{"id":576095,"date":"2020-11-10T03:57:34","date_gmt":"2020-11-10T03:57:34","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/10\/maait-promises-no-new-taxes-in-fiscal-update\/"},"modified":"2020-11-10T03:57:34","modified_gmt":"2020-11-10T03:57:34","slug":"maait-promises-no-new-taxes-in-fiscal-update","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/10\/maait-promises-no-new-taxes-in-fiscal-update\/","title":{"rendered":"Maait promises no new taxes in fiscal update"},"content":{"rendered":"

<\/a> Maait promises no new taxes in fiscal update: <\/strong>Egypt\u2019s economy is expected to grow by 3.3% in the current financial year that began in July, but growth could hover between 2.8% to 3.5%, Finance Minister Mohamed Maait said in an interview with Kelma Akhira\u2019s Lamees El Hadidi last night (watch, runtime: 16:24)<\/a>. This is a downgrade from the 5% figure<\/a> Maait offered in June but identical to a Reuters poll<\/a> of economists which last month also forecast GDP to grow at a 3.3% clip.<\/p>\n

No new taxes on the horizon:<\/strong> The ministry has no plans to introduce new business or personal taxes, Maait said. The government already introduced a 1% salary tax earlier this year to help fund its response to covid-19, and Maait stopped short of promising that existing taxes would not be raised.<\/p>\n

But it doesn\u2019t sound like factories are going to get exemptions from real estate taxes:<\/strong> While Maait reiterated that the ministry is studying whether to exempt factories from real estate taxes, he also complained that it wasn\u2019t generating enough revenue. Real estate tax provided less than EGP 5 bn, and the ministry is working to \u201csimplify\u201d the tax to boost revenues.<\/p>\n

And really, why should manufacturers get breaks on real estate tax <\/strong>that other industries don\u2019t? It\u2019s time we stopped treating manufacturers as if they\u2019re the only ones driving economic growth in this country.<\/p>\n

Counting the costs of covid:<\/strong> Egypt suffered a EGP 220 bn shortfall in revenues in FY2019-2020 in the wake of the pandemic, Maait said. The country\u2019s three-month lock earlier this year caused a drop in tax receipts while the shuttering of the vital tourism sector, which accounts for 15% of GDP, hit revenues hard. Meanwhile, CBE figures showed last month that remittances fell by 10.5% to USD 6.2 bn in 4Q2019-2020.<\/p>\n

The situation began to improve in 1Q 2020-2021 though:<\/strong> Revenues rose by 18.4% y-o-y during the previous quarter, helped by a 14.1% increase in tax revenue, which Maait attributed to tax reform.<\/p>\n

Emergency covid spending:<\/strong> The government has spent EGP 65 bn of its EGP 100 bn covid-19 warchest on purchasing medical supplies, staple goods, and paying employment grants for day laborers. Some EGP 70 bn has been spent on pensioners\u2019 allowances and increases to public sector salaries and pensions, he said.<\/p>\n

The government\u2019s interest bill will fall this year:<\/strong> Maait forecasts that the government\u2019s debt servicing bill will fall to EGP 540 bn during the current fiscal year, down from EGP 548 bn last year.<\/p>\n

Maait said that Egypt would <\/strong>receive the remaining tranche of the IMF standby loan<\/strong> agreed earlier this year by the end of next June. The government has agreed to undertake structural fiscal reforms and amend customs regulations in return for the money, he said, without elaborating.<\/p>\n

Export subsidies:<\/strong> The government will disburse some EGP 19 bn to exporters in the coming months, having paid out EGP 4 bn in subsidies so far during the pandemic. He added that there 400 companies have so far applied for payouts from the fund.<\/p>\n","protected":false},"excerpt":{"rendered":"

