{"id":570560,"date":"2020-04-06T04:46:14","date_gmt":"2020-04-06T04:46:14","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/06\/small-companies-can-collect-overdue-export-subsidies-without-proving-theyre-right-with-the-tax-authority\/"},"modified":"2020-04-06T04:46:14","modified_gmt":"2020-04-06T04:46:14","slug":"small-companies-can-collect-overdue-export-subsidies-without-proving-theyre-right-with-the-tax-authority","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/06\/small-companies-can-collect-overdue-export-subsidies-without-proving-theyre-right-with-the-tax-authority\/","title":{"rendered":"Small companies can collect overdue export subsidies without proving they\u2019re right with the Tax Authority"},"content":{"rendered":"

<\/a> CABINET WATCH- Small companies can collect overdue export subsidies without proving they\u2019re right with the Tax Authority<\/strong>:<\/strong> The Madbouly Cabinet will pay out export subsidy arrears to small companies owed less than EGP 5 mn without requiring official documents proving they have cleared their taxes, according to a cabinet statement<\/a>. The government last month<\/a> pledged to pay out EGP 1 bn in arrears by the end of April as part of its stimulus package to support the economy through covid-19, but had made the payouts contingent on tax clearance documentation.<\/p>\n

Building materials companies want a slice of that pie:<\/strong> The Export Council for Building Materials is appealing to the Trade Ministry to make the same concession for building material firms, claiming that they are currently unable to get their hands on official documents because of the covid-19 outbreak, according to the local press<\/a>.<\/p>\n

Gov\u2019t revises downward GDP growth expectations for current fiscal year (again):<\/strong> Based on its assessment of the economic impact of covid-19, the government has revised again its projections for Egypt\u2019s GDP growth for FY2019-2020 to 4.2%, according to Planning Minister Hala El Said. This is the second revision in less than 10 days \u2014 the minister had cut the growth forecast for the fiscal year to 5.1%, from an original estimate of 5.6%, last month<\/a>. El Said also now expects 3Q2019-2020 growth to come in at 4.5% (revised downward from 5.2%) and for the economy to expand only 1% during the current (fourth quarter) of the fiscal year (down from 4% previously). Egypt\u2019s GDP grew 5.6% in 1H2019-2020<\/a>, which was already slower than the 6% the government targeted in the state budget.<\/p>\n

Speaking of the budget, the House Planning and Budgeting Committee has postponed its review of the FY2020-2021 draft budget<\/strong> over fears of spreading covid-19, committee deputy chair Yasser Omar tells Masrawy<\/a>. The committee was scheduled to begin discussing the budget as of tomorrow, but has pushed it to a yet-to-be-determined later date. President Abdel Fattah El Sisi had reviewed the draft budget last month<\/a> before it was shipped to the House.<\/p>\n

What we know so far about next fiscal year\u2019s budget:<\/strong> The government isramping up spending<\/a> on health, education, wages, and welfare. Revenues are expected to increase to EGP 1.3 tn, up almost EGP 200 bnfrom FY2019-2020<\/a>, while the budget deficit should be shrinking to 6.3% of GDP compared to the 7.2% target in the current fiscal year\u2019s budget. The government expects GDP to grow at a 3.3-3.5% clip next fiscal year, which Finance Minister Mohamed Maaithad told us<\/a> is based on its expectation that the covid-19 crisis will abate between July and December of this year.<\/p>\n

The budget will also see the government spend EGP 5 bn on 13 new industrial zones<\/strong> in Assiut, Alexandria, Luxor, Beheira, Gharbia, Fayoum, and other governorates, according to a Planning Ministry statement<\/a>. Another EGP 6.4 bn has been allocated to SME financing, as the government looks to fund 300k businesses in the upcoming fiscal year.<\/p>\n","protected":false},"excerpt":{"rendered":"

