{"id":559571,"date":"2021-01-26T03:59:54","date_gmt":"2021-01-26T03:59:54","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/26\/house-planning-committee-getting-busy-with-tax-spending-legislation\/"},"modified":"2021-01-26T03:59:54","modified_gmt":"2021-01-26T03:59:54","slug":"house-planning-committee-getting-busy-with-tax-spending-legislation","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/26\/house-planning-committee-getting-busy-with-tax-spending-legislation\/","title":{"rendered":"House Planning Committee getting busy with tax, spending legislation"},"content":{"rendered":"

<\/a> Importers of strategic commodities are a step closer to seeing VAT on <\/strong>shipping costs scrapped<\/strong> after the House Planning and Budgeting Committee yesterday approved<\/a> amendments to the VAT Act. The changes would remove VAT paid on freight costs for strategic goods including legumes, grains, table salt, and spices. The changes were greenlit by the Madbouly Cabinet in November<\/a>.<\/p>\n

This isn\u2019t the only VAT change in the pipeline: <\/strong>Other amendments, which received cabinet approval in October<\/a>, would end VAT exemptions for products including crackers and sweet pastries as well as commercial and administrative real estate. It\u2019s not clear when the committee will discuss these changes.<\/p>\n

Exempting eurobonds, Tahya Misr from fees and taxes: <\/strong>The committee gave a nod to a bill to exempt<\/a> capital gains made from trading government treasuries that were sold on international debt markets from fees and taxes, Al Shorouk<\/a> reported. State-controlled Tahya Misr Fund would also be tax-exempt from taxes and fees on gains it makes or loans and credit lines it takes out under another bill that earned committee-level approval, according to the newspaper.<\/p>\n

Also approved by the committee:<\/strong> A EGP 2 bn overdraft for the FY2020-2021 state budget to help finance measures to prop up the economy and certain sectors amid the fallout from the pandemic which was approved by cabinet last week<\/a>.<\/p>\n

IN THE PIPELINE-<\/strong><\/p>\n

A new pension fund for day laborers?<\/strong> A joint parliamentary committee will consider a draft social security bill that would establish a fund to pay out ins. and provide pensions for informal laborers, Masrawy<\/a>reports. The proposals, which were referred to the committee by the House speaker yesterday, would see workers over 65 years\u2019 old receive a pension \u2014 provided they pay in for 10 years \u2014 and ins coverage.<\/p>\n

The government has stepped up its support for informal workers<\/strong> in light of covid-19\u2019s effect on the economy, the government has spent EGP 1.5 bn<\/a> on a series of EGP 500 stipends for day laborers, which were introduced last March<\/a> but have been extended into this year. Rather than an emergency handout, this bill could act as a parallel pension system, providing long term social security to those employed in the informal economy, an estimated 30%<\/a> of all labor in Egypt.<\/p>\n

Helping out nonprofit hospitals:<\/strong> Non-profit private hospitals (including the 57357 children\u2019s cancer hospital) could see their utility bills slashed by 75% under a law proposed<\/a> by House Rep. Ayman Abouel Ela yesterday.<\/p>\n","protected":false},"excerpt":{"rendered":"

