{"id":556514,"date":"2021-10-28T04:20:56","date_gmt":"2021-10-28T04:20:56","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/28\/egypt-needs-to-fix-withholding-tax-calculation-to-get-euroclearable-status\/"},"modified":"2021-10-28T04:20:56","modified_gmt":"2021-10-28T04:20:56","slug":"egypt-needs-to-fix-withholding-tax-calculation-to-get-euroclearable-status","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/28\/egypt-needs-to-fix-withholding-tax-calculation-to-get-euroclearable-status\/","title":{"rendered":"Egypt needs to fix withholding tax calculation to get Euroclearable status"},"content":{"rendered":"

<\/a> A tax calculation issue could be the reason behind slow progress on <\/strong>Euroclearable debt: <\/strong>An issue in how Egypt calculates the withholding tax on government securities is what\u2019s been delaying making the country\u2019s debt Euroclearable, Euroclear head of global capital markets Sudip Chatterjee said yesterday during Saudi\u2019s ongoing FII conference<\/a>, according to Reuters<\/a>. The pro rata temporis calculation tax authorities here use, which ties the tax to the duration of a security rather than a certain date, isn\u2019t in line with what\u2019s used internationally, Chatterjee added, noting that legislative changes were passed recently to change this.<\/p>\n

As near as we can figure\u2026 <\/strong>While Chatterjee didn\u2019t specify the changes, the House of Representatives greenlit a bill earlier this year<\/a> that will exempt<\/a> from fees and taxes any capital gains made from trading government treasuries that were sold on international debt markets. <\/em><\/p>\n

Another hurdle is that \u201cthere is a lot of fear\u201d from local primary brokers<\/strong>, who are anxious about how a new method of calculation would impact pricing. \u201cIt is very typical that you stumble upon a stumbling block like this,\u201d Chatterjee noted. But \u201cit will be done\u201d as Euroclear is ironing out the issue with the government, he added.<\/p>\n

Egypt <\/strong>signed an agreement<\/a><\/strong> with Euroclear in late 2019.<\/strong> A Euroclear link will make EGP bonds more accessible to foreigners, who can currently only access the market through a handful of domestic banks. Progress on the agreement moved slowly, with the government having to meet a number of requirements set out by the clearinghouse, including setting up a central securities depository<\/a> in addition to logistical and administrative<\/a> issues. The government was originally expecting to have wrapped up the process between September and November but according to statements made by Finance Minister Mohamed Maait last month<\/a>, our debt may not become Euroclearable until 2022.<\/p>\n

Chatterjee\u2019s comments came as Saudi also seeks to make its debt \u201cEuroclearable\u201d: <\/strong>Saudi Arabia\u2019s Securities Depository Center Company (Edaa) signed an agreement with the Belgium-based clearinghouse to pave the way for its local debt to be cleared in Europe, Euroclear said in a statement<\/a>. The agreement will set up \u201ca fully Euroclearable link enabling international investors access to the local sukuk and bond markets,\u201d the statement said. The link is expected to launch next March. It will initially allow Saudi sovereign and quasi-sovereign debt to be cleared by the Belgium-based clearinghouse, with other asset classes planned for a later stage.<\/p>\n

OTHER DEBT NEWS- Heliopolis Housing and Development is planning to issue an EGP <\/strong>360 mn transfer of rights to fund its project to develop the <\/strong>Heliopolis <\/strong> neighborhood <\/strong>and set up a residential compound in the area, CEO Tamer Nasser said, according to Al Borsa<\/a>. The company is currently choosing between three unnamed local banks to issue the transfer of rights, and is expecting to begin the project by the second quarter of next year.<\/p>\n","protected":false},"excerpt":{"rendered":"

