{"id":571485,"date":"2020-05-13T04:26:06","date_gmt":"2020-05-13T04:26:06","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/13\/state-owned-companies-face-economic-viability-tests-and-could-get-a-special-break-on-capital-gains\/"},"modified":"2020-05-13T04:26:06","modified_gmt":"2020-05-13T04:26:06","slug":"state-owned-companies-face-economic-viability-tests-and-could-get-a-special-break-on-capital-gains","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/13\/state-owned-companies-face-economic-viability-tests-and-could-get-a-special-break-on-capital-gains\/","title":{"rendered":"State-owned companies face economic viability tests \u2014 and could get a special break on capital gains"},"content":{"rendered":"

<\/a> LEGISLATION WATCH<\/strong>- State-owned companies face economic viability tests \u2014 and could <\/strong>get a special break on capital gains. <\/strong>Proposed changes to the Public Enterprises Act would put in place new regulations to \u201cpromote financial stability\u201d in state-owned enterprises (SOE) and introduce new limits on board compensation, Public Enterprises Minister Hisham Tawfik said yesterday. A separate piece of legislation would give them tax new tax breaks.<\/p>\n

The amendments <\/strong>would require SOEs to provide evidence that their subsidiaries are <\/strong>economically viable<\/strong>, Tawfik said<\/a>. Boards will be required to call for a capital increase once any subsidiary\u2019s losses exceed its shareholders\u2019 equity. If the company is unable to increase its capital, it will be forced into liquidation or be merged with another public entity, he added.<\/p>\n

Cap on board compensation:<\/strong> Annual bonuses would be capped at 5% of distributable annual profit for board members of holding companies and 10% for people sitting on the boards of subsidiaries, while employees will be entitled to a 10-12% share of the profits, Tawfik said<\/a>. Boards will also be required to have between five to nine members and select at least one member to represent the company\u2019s employees.<\/p>\n

Background:<\/strong> The long-awaited amendments gained cabinet approval<\/a> in February and received a preliminary nod from the House Economic Committee earlier this week<\/a>. A pillar of the legislation, revealed by Tawfik more than a year ago<\/a>, would reclassify listed companies in which the government holds up to a 75% stake<\/a> and bring them within the scope of the Companies Act, granting general assemblies more power to oversee and remove boards. The bill will not go to the House general assembly <\/strong>until it gets committee-level approval.<\/p>\n

A special tax break only for state-owned companies?<\/strong> State-owned companies could see capital gains tax they pay on the sale of land to banks as part of debt settlements become tax deductible. The measure is part of a series of amendments to the Income Tax Act that received a final committee nod yesterday, El Watan reports<\/a>. Businesses in which the state holds a stake of 51% or more could get a break under the measure if it passes in the general assembly.<\/p>\n

Background: <\/strong>Public Enterprises Minister Hisham Tawfik told us last summer<\/a> that his ministry is planning to let go of 20 mn sqm of land held by its companies to pay off EGP 38 bn-worth of debt. At the time, several state-owned companies were in talks with investment bankers to advise them on how to divest unused land.<\/p>\n

Tawfik\u2019s turnaround strategy seems to be getting traction in the House: <\/strong>When he was sworn in as minister in 2018, Tawfik unveiled a rescue plan<\/a> for loss-making state firms which at the time had racked up some EGP 7.5 bn in net losses. The plan saw the ministry undertake feasibility studies to determine each company\u2019s financial viability to shut down those found incapable of making a turnaround.<\/p>\n","protected":false},"excerpt":{"rendered":"

