{"id":559474,"date":"2021-01-24T03:39:05","date_gmt":"2021-01-24T03:39:05","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/24\/what-were-tracking-on-24-january-2021\/"},"modified":"2021-01-24T03:39:05","modified_gmt":"2021-01-24T03:39:05","slug":"what-were-tracking-on-24-january-2021","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/24\/what-were-tracking-on-24-january-2021\/","title":{"rendered":"What we\u2019re tracking on 24 January 2021"},"content":{"rendered":"

Good morning, friends. The big news this morning: Egypt\u2019s covid-19 vaccination <\/strong>campaign kicks off today <\/strong>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<\/a> this morning.<\/p>\n

It\u2019s early days, but it\u2019s also exceptionally good news.<\/strong> As CIB chief Hussein Abaza said<\/a> earlier this month: \u201cThe prospect of a vaccine is a game changer. We\u2019re still in a tunnel, but we can see the light. The only question is how much longer we have to go.\u201d<\/p>\n

Also this week: Tomorrow is <\/strong>the 10-year anniversary of the events of 25 January 2011.<\/strong> Expect to see a stepped-up security presence in and around downtown.<\/p>\n

It\u2019s a four-day workweek <\/strong>as we observe the Police Day \/ Revolution Day holiday this coming Thursday, 28 January. The central bank has confirmed that Thursday is a bank holiday, so you can expect an announcement soon from the EGX.<\/p>\n

We then settle in for our long annual holiday drought:<\/strong> Your next day off will be Sinai Liberation Day in mid-Ramadan. The Holy Month should start on or about Monday, 13 April.<\/p>\n

Expect more talk this week of a cabinet shuffle<\/strong>, particularly after newly-rehabilitated Ahmed Moussa used his bully pulpit on Ala Mas\u2019ouleety all last week to castigate the ministers of information, supply and local development. All three also took fire from MPs as the new House of Representatives put in its first full week of work. Conventional wisdom<\/a> is that you can expect the cabinet economic group to remain in place. <\/strong><\/p>\n

On the legislative agenda this week: <\/strong>The House Planning and Budgeting Committee convenes tomorrow to discuss proposed amendments to the VAT Act<\/strong> and a bill <\/strong>to exempt<\/a><\/strong> government treasuries <\/strong>sold on international markets from fees and taxes,<\/strong> reports Al Mal<\/a>. The changes to the VAT law<\/a> would apply the 14% tax to the rent and purchase of commercial and administrative properties.<\/p>\n

The amendments would, if passed, also hike taxes on crackers and some forms of <\/strong>sweets<\/strong> by scrapping a 5% schedule tax and instead making them subject to the full 14% VAT. A senior official at Edita denied a report<\/a> that the tax hike would push the sweetmaker to scrap capex spending this year, telling us instead on Thursday that the company was prepared to \u201cmove through a price point migration and a portfolio optimization strategy\u201d as it did after the float of the EGP.<\/p>\n

Russian officials will land in Hurghada on Wednesday<\/strong> for the umpteenth inspection of the airport\u2019s security measures, ahead of a possible resumption of flights between Russia and the Red Sea resort town, Al Masry Al Youm<\/a> reports.<\/p>\n

!_SubscribeToEnterprise_<\/p>\n

<\/a> PSA- <\/strong>Businesses have until 31 January (a week from today) to file wage tax <\/strong>returns for 2020<\/strong> including separate filings for the first and second halves of the year. Sole traders and folks who generate income from outside of their day job will also need to file electronically for the first time.<\/p>\n

Don\u2019t sweat it if you have a day job with a company:<\/strong> Salaried employees in Egypt do not file income tax returns, but have taxes deducted at source by their employer, which is responsible for remitting the wage taxes to the state. Your employer will be telling the state before 31 January who you are, what your national ID (or passport number) is and how much you made in 2020.<\/p>\n

PSA- Time is running out if you haven\u2019t paid income, value-added, or real estate taxes<\/strong> and want to settle up without late fees.<\/strong> Late taxpayers are still eligible for a 50% exemption on interest fees and late penalties until 12 February under a bill<\/a> passed last year, Tax Authority boss Reda Abdel Kader said last week, according to Al Shorouk<\/a>.<\/p>\n

\n

There are plenty of things you can (virtually) attend <\/strong>over the course of this week:<\/p>\n

The World Economic Forum\u2019s <\/strong>Davos Agenda<\/a><\/strong> is happening Monday through<\/strong> Friday. <\/strong>The Swiss ski town of Davos, which traditionally plays host to the annual gathering, is getting a break this year as the coronavirus forces the global elite to take to Zoom. A discussion on the global economic recovery will open the conference tomorrow morning while Chinese President Xi Jinping will be able to set the tone for the event when he gives the first special address in the afternoon.<\/p>\n

