{"id":569870,"date":"2020-03-10T04:20:14","date_gmt":"2020-03-10T04:20:14","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/10\/govt-drops-sukuks-and-tax-breaks-from-export-subsidy-arrears-program\/"},"modified":"2020-03-10T04:20:14","modified_gmt":"2020-03-10T04:20:14","slug":"govt-drops-sukuks-and-tax-breaks-from-export-subsidy-arrears-program","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/10\/govt-drops-sukuks-and-tax-breaks-from-export-subsidy-arrears-program\/","title":{"rendered":"Gov\u2019t drops sukuks and tax breaks from export subsidy arrears program"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-05\"><\/a> <strong>Gov\u2019t drops sukuk and tax breaks from export subsidy arrears program: <\/strong>The government has dropped sukuk issuances and tax and customs settlements from the executive regulations of the Export Subsidy Fund\u2019s arrears program, <a href=\"http:\/\/bit.ly\/2W0Wydk\">Al Mal reports<\/a>, citing unnamed industry officials. They said export subsidy arrears will no longer be paid out until companies have cleared their tax, customs and utilities obligations.<\/p>\n<p><strong>The government kicked off the new <\/strong><strong><a href=\"https:\/\/enterprise.press\/stories\/2019\/06\/23\/egypt-to-dedicate-egp-6-bn-annually-in-the-budget-for-exports-subsidies\/\">EGP 6 bn export subsidy program<\/a><\/strong><strong> last September<\/strong>, with 40% of the fund set to be allocated as cash payments, 30% in tax and customs settlements, and 30% in non-financial support, such as technical services and participation in exhibitions.<\/p>\n<p><strong>The new program was one of the best the government had devised,<\/strong> but dropping sukuk (Sharia-compliant asset-based bonds) and tax and customs settlements from its executive regulations lowers its impact, said Chairman of the Ready Made Exports Council Magdy Tolba.<\/p>\n<p><strong>The developments are\u201cnegative and frustrating\u201d for exporters,<\/strong> said Mohamed Al Mohandes, chairman of the Engineering Industries Chamber of the Federation of Egyptian Industries, adding that arrears should have been paid before tax obligations were expected to be settled.<\/p>\n<p><strong>The state-run Export Subsidy Fund began dispensing EGP 1-1.2 bn<\/strong> in overdue export subsidies <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8dd76eed-31e4-4813-8243-3fd481f7ce44\">last Tuesday<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gov\u2019t drops sukuk and tax breaks from export subsidy arrears program: The government has dropped sukuk issuances and tax and customs settlements from the executive regulations of the Export Subsidy Fund\u2019s arrears program, Al Mal reports, citing unnamed industry officials. They said export subsidy arrears will no longer be paid out until companies have cleared [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":569871,"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":[8572],"tags":[4764,72,332,4765,4463,4763,4762,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-569870","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-engineering-industries-chamber","tag-enterpriseam","tag-export-subsidy-fund","tag-federation-of-industries","tag-magdy-tolba","tag-mohamed-al-mohandes","tag-ready-made-exports-council","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"5c2070d1-2973-48c2-8d12-daea7bd09f31","is_powered_by":true,"section_story_id":"99efdcae-1f1d-4c63-841d-96a7354d80a3","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/3\/118.jpg","photo_position":"above","related_issue":[569856],"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>Gov\u2019t drops sukuks and tax breaks from export subsidy arrears program - 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\/03\/10\/govt-drops-sukuks-and-tax-breaks-from-export-subsidy-arrears-program\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gov\u2019t drops sukuks and tax breaks from export subsidy arrears program\" \/>\n<meta property=\"og:description\" content=\"Gov\u2019t drops sukuk and tax breaks from export subsidy arrears program: The government has dropped sukuk issuances and tax and customs settlements from the executive regulations of the Export Subsidy Fund\u2019s arrears program, Al Mal reports, citing unnamed industry officials. They said export subsidy arrears will no longer be paid out until companies have cleared [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2020\/03\/10\/govt-drops-sukuks-and-tax-breaks-from-export-subsidy-arrears-program\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2020-03-10T04:20:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2020\/3\/118.