LEGISLATION WATCH- State-owned companies face economic viability tests \u2014 and could get a special break on capital gains. Proposed changes to the Public Enterprises Act would put in place new regulations to \u201cpromote financial stability\u201d in state-owned enterprises (SOE) and introduce new limits on board compensation, Public Enterprises Minister Hisham Tawfik said yesterday. A separate […]<\/p>\n","protected":false},"author":1,"featured_media":571486,"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":[72,153,4688,884,125,180,7128,3557,2380,5122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-571485","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-enterpriseam","tag-hisham-tawfik","tag-house-planning-and-budgeting-committee","tag-income-tax-act","tag-investment-watch","tag-legislation","tag-ma-watch","tag-public-enterprises-act","tag-speed-round","tag-state-enterprise","wpautop","entry"],"acf":{"mongo_id":"d728f3a7-1c89-4081-82a9-554adbe7d2a3","is_powered_by":true,"section_story_id":"11bab53b-215b-4264-9f9f-0134b47a0e99","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/5\/139.jpg","photo_position":"above","related_issue":[571471],"teaser":"","voice_url":""},"yoast_head":"\nState-owned companies face economic viability tests \u2014 and could get a special break on capital gains - 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\/05\/13\/state-owned-companies-face-economic-viability-tests-and-could-get-a-special-break-on-capital-gains\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"State-owned companies face economic viability tests \u2014 and could get a special break on capital gains\" \/>\n<meta property=\"og:description\" content=\"LEGISLATION WATCH- State-owned companies face economic viability tests \u2014 and could get a special break on capital gains. Proposed changes to the Public Enterprises Act would put in place new regulations to \u201cpromote financial stability\u201d in state-owned enterprises (SOE) and introduce new limits on board compensation, Public Enterprises Minister Hisham Tawfik said yesterday. 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WATCH- Companies up to 75% owned by the state could be reclassified as \u201claw 159\u201d enterprises: Listed companies in which the government owns up to a 75% stake would no longer fall under the Public Enterprises Act if draft legislation now being prepared is passed, Public Enterprises Minister Tawfik\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":622600,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/08\/public-enterprises-act-amendments-completed\/","url_meta":{"origin":571485,"position":1},"title":"Public Enterprises Act amendments completed","author":"enterpriseam admin","date":"8 October 2018","format":false,"excerpt":"LEGISLATION WATCH- Public Enterprises Act amendments completed: The Public Enterprises Ministry has completed drafting the amendments to the Public Enterprises Act that could open the door for the government to list state holding companies, Minister Hisham Tawfik tells Al Masry Al Youm. He did not disclose details of the proposed\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":570025,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/16\/tawfik-surveys-mps-opinion-on-new-public-enterprises-act\/","url_meta":{"origin":571485,"position":2},"title":"Tawfik surveys MPs\u2019 opinion on new Public Enterprises Act","author":"enterpriseam admin","date":"16 March 2020","format":false,"excerpt":"LEGISLATION WATCH- Tawfik surveys house representatives\u2019 opinion on new Public Enterprises Act: Public Enterprises Minister Hisham Tawfik met last week with lawmakers in the House of Representatives to survey their opinions on the amendments to the Public Enterprises Act, which were passed by the cabinet last month and will soon\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":603407,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/04\/22\/state-owned-e-finance-is-part-of-second-wave-of-egypts-privatization-program\/","url_meta":{"origin":571485,"position":3},"title":"State-owned e-finance is part of second wave of Egypt\u2019s privatization program","author":"enterpriseam admin","date":"22 April 2019","format":false,"excerpt":"IPO WATCH- Fintech company e-finance will IPO as part of the second privatization wave: State-owned financial technology company e-finance will be part of the second wave of the state privatization program, which is set to begin as early as September, Public Enterprises Minister Hisham Tawfik said, without providing further details.\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\/2019\/4\/Egypt-state-privatization-program-IPOs.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":623425,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/30\/house-looks-at-legislation-which-could-cut-down-on-egypts-intl-arbitration-cases\/","url_meta":{"origin":571485,"position":4},"title":"House looks at legislation which could cut down on Egypt\u2019s int\u2019l arbitration cases","author":"enterpriseam admin","date":"30 October 2018","format":false,"excerpt":"LEGISLATION WATCH- House mulls legislation that could make it easier to clear Egypt\u2019s arbitration backlog: The House of Representatives\u2019 Legislative Committee is reviewing a law that could help fast-track the resolution of investor disputes that center on state-owned companies where the Administrative Court has tried to reverse privatizations ales. 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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":621226,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/04\/misr-insurance-misr-life-insurance-ipos-postponed-pending-restructuring\/","url_meta":{"origin":571485,"position":5},"title":"Misr Insurance, Misr Life Insurance IPOs postponed, pending restructuring","author":"enterpriseam admin","date":"4 November 2018","format":false,"excerpt":"IPO WATCH- Misr Insurance, Misr Life Insurance IPOs postponed pending restructuring: The IPOs of state-owned Misr Insurance and Misr Life Insurance as part of the state privatization program have been postponed until the two companies undergo restructuring, Public Enterprises Minister Hisham Tawfik said. The timeline for the listings (and their\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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/571485","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=571485"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/571485\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/571471"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/571486"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=571485"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=571485"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=571485"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=571485"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=571485"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}