{"id":545854,"date":"2022-04-14T04:10:03","date_gmt":"2022-04-14T04:10:03","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/14\/this-morning-everyone-must-register-for-vat-happy-holidays-yall\/"},"modified":"2022-04-14T04:10:03","modified_gmt":"2022-04-14T04:10:03","slug":"this-morning-everyone-must-register-for-vat-happy-holidays-yall","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/14\/this-morning-everyone-must-register-for-vat-happy-holidays-yall\/","title":{"rendered":"THIS MORNING: Everyone must register for VAT + happy holidays, y\u2019all"},"content":{"rendered":"

Well, friends, we\u2019ve made it through another workweek together <\/strong>and are fast-approaching<\/p>\n

the midpoint of Ramadan. We hope the week was good to you and that you\u2019re looking forward to a relaxing weekend.<\/p>\n

It\u2019s another very heavy morning for news:<\/strong><\/p>\n

Energy and commodities top the headlines today \u2014 and it\u2019s all very pertinent to the<\/strong> turmoil taking place on the global stage. <\/strong>Italy\u2019s Eni will be taking a leading role in helping us to ramp up our LNG exports to Europe as it looks to wean itself off Russian energy. And state grain buyer GASC has concluded its first successful tender since war broke out in Ukraine, amid a very tight market that saw prices at their highest in nearly six years.<\/p>\n

Meanwhile, our Emirati friends at ADQ<\/strong> have confirmed that they were behind the massive purchases in EGX-listed stakes yesterday meant to help shore up our economy. On a related note, rumor has it that healthy foods outfit Abu Auf could be on an ADQ subsidiary\u2019s shopping list.<\/p>\n

^^ We have all of this and more in this morning\u2019s news well, below.<\/p>\n

Need something to do in that last hour before iftar? <\/strong>May we immodestly suggest you check out our podcast on the future of fintech in Egypt<\/strong> (Apple Podcasts<\/a> | Google Podcasts<\/a> | Spotify<\/a> | our website<\/a>) \u2014 part two drops on Sunday. Or learn about Shift EV, a remarkable startup<\/a><\/strong> that\u2019s developed proprietary battery technology it\u2019s using to retrofit our nation\u2019s delivery fleets into electric vehicles.<\/p>\n

PSA<\/strong>-<\/strong> All businesses now have to register for VAT <\/strong>\u2014 even if their revenues are beneath the VAT registration threshold, Tax Authority head Reda Abdelkader said in a statement to Enterprise yesterday. Businesses making less than EGP 500k in revenues a year still aren\u2019t required to charge and remit VAT on their sales, but they do need to register with the authority via the unified tax platform.<\/p>\n

HAPPY HOLIDAYS: <\/strong>We wish a very happy Passover, which starts tomorrow evening (Friday, April 15) to all our readers who observe \u2014 and a happy Easter in advance to those of our readers who follow the Western Christian calendar. Good Friday is tomorrow, while Easter is this coming Sunday. (Coptic Easter will be observed this year on Sunday, 24 April.)<\/p>\n

SO, WHEN DO WE EAT?<\/strong> You\u2019ll be breaking your fast at 6:22pm CLT this evening in the capital city, and fajr prayers are at 3:59am.<\/p>\n

NEXT WEEK-<\/strong><\/p>\n

EgyptAir will operate daily direct flights between Cairo and the eastern Libyan city <\/strong>of Benghazi starting<\/strong> 18 April<\/strong>, Youm7<\/a> reports. This comes as Egypt and Libya work to strengthen ties, with Egypt just yesterday playing host to talks to help Libya find a solution for its ongoing political crisis (find more on that in the Diplomacy section in this morning\u2019s news well, below).<\/p>\n

Early pensions ahead of Eid: <\/strong>Gov\u2019t will disburse pensions for retired public sector workers early this month, on 22 April, ahead of Eid El Fitr and Coptic Easter, the National Authority for Social Ins. announced<\/a> yesterday.<\/p>\n

Global finance chiefs to convene food security summit: <\/strong>US Treasury Secretary Janet Yellen will next week convene a summit to discuss emergency financing for countries struggling with rising food prices, Bloomberg<\/a> reports. The heads of the IMF and the World Bank, and reps from G7 and G20 countries are set to attend the meeting, where they will \u201ctry and think about how we can stave off starvation around the world\u201d as the war in Ukraine sends commodities prices spiraling, Yellen said.<\/p>\n

Int\u2019l policymakers are sounding the alarm on food:<\/strong> The meeting was announced as the heads of the IMF, the WB, the World Food Programme, and the World Trade Organization issued a joint statement<\/a> calling for \u201curgent coordinated action on food security.\u201d They said steps could include providing hardest-hit countries with emergency grants to help balance their books, sending food supplies, upping agricultural production, and keeping trade flows open.<\/p>\n

RECOMMENDED READING- <\/strong>For more on how the World Bank sees the Ukraine crisis impacting food and climate issues \u2014 as well as wise words on how to steer a country through a crisis \u2014 check out our recent interview with Mari Pangestu<\/a>, the WB\u2019s managing director of development policy and partnerships.<\/p>\n

SPEAKING OF THE WB + IMF: <\/strong>The two international lenders\u2019 spring meetings<\/a> are taking place in Washington next Monday, 18 April, and will run until Saturday, 23 April.<\/p>\n

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THE BIG STORY ABROAD = WAR WATCH. Most of the international press has its eyes glued to Ukraine this morning. <\/strong>Here\u2019s your Reader\u2019s Digest version of the latest developments:<\/p>\n