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=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/03\/10\/govt-drops-sukuks-and-tax-breaks-from-export-subsidy-arrears-program\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/03\/10\/govt-drops-sukuks-and-tax-breaks-from-export-subsidy-arrears-program\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Gov\u2019t drops sukuks and tax breaks from export subsidy arrears program\",\"datePublished\":\"2020-03-10T04:20:14+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/03\/10\/govt-drops-sukuks-and-tax-breaks-from-export-subsidy-arrears-program\/\"},\"wordCount\":211,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/03\/10\/govt-drops-sukuks-and-tax-breaks-from-export-subsidy-arrears-program\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/3\/118.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Engineering Industries Chamber\",\"EnterpriseAM\",\"export subsidy fund\",\"Federation of Industries\",\"Magdy Tolba\",\"Mohamed Al Mohandes\",\"Ready Made Exports Council\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/03\/10\/govt-drops-sukuks-and-tax-breaks-from-export-subsidy-arrears-program\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2020\/03\/10\/govt-drops-sukuks-and-tax-breaks-from-export-subsidy-arrears-program\/\",\"name\":\"Gov\u2019t drops sukuks and tax breaks from export subsidy arrears program - 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The statement did not disclose the value of the agreements. Trade and Industry Minister Nevine Gamea said that EGP 2.9 bn in payments are on their\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":595082,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/16\/egypt-to-launch-today-the-new-egp-6-bn-export-subsidy-framework\/","url_meta":{"origin":569870,"position":2},"title":"Egypt to launch today the new EGP 6 bn export subsidy framework","author":"enterpriseam admin","date":"16 September 2019","format":false,"excerpt":"The government will begin implementing today the promised EGP 6 bn new export subsidy framework after holding several meetings with the export councils, reports Al Mal. Exporters have been awaiting clarity on how the government is planning to implement the new program, which will see some EGP 2.4 bn (40%)\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":569028,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/11\/egypts-to-settle-export-subsidy-overdues-with-15-companies-soon-kouchouk\/","url_meta":{"origin":569870,"position":3},"title":"Egypt\u2019s to settle export subsidy overdues with 15 companies soon- Kouchouk","author":"enterpriseam admin","date":"11 February 2020","format":false,"excerpt":"The government will sign 15 agreements with exporters in the coming weeks to settle outstanding export subsidies, Vice Minister of Finance Ahmed Kouchouk told the press. According to Kouchouk, agreements with 77 companies have so far been signed to settle EGP 6.5 bn-worth of overdues in exchange for expansions and\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\/2020\/2\/149.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":594873,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/10\/finmin-has-paid-exporters-egp-1-4-bn-in-subsidy-arrears-maait\/","url_meta":{"origin":569870,"position":4},"title":"FinMin has paid exporters EGP 1.4 bn in subsidy arrears -Maait","author":"enterpriseam admin","date":"10 September 2019","format":false,"excerpt":"FinMin has paid exporters EGP 1.4 bn in subsidy arrears -Maait: The Finance Ministry has disbursed over the past few weeks EGP 1.4 bn in overdue subsidy payments the government has owed to exporters since last year, Finance Minister Mohamed Maait said yesterday, according to Hapi Journal. A number of\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":591284,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/02\/egypt-to-get-more-clarity-on-export-subsidies-program-as-govt-issues-executive-regs\/","url_meta":{"origin":569870,"position":5},"title":"Egypt to get more clarity on export subsidies program as gov\u2019t issues executive regs","author":"enterpriseam admin","date":"2 December 2019","format":false,"excerpt":"New export subsidies program exec regs finally see the light of day, but exporters have mixed feelings: Prime Minister Moustafa Madbouly ratified yesterday the highly anticipated executive regulations of the new export subsidy framework that the government had announced and approved earlier this year, according to a document seen by\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\/2020\/2\/120.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\/569870","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=569870"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/569870\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/569856"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/569871"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=569870"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=569870"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=569870"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=569870"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=569870"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}