{"id":556941,"date":"2021-10-31T13:37:40","date_gmt":"2021-10-31T13:37:40","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/31\/tonight-the-capital-gains-tax-gets-its-day-in-parliamentary-court-cop26-gets-underway-in-glasgow\/"},"modified":"2021-10-31T13:37:40","modified_gmt":"2021-10-31T13:37:40","slug":"tonight-the-capital-gains-tax-gets-its-day-in-parliamentary-court-cop26-gets-underway-in-glasgow","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/31\/tonight-the-capital-gains-tax-gets-its-day-in-parliamentary-court-cop26-gets-underway-in-glasgow\/","title":{"rendered":"TONIGHT: The capital gains tax gets its day in (parliamentary) court + COP26 gets underway in Glasgow"},"content":{"rendered":"

It\u2019s been an atypically busy Sunday,<\/strong> with some good news coming out of the state privatization program, the Finance Ministry and the central bank. But since it is Halloween, we will start with something scaring fund managers here\u2026<\/p>\n

<\/a> WATCH THIS SPACE- <\/strong>The capital gains tax (CGT) is getting its day in the House of<\/strong> Representatives<\/strong>, where Finance Minister Mohamed Maait is discussing the ramifications of reintroducing the tithe, Al Borsa<\/a> reports. Representatives from GAFI, the bourse, and the Financial Regulatory Authority are also attending the debate, which MPs had formally requested earlier this month<\/a>. The 10% tithe on gains from EGX transactions is expected to come into effect on 1 January 2022, Maait confirmed<\/a> last month, but has been met with resistance from fund managers<\/a>, figures in the securities industry<\/a>, and MPs alike. The CGT has been in the pipeline since 2015 but has since been postponed several times, including last year, when it was pushed<\/a> due to the pandemic.<\/p>\n

<\/a> THE BIG STORIES TODAY- <\/strong><\/p>\n

PRIVATIZATION WATCH- Misr Ins. Holding has signed on for EGP 15 mn worth of shares <\/strong>in Ghazl El Mahalla FC\u2019s IPO<\/strong>, out of a total EGP 37 mn worth of shares that will be allocated for private placement, Public Enterprises Minister Hisham Tawfik told Hapi Journal. The remaining EGP 22 mn worth of shares will be marketed to institutional investors. The private placement portion of the sale is set to go through in November, the minister said, with the public portion of the club's IPO now set to hit the market in December<\/a>, after having earlier been slated for November.<\/p>\n

The sale is expected to raise <\/strong>EGP 135 mn<\/a><\/strong>, which would be done via newly-issued shares that would see up to two-thirds of the club listed on the exchange. Another EGP 98 mn will be earmarked for sale to individual retail investors, Prime Holding CEO Mohamed Maher \u2014 whose firm is quarterbacking the debut\u2014 had told us over the summer.<\/p>\n

On to the Finance Ministry, which said <\/strong>in a <\/strong>statement<\/a><\/strong> that tourists shopping in Egypt will soon be able to claim VAT refunds<\/strong> via a digital<\/strong> system<\/strong>. The rollout of the digital system, which will eventually be available at all of Egypt\u2019s airports, seaports, and border stations, is set to begin before the end of the year in Sharm El Sheikh.<\/p>\n

Saudi Arabia has reportedly deposited an additional USD 3 bn in the central bank, <\/strong>as well as extending the tenor of its current deposits worth 2.3 bn, in a move that should shore up our foreign currency liquidity, sources told Bloomberg Asharq<\/a>. We\u2019re reaching out to the CBE for confirmation.<\/strong><\/p>\n

^^ We\u2019ll have more on these stories and more in tomorrow\u2019s edition of EnterpriseAM.<\/strong><\/p>\n

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<\/a> HAPPENING NOW-<\/strong> President Abdel Fattah El Sisi<\/a><\/strong> and <\/strong>Environment Minister Yasmine Fouad<\/a><\/strong> are in<\/strong> Glasgow today as COP26 gets underway.<\/strong> The summit, which will run until November 12, will make climate change the top story for the next several days as politicians attempt to reach an agreement on steps to reduce emissions and slow down global warming.<\/p>\n

El Sisi is set to meet with UK Prime Minister Boris Johnson on the sidelines of the<\/strong> summit<\/strong>, the Ittihadiya statement notes. Egypt is set to host next year\u2019s COP27 in Sharm El Sheikh. The president will also meet with other unnamed leaders and politicians in Glasgow to discuss cooperation, as well as regional and international issues.<\/p>\n

On that front, no climate breakthrough among G20 nations ahead of COP26: <\/strong>After a tough night of negotiations in Rome, the climate agreement between G20 nations had to be watered down to get everyone to sign off, making it largely unchanged from the 2015 Paris accords, Bloomberg<\/a> reported after seeing a copy of the document. The failure to arrive at tonight\u2019s COP26 opening with a more ambitious commitment will disappoint climate scientists and activists, and could derail the sumit\u2019s chances of success, according to Reuters<\/a>.<\/p>\n

The latest country to announce a green target ahead of today\u2019s COP26<\/strong> summit: Qatar<\/strong>, which said it is aiming to reduce greenhouse gas emissions by 25% by 2030 in a national climate change action plan launched today, according to Reuters<\/a>. The plan will also see the Gulf country reduce the \u201ccarbon intensity\u201d of its liquefied natural gas (LNG) facilities by 25% by the same year by intensifying carbon capture and storage. Qatar is the world\u2019s largest producer of LNG with plans to expand production to 127 mn tonnes annually by 2027.<\/sup><\/p>\n

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KUDOS- <\/strong>Souad<\/a><\/strong> is Egypt\u2019s Oscars pick:<\/strong> Egyptian director Ayten Amin\u2019s film Souad, which received glowing reviews<\/a> when it hit international screens this year, has been chosen as Egypt\u2019s submission for Best Foreign Language Film at next year\u2019s Academy Awards. The committee will review all submissions<\/a> before choosing the five films to be nominated, with the winner announced at the Oscars ceremony next March. Don\u2019t hold your breath: no Egyptian film has ever made it to the nominees shortlist<\/strong>, though there are definitely some gems to add to your watchlist among the Egyptian submissions down the years<\/a>.<\/p>\n

** CATCH UP QUICK <\/strong>on the top stories from today\u2019s EnterpriseAM:<\/strong><\/p>\n