An in-person WEF event is still in the cards for this year<\/strong>, scheduled to take place between<\/a>13-16 May in Singapore<\/a>.<\/p>\n

AUC\u2019s School of Business is hosting a <\/strong>webinar<\/a><\/strong> this Tuesday on \u201cRethinking <\/strong>Macroeconomics in the Digital Age\u201d<\/strong> to discuss how technological change is changing the way we think about macroeconomics, investment, training the labor force and access to finance. The event will feature Subir Lall, the IMF\u2019s deputy director of the Middle East and Central Asia Department. You can register for the webinar here<\/a>.<\/p>\n

A little further afield: It\u2019s Davos in the Desert<\/strong> (yes, yes, we know, we\u2019re not supposed to call it that) at the Future Investment Initiative<\/a> in Riyadh (Tuesday-Thursday)<\/p>\n

\n

Egypt will face Slovenia tonight at 7 pm CLT<\/strong> for the final group game of the 2021 Men\u2019s Handball World Championships. After the national team\u2019s comfortable 35-26 victory over Belarus<\/a> on Friday, a victory tonight should seal progress to the next round.<\/p>\n

How are the group winners decided?<\/strong> The top two teams in each group will progress to the quarter finals, but in the event that teams are tied the winners will be decided based on head-to-head results<\/a>, rather than on goal difference.<\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, friends. 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 days, but it\u2019s also exceptionally […]<\/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":[3661,107,437,984,191,72,505,498,180,527,270,69,238,234,117,113,7110,3094,74,436,438],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-559474","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-2021-handball-world-championships","tag-covid-19","tag-davos","tag-donald-trump","tag-edita","tag-enterpriseam","tag-hurghada","tag-joe-biden","tag-legislation","tag-pandemic","tag-russia","tag-tax","tag-tourism","tag-travel","tag-us","tag-vaccines","tag-vat","tag-vat-act","tag-what-were-tracking-today","tag-world-economic-forum","tag-xi-jinping","wpautop","entry"],"acf":{"mongo_id":"770bb818-96a0-4268-968f-2c537e172fbb","is_powered_by":true,"story_type":"4","photo_url":"","photo_position":"above","related_issue":[559472],"teaser":"","voice_url":""},"yoast_head":"\nWhat we\u2019re tracking on 24 January 2021 - 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\/01\/24\/what-were-tracking-on-24-january-2021\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What we\u2019re tracking on 24 January 2021\" \/>\n<meta property=\"og:description\" content=\"Good morning, friends. 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. 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WHAT\u2019S HAPPENING TODAY- The Financial Regulatory Authority\u2019s annual conference on non-banking financial services (NBFS) will be held today. Look for discussion of upcoming regulatory and legislative changes\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":559194,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/13\/what-were-tracking-on-13-january-2021\/","url_meta":{"origin":559474,"position":1},"title":"What we\u2019re tracking on 13 January 2021","author":"enterpriseam admin","date":"13 January 2021","format":false,"excerpt":"We have plenty of news for you on this fine Wednesday morning, starting with a surprise announcement from the Central Bank of Egypt that the nation\u2019s banks cannot distribute cash dividends for fiscal year 2020, though they may issue dividends in the form of stock. The decision is meant 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":[]},{"id":559518,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/25\/what-were-tracking-on-25-january-2021\/","url_meta":{"origin":559474,"position":2},"title":"What we\u2019re tracking on 25 January 2021","author":"enterpriseam admin","date":"25 January 2021","format":false,"excerpt":"Ten years ago this morning, one of us turned the corner onto Road 9 in Maadi while on an early-morning coffee run and mumbled about how we could expect exactly nothing to come from demonstrations planned later in the day. An object lesson in hubris\u2026Twenty years ago this morning, 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\/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":559474,"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":560786,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/14\/what-were-tracking-on-14-march-2021\/","url_meta":{"origin":559474,"position":4},"title":"What we\u2019re tracking on 14 March 2021","author":"enterpriseam admin","date":"14 March 2021","format":false,"excerpt":"Good morning, wonderful people, and welcome to Sunday. Last week\u2019s run of M&A news continues this morning as Banque Misr successfully closes out its offer to take a 90% stake in CI Capital. Meanwhile, GSK is not selling its Egypt arm to Hikma after talks broke down. We have chapter\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":576556,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/30\/what-were-tracking-on-30-november-2020\/","url_meta":{"origin":559474,"position":5},"title":"What we\u2019re tracking on 30 November 2020","author":"enterpriseam admin","date":"30 November 2020","format":false,"excerpt":"Good morning, everyone, and welcome to the last day of November. We\u2019re simultaneously a bit freaked out that the year is ending and anxiously awaiting the end of 2020.Thank you to each and every one of you who wrote in yesterday about our new look. We\u2019re delighted you\u2019re happy \u2014\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\/559474","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=559474"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/559474\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/559472"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=559474"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=559474"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=559474"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=559474"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=559474"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}