Maait promises no new taxes in fiscal update: Egypt\u2019s economy is expected to grow by 3.3% in the current financial year that began in July, but growth could hover between 2.8% to 3.5%, Finance Minister Mohamed Maait said in an interview with Kelma Akhira\u2019s Lamees El Hadidi last night (watch, runtime: 16:24). This is a […]<\/p>\n","protected":false},"author":1,"featured_media":576096,"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":[864,7106,104,72,348,2380,238,1041],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-576095","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-budget-deficit","tag-debt","tag-economy","tag-enterpriseam","tag-gdp","tag-speed-round","tag-tourism","tag-treasuries","wpautop","entry"],"acf":{"mongo_id":"c7268a5b-a6d2-48a8-b108-8110d3f0e58e","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/11\/101.jpg","photo_position":"above","related_issue":[576090],"teaser":"","voice_url":""},"yoast_head":"\nMaait promises no new taxes in fiscal update - 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\/11\/10\/maait-promises-no-new-taxes-in-fiscal-update\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Maait promises no new taxes in fiscal update\" \/>\n<meta property=\"og:description\" content=\"Maait promises no new taxes in fiscal update: Egypt\u2019s economy is expected to grow by 3.3% in the current financial year that began in July, but growth could hover between 2.8% to 3.5%, Finance Minister Mohamed Maait said in an interview with Kelma Akhira\u2019s Lamees El Hadidi last night (watch, runtime: 16:24). 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Tax\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":571283,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/06\/budget-deficit-could-widen-to-7-8-due-to-covid-19-maait\/","url_meta":{"origin":576095,"position":1},"title":"Budget deficit could widen to 7.8% due to covid-19 -Maait","author":"enterpriseam admin","date":"6 May 2020","format":false,"excerpt":"Budget deficit could widen to 7.8% due to covid-19 -Maait: Egypt\u2019s budget deficit could widen to 7.8% of GDP in FY2020-2021 if the covid-19 pandemic continues until the end of the year, Finance Minister Mohamed Maait warned yesterday. The government currently expects to narrow the deficit to 6.3% in FY2020-2021.\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\/5\/48.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":574551,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/14\/dont-expect-a-tax-hike-despite-the-covid-induced-hit-to-state-revenues\/","url_meta":{"origin":576095,"position":2},"title":"Don\u2019t expect a tax hike despite the covid-induced hit to state revenues","author":"enterpriseam admin","date":"14 September 2020","format":false,"excerpt":"EXCLUSIVE- Don\u2019t expect a tax hike despite the covid-induced hit to state revenues: The government was left with a EGP 115 bn tax gap and a shortfall on other revenue of the same approximate magnitude in FY2019-2020 as a result of the economic fallout caused by the coronavirus pandemic, Finance\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\/9\/157.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":576243,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/17\/egypt-ready-to-dole-out-more-stimulus-if-covid-19-second-wave-hits\/","url_meta":{"origin":576095,"position":3},"title":"Egypt ready to dole out more stimulus if covid-19 second wave hits","author":"enterpriseam admin","date":"17 November 2020","format":false,"excerpt":"The government is prepared to dole out further stimulus should a second wave of covid-19 take hold in Egypt, Finance Minister Mohamed Maait told Al Arabiya yesterday. The possibility of a second stimulus package, which would follow the EGP 100 bn allocated at start of the pandemic, has already been\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\/178.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":570345,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/29\/egypt-cuts-gdp-growth-forecast-to-5-1-from-5-6-in-fy-2019-2020\/","url_meta":{"origin":576095,"position":4},"title":"Egypt cuts GDP growth forecast to 5.1% from 5.6% in FY 2019-2020","author":"enterpriseam admin","date":"29 March 2020","format":false,"excerpt":"Gov\u2019t revises downwards economic growth forecast this fiscal year to 5.1%: The government has cut its GDP growth forecast for the fiscal year ending in June 2020 to 5.1% from 5.6% as the covid-19 outbreak takes its toll on the global economy, said Planning Minister Hala El Said, according to\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\/3\/320.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":569416,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/24\/finmin-to-cut-debt-to-gdp-ratio-to-79-next-fiscal-year-maait\/","url_meta":{"origin":576095,"position":5},"title":"FinMin to cut debt-to-GDP ratio to 79% next fiscal year -Maait","author":"enterpriseam admin","date":"24 February 2020","format":false,"excerpt":"BUDGET WATCH- FinMin adopts more ambitious debt-to-GDP targets in coming fiscal year: The Finance Ministry will aim to lower Egypt\u2019s debt-to-GDP ratio to 79% during FY2020-2021, Minister Mohamed Maait said on the sidelines of a conference yesterday, Hapi Journal reports. The new figure is more ambitious than targets announced in\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\/576095","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=576095"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/576095\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/576090"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/576096"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=576095"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=576095"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=576095"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=576095"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=576095"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}