{"id":567776,"date":"2020-12-07T03:49:25","date_gmt":"2020-12-07T03:49:25","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/07\/google-and-the-rest-of-the-faang-gang-could-face-taxes-in-egypt-under-bill\/"},"modified":"2020-12-07T03:49:25","modified_gmt":"2020-12-07T03:49:25","slug":"google-and-the-rest-of-the-faang-gang-could-face-taxes-in-egypt-under-bill","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/07\/google-and-the-rest-of-the-faang-gang-could-face-taxes-in-egypt-under-bill\/","title":{"rendered":"Google and the rest of the FAANG Gang could face taxes in Egypt under bill"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <strong>Google, Netflix, Amazon and Facebook are among the tech giants whose operations here <\/strong><strong>could face new taxes <\/strong>under an E-Commerce Act that Al Mal writes in its print edition is now making its way back to the Madbouly Cabinet for approval in 1Q2021. Also to be on cabinet\u2019s docket are amendments to the Income Tax Act on electronic filing for companies and individuals alike.<\/p>\n<p><strong>Background: <\/strong>Both bills had previously been shipped to the House of Representatives and the report does not clarify whether new amendments to the laws have been introduced, nor does it provide details on the changes. The Tax Authority is reportedly in talks with Facebook and Google, whose businesses stand to be affected by the <a href=\"https:\/\/enterprise.press\/stories\/2019\/04\/03\/finmin-looks-to-tax-the-living-daylights-out-of-social-media-ads-e-commerce-players\/\">15-20% stamp tax<\/a> that could be imposed on social media purchases under the new e-commerce Act, the sources say. Stamp taxes typically wouldn\u2019t be paid directly by Google or Facebook, for example, but need to be independently remitted to the state by anyone buying an ad on their platforms.<\/p>\n<p><strong>SMART POLICY- See the draft e-commerce act in the context of the <\/strong><strong><a href=\"https:\/\/www.theverge.com\/2020\/9\/2\/21418114\/european-uk-digital-tax-services-apple-google-amazon-raise-prices\">global push to tax non-resident companies selling stuff online<\/a><\/strong>, from ads to digital media and online services. Cabinet had been expected to present the bill to the House for committee-level discussion <a href=\"https:\/\/enterprise.press\/stories\/2018\/11\/06\/house-to-discuss-e-commerce-act-next-week\/\">in late 2018<\/a>, and the bill has been in the works since <a href=\"https:\/\/enterprise.press\/stories\/2017\/12\/11\/mp-presents-draft-law-to-regulate-e-commerce\/\">late 2017<\/a>. It aims to provide a clear tax framework for online ads and the sale of goods and services.<\/p>\n<p><strong>Amendments to the Income Tax Act<\/strong>, which <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bfa2470d-ab5e-4af9-93a8-1939431e1491\">obliged companies<\/a> to file their taxes electronically as of this year and will see individual taxpayers <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/49c27beb-28c8-4d7c-bd05-b2113f428a5d\">follow suit in 2021<\/a>, was <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a656d0da-3d20-4abe-b37c-a8040fa473e8\">put before parliament last May<\/a>. Previously-passed <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6ac71923-d25f-4737-b794-a57cb8c44f9a\">amendments<\/a> also handed state-owned enterprises in which the government owns a minimum 51% stake a capital gains tax break.<\/p>\n<p><strong>WAIT \u2014 am I gonna have to file a tax return as a private citizen? <\/strong>Maybe. Most Egyptians and foreign residents pay taxes through payroll taxes deducted at source; individuals who file themselves are self-employed professionals including lawyers, doctors and consultants as well as people who generate income through part-time work outside their day job or folks with income from assets including real estate rents.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Google, Netflix, Amazon and Facebook are among the tech giants whose operations here could face new taxes under an E-Commerce Act that Al Mal writes in its print edition is now making its way back to the Madbouly Cabinet for approval in 1Q2021. Also to be on cabinet\u2019s docket are amendments to the Income Tax [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":567777,"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":[199,72,7313,187],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-567776","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislation-watch","tag-e-commerce","tag-enterpriseam","tag-income-tax","tag-legislation-watch","wpautop","entry"],"acf":{"mongo_id":"e099d4c6-2940-494e-a530-13decabda418","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/12\/115.jpg","photo_position":"above","related_issue":[567763],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Google and the rest of the FAANG Gang could face taxes in Egypt under bill - 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\/2020\/12\/07\/google-and-the-rest-of-the-faang-gang-could-face-taxes-in-egypt-under-bill\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Google and the rest of the FAANG Gang could face taxes in Egypt under bill\" \/>\n<meta property=\"og:description\" content=\"Google, Netflix, Amazon and Facebook are among the tech giants whose operations here could face new taxes under an E-Commerce Act that Al Mal writes in its print edition is now making its way back to the Madbouly Cabinet for approval in 1Q2021. Also to be on cabinet\u2019s docket are amendments to the Income Tax [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/07\/google-and-the-rest-of-the-faang-gang-could-face-taxes-in-egypt-under-bill\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2020-12-07T03:49:25+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/115.