A tax calculation issue could be the reason behind slow progress on Euroclearable debt: An issue in how Egypt calculates the withholding tax on government securities is what\u2019s been delaying making the country\u2019s debt Euroclearable, Euroclear head of global capital markets Sudip Chatterjee said yesterday during Saudi\u2019s ongoing FII conference, according to Reuters. The pro […]<\/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":[7274],"tags":[88,72,714,7087],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-556514","post","type-post","status-publish","format-standard","hentry","category-debt-watch","tag-debt-watch","tag-enterpriseam","tag-euroclear","tag-finance","wpautop","entry"],"acf":{"mongo_id":"a0e5466b-73a0-41bd-99f5-6d720b326c7e","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[556508],"teaser":"","voice_url":""},"yoast_head":"\nEgypt needs to fix withholding tax calculation to get Euroclearable status - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/10\/28\/egypt-needs-to-fix-withholding-tax-calculation-to-get-euroclearable-status\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt needs to fix withholding tax calculation to get Euroclearable status\" \/>\n<meta property=\"og:description\" content=\"A tax calculation issue could be the reason behind slow progress on Euroclearable debt: An issue in how Egypt calculates the withholding tax on government securities is what\u2019s been delaying making the country\u2019s debt Euroclearable, Euroclear head of global capital markets Sudip Chatterjee said yesterday during Saudi\u2019s ongoing FII conference, according to Reuters. 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The minister had said over the weekend that the Finance Ministry has signed an MoU\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/773.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":599318,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/25\/euroclear-delegation-in-egypt-to-wrap-up-procedures-making-debt-euroclearable\/","url_meta":{"origin":556514,"position":2},"title":"Euroclear delegation in Egypt to wrap up procedures making debt \u201ceuroclearable\u201d","author":"enterpriseam admin","date":"25 June 2019","format":false,"excerpt":"EXCLUSIVE- Euroclear is in Egypt to wrap up procedures that will make EGP-denominated debt \u201ceuroclearable\u201d: A delegation from Euroclear is currently in town to ensure Egyptian debt meets the technical requirements to make it clearable through the Belgium-based clearinghouse, two government officials tell Enterprise. The delegation sat down with Misr\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/6\/1593.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":565230,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/28\/euroclearable-whats-that\/","url_meta":{"origin":556514,"position":3},"title":"Euroclearable? What\u2019s that?","author":"enterpriseam admin","date":"28 March 2021","format":false,"excerpt":"What is clearing, and what does it mean to be \u2018Euroclearable\u2019? Towards the end of last year, Finance Minister Mohamed Maait used a prime time appearance on Bloomberg to announce that Egyptian bonds will officially be \u201cEuroclearable\u201d at some point between September and November of 2021. But what is clearing,\u2026","rel":"","context":"In "Enterprise explains"","block_context":{"text":"Enterprise explains","link":"https:\/\/enterpriseam.com\/egypt\/category\/explainers\/enterprise-explains\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/3\/567.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":576286,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/18\/egyptian-bonds-wont-be-euroclearable-for-at-least-another-year\/","url_meta":{"origin":556514,"position":4},"title":"Egyptian bonds won\u2019t be \u201cEuroclearable\u201d for at least another year.","author":"enterpriseam admin","date":"18 November 2020","format":false,"excerpt":"EXCLUSIVE- In other debt news, don\u2019t expect Egypt\u2019s sovereign debt to be \u201cEuroclearable\u201d for at least another year: Egypt expects to meet the terms and conditions to allow its local debt issuances to be cleared with Euroclear in a year\u2019s time, Mohamed Hegazy, head of the Finance Ministry\u2019s debt management\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":543634,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/10\/new-clearing-companys-board-formed-in-another-step-to-joining-euroclear\/","url_meta":{"origin":556514,"position":5},"title":"New clearing company\u2019s board formed in another step to joining Euroclear","author":"enterpriseam admin","date":"10 February 2022","format":false,"excerpt":"Inching closer to \u201cEuroclearable\u201d status: The board of directors has been formed for our new central clearing and depository company, Egyptian Central Securities Depository (ECSD) in another step toward making local debt \u201cEuroclearable,\u201d Al Borsa reports, picking up a story from state-owned Middle East News Agency.What\u2019s this new company? ECSD\u2026","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/2\/140.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/556514","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=556514"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/556514\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/556508"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=556514"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=556514"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=556514"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=556514"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=556514"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}