CABINET WATCH- Small companies can collect overdue export subsidies without proving they\u2019re right with the Tax Authority: The Madbouly Cabinet will pay out export subsidy arrears to small companies owed less than EGP 5 mn without requiring official documents proving they have cleared their taxes, according to a cabinet statement. The government last month pledged […]<\/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":[8572],"tags":[96,279,130,4908,72,276,274,1350,277,9317,2380,98,69,132],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-570560","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-abdel-fattah-el-sisi","tag-budget-watch","tag-construction","tag-ecbm","tag-enterpriseam","tag-finance-ministry","tag-house-of-representatives","tag-madbouly-cabinet","tag-mohamed-maait","tag-planning-and-budgeting-committee","tag-speed-round","tag-subsidies","tag-tax","tag-trade","wpautop","entry"],"acf":{"mongo_id":"273a9132-fa01-426a-a67a-2fcfd80c2017","is_powered_by":true,"section_story_id":"4568332b-f586-4c60-be86-0837d4d149b0","story_type":"1","photo_url":"","photo_position":"above","related_issue":[570552],"teaser":"","voice_url":""},"yoast_head":"\nSmall companies can collect overdue export subsidies without proving they\u2019re right with the Tax Authority - 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\/04\/06\/small-companies-can-collect-overdue-export-subsidies-without-proving-theyre-right-with-the-tax-authority\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Small companies can collect overdue export subsidies without proving they\u2019re right with the Tax Authority\" \/>\n<meta property=\"og:description\" content=\"CABINET WATCH- Small companies can collect overdue export subsidies without proving they\u2019re right with the Tax Authority: The Madbouly Cabinet will pay out export subsidy arrears to small companies owed less than EGP 5 mn without requiring official documents proving they have cleared their taxes, according to a cabinet statement. 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The sources said 37 exporters requested that\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":573138,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/21\/egypt-settles-egp-6-bn-in-overdue-export-subsidies-earmarks-another-egp-7-bn-for-current-fiscal-year\/","url_meta":{"origin":570560,"position":1},"title":"Egypt settles EGP 6 bn in overdue export subsidies, earmarks another EGP 7 bn for current fiscal year","author":"enterpriseam admin","date":"21 July 2020","format":false,"excerpt":"Gov\u2019t disbursed EGP 6 bn in export subsidies last fiscal year, earmarks another EGP 7 bn for the new fiscal year: The Export Subsidy Fund doled out a total of EGP 6 bn in overdue export subsidies to 1,667 companies in FY2019-2020, according to a cabinet statement. The government has\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":593288,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/24\/cabinet-approves-disbursal-of-egp-500-mn-in-overdue-subsidies-to-egyptian-exporters\/","url_meta":{"origin":570560,"position":2},"title":"Cabinet approves disbursal of EGP 500 mn in overdue subsidies to Egyptian exporters","author":"enterpriseam admin","date":"24 November 2019","format":false,"excerpt":"CABINET WATCH- Ministers approve disbursal of EGP 500 mn in overdue export subsidies: The Madbouly Cabinet signed off on disbursing EGP 500 mn in overdue subsidies owed to Egyptian exporters that have committed to expanding their investments, according to an official statement. Exporters are owed bns of overdue subsidies under\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":568983,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/10\/exporters-complain-of-bureaucratic-delays-in-export-subsidy-arrear-payments\/","url_meta":{"origin":570560,"position":3},"title":"Exporters complain of bureaucratic delays in export subsidy arrear payments","author":"enterpriseam admin","date":"10 February 2020","format":false,"excerpt":"Red tape is slowing down export subsidy repayment process, says Edita\u2019s Berzi: Companies that are owed overdue export subsidies are finding it difficult to claim their arrears due to bureaucratic hurdles, despite the government\u2019s recent launch of initiatives to clear the debts it owes to exporters, Edita Chairman and Food\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\/2\/129.jpg?fit=%2C&ssl=1&resize=350%2C200","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":570560,"position":4},"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 "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\/2\/149.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":591788,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/17\/pharma-companies-overdue-export-subsidies-reach-egp-500-mn\/","url_meta":{"origin":570560,"position":5},"title":"Pharma companies' overdue export subsidies reach EGP 500 mn","author":"enterpriseam admin","date":"17 December 2019","format":false,"excerpt":"Pharma companies are claiming they are collectively owed some EGP 500 in export subsidies from the government, Medical Industries Export Council head Maged George tells the local press. 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