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/07\/google-and-the-rest-of-the-faang-gang-could-face-taxes-in-egypt-under-bill\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/07\/google-and-the-rest-of-the-faang-gang-could-face-taxes-in-egypt-under-bill\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Google and the rest of the FAANG Gang could face taxes in Egypt under bill\",\"datePublished\":\"2020-12-07T03:49:25+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/07\/google-and-the-rest-of-the-faang-gang-could-face-taxes-in-egypt-under-bill\/\"},\"wordCount\":372,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/07\/google-and-the-rest-of-the-faang-gang-could-face-taxes-in-egypt-under-bill\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/115.jpg?fit=%2C&ssl=1\",\"keywords\":[\"e-commerce\",\"EnterpriseAM\",\"income tax\",\"Legislation Watch\"],\"articleSection\":[\"LEGISLATION WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/07\/google-and-the-rest-of-the-faang-gang-could-face-taxes-in-egypt-under-bill\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/07\/google-and-the-rest-of-the-faang-gang-could-face-taxes-in-egypt-under-bill\/\",\"name\":\"Google and the rest of the FAANG Gang could face taxes in Egypt under bill - 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It has become necessary to thoroughly update the current Income Tax Act, which is now\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":625890,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/08\/26\/finmin-seeks-access-to-companies-bank-data-under-proposed-amendments-to-the-income-tax-act\/","url_meta":{"origin":567776,"position":2},"title":"FinMin seeks access to companies\u2019 bank data under proposed amendments to the Income Tax Act","author":"enterpriseam admin","date":"26 August 2018","format":false,"excerpt":"EXCLUSIVE- FinMin seeks access to corporate bank data under proposed amendments to the Income Tax Act: Forthcoming amendments to the Income Tax Act would allow the Finance Ministry to check up on company accounts to make sure they\u2019re paying their income taxes, Tax Authority boss Emad Samy told Enterprise. The\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":624476,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/10\/social-media-ad-tax-study-to-be-complete-this-month\/","url_meta":{"origin":567776,"position":3},"title":"Social media ad tax study to be complete this month","author":"enterpriseam admin","date":"10 September 2018","format":false,"excerpt":"**#4 EXCLUSIVE- FinMin to complete study on taxing social media ads this month: The Finance Ministry is set to complete a study on how to tax social media advertising this month, a ministry source told Enterprise. The taxation framework will likely include provisions demanding that ad agencies and social media\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":628081,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/06\/25\/house-is-shopping-around-legislation-to-tax-social-media-ads\/","url_meta":{"origin":567776,"position":4},"title":"House is shopping around legislation to tax social media ads","author":"enterpriseam admin","date":"25 June 2018","format":false,"excerpt":"LEGISLATION WATCH- House is shopping around legislation to tax social media ads: A draft law to tax Egyptian advertisers for their social media spends apparently exists and is already floating around in the House of Representatives, MPs tell Egypt Independent. The proposal would tax both paid and unpaid ads (how\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":600194,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/22\/finmin-wants-to-impose-stamp-tax-on-social-media-ads-of-up-to-20\/","url_meta":{"origin":567776,"position":5},"title":"FinMin wants to impose stamp tax on social media ads of up to 20%","author":"enterpriseam admin","date":"22 January 2019","format":false,"excerpt":"EXCLUSIVE- FinMin could impose stamp tax of up to 20% on social media ads: The Finance Ministry appears set to impose a stamp tax on social media and internet search ads and has completed drafting legislation to that effect, a senior ministry source told Enterprise. Companies running ads on social\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/1\/59.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\/567776","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=567776"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/567776\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/567763"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/567777"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=567776"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=567776"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=567776"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=567776"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=567776"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}