up for debate at the Senate\u2019s Financial Affairs Committee<\/strong> today and tomorrow, Ahram Online reports. The bill would make the Financial Regulatory Authority the primary regulator for the ins. sector and make ins. compulsory for SMEs and freelancers.<\/p>\n

PSA- Companies that are r<\/strong>equired to sign up to the sixth phase<\/strong> of the rollout of the <\/strong>government\u2019s electronic invoicing platform must do so by Tuesday<\/strong>, Amwal Al Ghad reports. Over 31k companies had signed<\/a> up by January to the tax authority\u2019s e-invoicing system for B2B transactions, Egyptian eInvoicing<\/a>.<\/p>\n

The government will unveil its green stimulus package before the end of the fiscal<\/strong> year in June<\/strong>, Finance Minister Mohamed Maait said<\/a> Friday. The policy, which was initially slated<\/a> to be announced in March, will provide targeted financial incentives to encourage sustainable and carbon emission-reducing projects. The government is also readying a package of measures to incentivize companies to help localize the electric vehicle industry, which will be announced \u201cin the coming period.\u201d<\/p>\n

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The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

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CORRECTION-<\/strong> In our story on Thursday<\/a> on amendments to the Income Tax Act, we incorrectly said that the amendments would see property owners pay a lump sum tax ranging from EGP 1.5k-4k when they sell their real estate assets, replacing the current 2.5% tax paid by sellers on properties\u2019 disposition or quick sale value. The amendments would, if passed, only apply the lump sum amount to properties that were sold before 19 May, 2013 \u2014 when the law was originally issued. Any sales after that date would still be subject to the same 2.5% tax. The story has been corrected on our website.<\/p>\n

CIRCLE YOUR CALENDAR-<\/strong><\/p>\n

The <\/strong>Arab Sustainable Development Week<\/a><\/strong> will kick off today and run through to Tuesday <\/strong>at the Arab League headquarters and the Nile Ritz Carlton.<\/p>\n

The three-day Egypt Petroleum Show<\/a><\/strong> (EGYPS)<\/strong> begins at the Egypt International Exhibition Center tomorrow, and runs until Wednesday.<\/p>\n

An <\/strong>art exhibition<\/a><\/strong> featuring work from marginalized children will be held at Townhouse <\/strong>Gallery from today until Saturday.<\/strong> The event is organized by the Sawiris Foundation for Social Development, AlexBank, Townhouse Gallery, Al Ismaelia for Real Estate Investment, and Ubuntu Art Gallery..<\/p>\n

Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n

enterprise<\/a><\/p>\n

*** It\u2019s What\u2019s Next day:<\/strong> We have our weekly deep-dive into what makes and shapes pre-listed companies and startups in Egypt, the UAE and KSA, touching on investment trends, future sector insights and growth journeys.<\/p>\n

In today\u2019s issue:<\/strong> In the first two parts of our series on superapps, we looked at why Egypt and the MENA region are ideal locations for these apps to thrive, and what challenges superapps face. In Part III, we look at how superapps overcome these challenges \u2014 and why, despite the risks, super apps are still worth the investment.<\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, wonderful people. We\u2019ve got a torrent of business news for you this morning, from investment to M&A by way of superapps and our highest inflation reading in nearly three years. But what\u2019s preoccupying our thoughts? Ukraine. 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Let\u2019s get to it. THE BIG STORIES\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":542775,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/17\/this-morning-south-korean-president-to-visit-egypt-from-wednesday-senate-concludes-labor-act-discussions-today-and-the-us-still-struggling-with-omicron\/","url_meta":{"origin":543655,"position":1},"title":"THIS MORNING: South Korean President to visit Egypt from Wednesday + Senate concludes labor Act discussions today and the US still struggling with omicron","author":"enterpriseam admin","date":"17 January 2022","format":false,"excerpt":"Good morning, wonderful people, and welcome to an unusually busy Monday morning on the news front, where the big story of the day is the upcoming visit of South Korean President Moon Jae-in.Moon is due in town from Wednesday to Friday, the first visit to Egypt by a South Korean\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":654943,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/11\/labor-act-to-top-govts-legislative-agenda\/","url_meta":{"origin":543655,"position":2},"title":"Labor Act to top govt\u2019s legislative agenda","author":"enterpriseam admin","date":"11 November 2024","format":false,"excerpt":"Good morning, friends. In today\u2019s issue, we\u2019ve got news that inflation is up, arrears to energy companies are down, and that momentum to pass the redrafted Labor Act is building.PSA-WEATHER- It\u2019s feeling much the same as yesterday in Cairo today, with a high of 24\u00b0C and a low of 18\u00b0C,\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/7\/711.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":646314,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/06\/12\/what-were-tracking-this-week-167\/","url_meta":{"origin":543655,"position":3},"title":"What we\u2019re tracking this week","author":"enterpriseam admin","date":"12 June 2017","format":false,"excerpt":"The stamp tax on capital market transactions could come into effect as early as this week.The House of Representatives will tackle the Labor Act this coming Thursday in a plenary session, while the House Manpower Committee will hold hearings on the Labor Unions Act starting mid-July.The House of Representatives has\u2026","rel":"","context":"In "What We\u2019re Tracking This Week"","block_context":{"text":"What We\u2019re Tracking This Week","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-this-week\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":662843,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/03\/24\/house-preliminarily-approves-re-drafted-labor-act\/","url_meta":{"origin":543655,"position":4},"title":"House preliminarily approves re-drafted Labor Act","author":"enterpriseam admin","date":"24 March 2025","format":false,"excerpt":"Good morning, friends. A continued dip in domestic gas production leads today\u2019s issue. We also have news of the EU backing our plan to rebuild Gaza as well as the House preliminary approving the Labor Act and the draft Medical Liability Law. So, when do we eat? Maghrib prayers are\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/1\/1845.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544770,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/21\/this-morning-new-measures-to-cope-with-ukraine-war-fallout-coming-today-or-tomorrow-arqaam-sees-huge-200-bps-rate-hike-israeli-pm-coming-to-cairo\/","url_meta":{"origin":543655,"position":5},"title":"THIS MORNING: New measures to cope with Ukraine war fallout coming today (or tomorrow); Arqaam sees huge 200 bps rate hike; Israeli PM coming to Cairo?","author":"enterpriseam admin","date":"21 March 2022","format":false,"excerpt":"Good morning, wonderful people, and welcome to a business-heavy issue of Enterprise as a flood of fundraising, M&A and investment news pushed the local fallout from the war in Ukraine further down our metaphorical front page. Four stories really stand out: Global Ventures\u2019 new, USD 85 mn Nclude fund, to\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/543655","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=543655"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/543655\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/543653"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=543655"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=543655"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=543655"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=543655"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=543655"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}