{"id":553969,"date":"2021-12-15T04:13:33","date_gmt":"2021-12-15T04:13:33","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/15\/this-morning-ads-are-now-subject-to-vat-but-not-the-stamp-tax-plus-fate-of-sugar-tax-still-unclear\/"},"modified":"2021-12-15T04:13:33","modified_gmt":"2021-12-15T04:13:33","slug":"this-morning-ads-are-now-subject-to-vat-but-not-the-stamp-tax-plus-fate-of-sugar-tax-still-unclear","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/15\/this-morning-ads-are-now-subject-to-vat-but-not-the-stamp-tax-plus-fate-of-sugar-tax-still-unclear\/","title":{"rendered":"THIS MORNING: Ads are now subject to VAT, but not the stamp tax. Plus: Fate of sugar tax still unclear."},"content":{"rendered":"

Good morning, wonderful people, and welcome to yet another busy December morning. <\/strong>We have a ton of news to get through today, so let\u2019s jump right in with a quick tax update from our elected representatives:<\/p>\n

The House of Representatives is going on a short recess until after Western<\/strong> Christmas<\/strong>, with plenary sessions suspended until Sunday, 26 December, according to Al Shorouk<\/a>.<\/p>\n

Before their two-week break, MPs gave final approval to amendments to the VAT Act<\/strong> that had been laid out in a report (pdf)<\/a> by the House\u2019s planning and budgeting, economic affairs, and legislative and constitutional committees. The full text of the bill has yet to be released.<\/p>\n

What we know so far:<\/strong> The changes impose the 14% value-added tax on fully-finished \u201cbroadcast\u201d advertisements, replacing the 20% stamp tax to which they were previously subject<\/a>. The measure defines \u201cbroadcast\u201d ads as advertisements on TV, radio, outdoor billboards and the interwebs. VAT is collected and remitted by the seller, whereas it is presently the buyer\u2019s responsibility to remit the 20% stamp tax on any ad they purchased. The measures also make goods and services from special economic zones (SEZ) VAT-exempt, affording projects set up in SEZs the same tax treatment as those in freezones.<\/p>\n

What we don\u2019t know:<\/strong> The fate of the so-called sugar tax, which would impose the 14% VAT on crackers and sweet pastries, instead of the current 5% schedule tax.<\/p>\n

NOT PASSED yesterday: A barrel of <\/strong>new taxes and development fees<\/a><\/strong> the Madbouly cabinet had proposed earlier in the week. The proposal caused a ruckus in the House and led House Speaker Hanafi El Gebali decided yesterday to push the vote until after MPs return from recess on Boxing Day. Ala Mas\u2019ouleety\u2019s Ahmed Moussa took note of the story last night (watch, runtime: 38:17<\/a>).<\/p>\n

^^ We\u2019ll have the full details on the bill in tomorrow\u2019s edition of EnterpriseAM.<\/strong><\/p>\n

\n

MEANWHILE- It\u2019s day two of a closely watched Fed meeting<\/strong>, with analysts waiting to parse Jay Powell\u2019s statement later today for signs of whether and when the US Federal Reserve will start to taper its stimulus program \u2014 and when it might raise interest rates.<\/p>\n

ALSO- The IMF is nudging the Bank of England (BoE) to raise rates at its <\/strong>upcoming meeting in light of spiraling inflation,<\/strong> which the international lender sees rising well above the bank\u2019s 2% target to 5.5% by early next year, the Financial Times<\/a> reports. A tight labor market<\/a> coupled with uncertainty over Omicron\u2019s impact on economic growth could allow inflation to continue to rise, the IMF warned.<\/p>\n

REMINDER- Tomorrow is Egypt\u2019s final interest rate day of 2021:<\/strong> All 11 economists and analysts we surveyed in our Enterprise Rate Poll expect the Central Bank of Egypt\u2019s MonetaryPolicy Committee to leave interest rates unchanged when it meets this Thursday for its final gathering of the year. The still-unfolding situation with the Omicron variant is giving policymakers everywhere pause and a lower-than-expected November inflation reading could give the MPC some breathing room.<\/p>\n

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\n Get Enterprise<\/b> daily
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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

Subscribe here<\/a>\n <\/div>\n<\/p><\/div>\n<\/div>\n

THE BIG STORY ABROAD<\/strong>- It\u2019s all Omicron, all the time. <\/strong>The Financial Times<\/a> is leading with a report claiming that while Pfizer\u2019s jab provides poor protection against the Omicron variant, it does give 70% protection against hospitalization<\/strong> for those who become infected. The salmon-colored paper also has a good explainer on why covid boosters seem to provide good protection<\/a> against Omicron. The New York Times<\/a> and Bloomberg<\/a> also have Omicron above the first scroll, while the Globe and Mail<\/a> reports that Canada could impose a ban on entry for non-nationals<\/strong> who aren\u2019t travelling for an \u201cessential purpose.\u201d<\/p>\n

ALSO- DC standing up for Muslim rights in China:<\/strong> The US House of Representatives has passed a bill that would ban imports from China\u2019s Xinjiang region as part of what Reuters<\/a> says is\u201dpart of Washington's continued pushback against Beijing's treatment of its Uyghur Muslim minority.\u201d Axios<\/a> is also leading with the story.<\/p>\n