Importers of strategic commodities are a step closer to seeing VAT on shipping costs scrapped after the House Planning and Budgeting Committee yesterday approved amendments to the VAT Act. The changes would remove VAT paid on freight costs for strategic goods including legumes, grains, table salt, and spices. The changes were greenlit by the Madbouly […]<\/p>\n","protected":false},"author":1,"featured_media":559572,"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":[7344],"tags":[317,72,3690,3691,2412,235,187,190,3434,7110,3094],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-559571","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislation-watch","tag-commodities","tag-enterpriseam","tag-eurobonds","tag-fy2020-2021-budget","tag-informal-economy","tag-labor","tag-legislation-watch","tag-social-welfare","tag-tahya-misr-fund","tag-vat","tag-vat-act","wpautop","entry"],"acf":{"mongo_id":"40999825-ce0a-4afc-be87-32ef07a345f7","order":"0","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/1\/328.jpg","photo_position":"above","related_issue":[559558],"teaser":"","voice_url":""},"yoast_head":"\nHouse Planning Committee getting busy with tax, spending legislation - 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\/26\/house-planning-committee-getting-busy-with-tax-spending-legislation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"House Planning Committee getting busy with tax, spending legislation\" \/>\n<meta property=\"og:description\" content=\"Importers of strategic commodities are a step closer to seeing VAT on shipping costs scrapped after the House Planning and Budgeting Committee yesterday approved amendments to the VAT Act. 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If passed in a final general assembly vote, the changes \u2014 part of a raft of amendments to the VAT\u2026","rel":"","context":"In "LEGISLATION WATCH"","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":576331,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/19\/importers-of-key-commodities-in-egypt-to-be-excluded-from-shipping-vat\/","url_meta":{"origin":559571,"position":1},"title":"Importers of key commodities in Egypt to be excluded from shipping VAT","author":"enterpriseam admin","date":"19 November 2020","format":false,"excerpt":"CABINET WATCH- Importers of key commodities could be excluded from paying value-added tax on shipping costs under legislative amendments to the VAT Tax Act which received approval in cabinet\u2019s weekly meeting yesterday. The amendments would remove VAT paid on freight costs for strategic goods including legumes, grains, table salt, and\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":572389,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/23\/egypts-cabinet-economic-committee-approves-proposed-vat-tax-act-amendments\/","url_meta":{"origin":559571,"position":2},"title":"Egypt\u2019s Cabinet Economic Committee approves proposed VAT Tax Act amendments","author":"enterpriseam admin","date":"23 June 2020","format":false,"excerpt":"LEGISLATION WATCH- The Cabinet economic group signed off yesterday on proposed amendments to the VAT Tax Act, which now go to cabinet as a whole for approval, according to a statement. The proposed legislative changes, which the Finance Ministry finalized last week, would subject most commercial advertising to the value-added\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":575752,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/26\/vat-act-amendments-submitted-to-egypts-house-of-representatives\/","url_meta":{"origin":559571,"position":3},"title":"VAT Act amendments submitted to Egypt\u2019s House of Representatives","author":"enterpriseam admin","date":"26 October 2020","format":false,"excerpt":"LEGISLATION WATCH- Office space and snack tax? Amendments to the VAT Act that would impose VAT on non-residential property and some snack foods are now with the House of Representatives after going through Cabinet, the local press reports. The changes would apply a 14% VAT to the rent and purchase\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":568556,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/15\/snackfood-industry-want-vat-act-amendments-scrapped\/","url_meta":{"origin":559571,"position":4},"title":"Snackfood industry want VAT act amendments scrapped","author":"enterpriseam admin","date":"15 November 2020","format":false,"excerpt":"LEGISLATION WATCH- Snackfood industry petitions House not to impose full VAT on sweets: Snackfood makers are lobbying the House Planning and Budgeting Committee to leave VAT on pastries and baked goods unchanged in any upcoming amendments to the VAT Act, CEO of snack food giant Edita Hani Berzi told the\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\/11\/148.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":561718,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/19\/your-office-rent-wont-be-hit-with-vat\/","url_meta":{"origin":559571,"position":5},"title":"Your office rent won\u2019t be hit with VAT","author":"enterpriseam admin","date":"19 April 2021","format":false,"excerpt":"Office + commercial spaces aren\u2019t going to be subject to 14% VAT: Proposed amendments to the VAT Act would impose a 1% schedule tax on the rent or purchase of commercial and administrative property \u2014 meaning your office or factory won\u2019t be subject to the full 14% VAT as was\u2026","rel":"","context":"In "LEGISLATION WATCH"","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/4\/184.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\/559571","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=559571"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/559571\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/559558"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/559572"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=559571"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=559571"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=559571"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=559571"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=559571"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}