MARKET WATCH- <\/strong><\/p>\n

The US Senate voted to raise the government\u2019s borrowing limit by USD 2.5 tn, in a <\/strong>last-minute effort to avert default<\/strong>, the Wall Street Journal reports<\/a> The Senate shipped the bill to the House for final approval. The move would help the government avoid a stand-off between Republicans and Democrats over the debt ceiling until after next year\u2019s midterm elections. US Treasury secretary Janet Yellen has been raising alarms that the government is at risk of default for weeks, prompting Republicans to concede to a one-time rule change allowing Democrats to raise the debt ceiling should the majority vote accordingly.<\/p>\n

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

The <\/strong>UN Convention Against Corruption<\/a><\/strong> in Sharm El Sheikh is on its third day today<\/strong>. The event wraps this coming Friday, 17 December.<\/p>\n

The Arab Conference on the Peaceful Uses of Atomic Energy in Aswan<\/strong> is underway and runs until tomorrow.<\/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<\/p>\n

*** It\u2019s Hardhat day \u2014 your weekly briefing of all things infrastructure in Egypt:<\/strong> Enterprise\u2019s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development as well as social infrastructure such as health and education.<\/p>\n

In today\u2019s issue: <\/strong>We look at the current state of play of the Light Rail Train (LRT), which will run from El Salam to the 10th of Ramadan via the new administrative capital. The LRT is slated for inauguration next year and is expected to help bolster development in certain governorates in the country.<\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, wonderful people, and welcome to yet another busy December morning. We have a ton of news to get through today, so let\u2019s jump right in with a quick tax update from our elected representatives: The House of Representatives is going on a short recess until after Western Christmas, with plenary sessions suspended until […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7204],"tags":[2494,271,72,272,182,349,724,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-553969","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-bank-of-england","tag-central-bank-of-egypt","tag-enterpriseam","tag-imf","tag-inflation","tag-interest-rates","tag-monetary-policy","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"c66b6375-56fc-4af8-834a-5f114ccfcf86","order":"0","is_powered_by":true,"story_type":"4","photo_url":"","photo_position":"above","related_issue":[553967],"teaser":"","voice_url":""},"yoast_head":"\nTHIS MORNING: Ads are now subject to VAT, but not the stamp tax. 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The big news this morning: Egypt\u2019s covid-19 vaccination campaign kicks off today targeting the most at-risk frontline healthcare workers \u2014 and we\u2019ll know more about the plan for a wider rollout later in the day as Health Minister Hala Zayed holds a presser this morning. It\u2019s early\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":600512,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/31\/what-were-tracking-this-week-and-beyond-14\/","url_meta":{"origin":553969,"position":1},"title":"What we\u2019re tracking this week and beyond","author":"enterpriseam admin","date":"31 January 2019","format":false,"excerpt":"On Sunday, a Cairo court will hear the EUR 150 mn lawsuit against Peugeot Citroen.The case, in which a subsidiary of Arabian Investments, Development and Financial Investment Holding Co. is suing Peugeot after the French automaker ended their 40-year partnership, had been delayed in mid-December. Egypt\u2019s Emirates NBD PMI is\u2026","rel":"","context":"In "Up Next"","block_context":{"text":"Up Next","link":"https:\/\/enterpriseam.com\/egypt\/category\/up-next\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":555059,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/01\/this-morning-a-new-month-cop26-summit-starts-today-el-sisi-arrives-in-scotland-senate-to-discuss-egx-capital-gains-tax\/","url_meta":{"origin":553969,"position":2},"title":"THIS MORNING: A new month; COP26 summit starts today; El Sisi arrives in Scotland; Senate to discuss EGX capital gains tax.","author":"enterpriseam admin","date":"1 November 2021","format":false,"excerpt":"Good morning, wonderful people, and welcome to an exceptionally busy news day here in Egypt, with everything from a little help from our friends (in the form of KSA\u2019s deposit at the central bank) to the liberalization of gas prices, a tax drawback system for tourists and a share buyback\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":567765,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/07\/what-were-tracking-on-7-december-2020\/","url_meta":{"origin":553969,"position":3},"title":"What we\u2019re tracking on 7 December 2020","author":"enterpriseam admin","date":"7 December 2020","format":false,"excerpt":"Good morning, friends. It\u2019s an oddly quiet Monday on the global front \u2014 and a busy newsday here at home \u2014 so let\u2019s jump right in: WHAT\u2019S HAPPENING TODAY- President Abdel Fattah El Sisi is meeting today with France\u2019s Emmanuel Macron in Paris, where El Sisi landed yesterday for a\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":578306,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/22\/this-morning-expect-another-mega-rate-hike-when-the-central-bank-meets-later-today\/","url_meta":{"origin":553969,"position":4},"title":"THIS MORNING: Expect another mega-rate hike when the central bank meets later today","author":"enterpriseam admin","date":"22 December 2022","format":false,"excerpt":"Good morning, dear readers, and congratulations on making it to the end of another week. Like many of you, we're going to be turning on our OoO responders on Sunday and having ourselves an extended weekend for the Christmas break. We'll be back in your inboxes on Monday at the\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\/2022\/12\/479.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":561502,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/11\/two-days-til-ramadan-what-isnt-happy-the-pandemic-is-easing-the-environment\/","url_meta":{"origin":553969,"position":5},"title":"Two days \u2018til Ramadan; What isn\u2019t happy the pandemic is easing? The environment.","author":"enterpriseam admin","date":"11 April 2021","format":false,"excerpt":"Good morning, wonderful people, and welcome to the first week of Ramadan. The holy month should start on Tuesday: Expect Dar Al Iftaa to make a formal announcement tomorrow evening, based on its sighting of the moon.The EGX will move to its customary shortened Ramadan hours, which will see trading\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\/553969","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=553969"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/553969\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/553967"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=553969"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=553969"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=553969"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=553969"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=553969"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}