{"id":576257,"date":"2020-11-17T04:02:36","date_gmt":"2020-11-17T04:02:36","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/17\/a-shorter-window-in-which-to-remit-vat-will-see-tighter-credit-terms-and-squeezed-cashflows-at-some-businesses\/"},"modified":"2020-11-17T04:02:36","modified_gmt":"2020-11-17T04:02:36","slug":"a-shorter-window-in-which-to-remit-vat-will-see-tighter-credit-terms-and-squeezed-cashflows-at-some-businesses","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/17\/a-shorter-window-in-which-to-remit-vat-will-see-tighter-credit-terms-and-squeezed-cashflows-at-some-businesses\/","title":{"rendered":"A shorter window in which to remit VAT will see tighter credit terms and squeezed cashflows at some businesses"},"content":{"rendered":"

<\/a> SPOTLIGHT- A shorter window in which to remit VAT will see tighter credit terms and squeezed cashflows at some businesses<\/strong>:<\/strong> Last month, amendments to the Unified Tax Act<\/a> came into effect after being published in the Official Gazette. Under the changes<\/a>, businesses now need to file their VAT returns and remit payment within one month \u2014 instead of two \u2014 of an invoice being issued, payment being received, or a good \/ service being delivered. We surveyed businesses and industry lobby groups to get a feel for how these changes are affecting the business community and how companies are adjusting to meet the new requirements.<\/p>\n

The bottom line: <\/strong>The challenge is greater for businesses that offer services or for those selling goods who extend supplier credit of more than one month without enjoying the same credit on the other side. Of the two, the challenge is probably greater at service businesses \u2014 think: lawyers, advertising agencies, accountancies \u2014 at which it\u2019s not unusual to have clients paying after 60-90 days.<\/p>\n

The taxman says there have been few hiccups so far: <\/strong>While it\u2019s early days, the Tax Authority is seeing a \u201chigh level\u201d of compliance from businesses so far, the Tax Authority\u2019s director of taxpayer services Mohsen El Gayar and head of the research department Ragab Mahrous told us.<\/p>\n

And don\u2019t expect business to rise up in rebellion over this the way some are about, say, export subsidies: <\/strong>Company officials were uniformly making arrangements to ensure they comply with the requirements.<\/p>\n

But businesses are feeling the pressure:<\/strong> The most common grievance we\u2019re hearing is that the window to file VAT returns is now narrower than the typical business cycle of buying and selling goods and services. A senior representative from Arafa Group told us that, while not impossible to comply with, the new deadline does increase pressure on businesses. \u201cIt takes time to deliver our goods from point A to point B, and then more time for these deliveries to be sorted and stored in warehouses. There are issues that inevitably arise and slow down in the process, but we were typically able to smooth them out over the two-month filing period,\u201d they said.<\/p>\n

The biggest issue is the hit to cashflow<\/strong> for businesses that buy and sell on credit over at least two or three months. Anyone not collecting an invoice in under a month will still need to remit VAT to the tax authority and will have to dip into their own pockets to pay on time, home appliances manufacturer Universal Group Chairman Mohamed Geneidy told us. The risk is that this translates into tighter credit terms from sellers to buyers, squeezing some buyers out.<\/p>\n

Businesses that work with the government face the same issues:<\/strong> Cargo shipping companies that transport basic commodities such as wheat for the General Authority for Supply Commodities (GASC) need more than one month to load and ship cargo and finalize all the necessary paperwork, says head of hauling company El Zeny Group Ahmed El Zeny. The cashflow challenge is necessarily linked to that of navigating a bureaucracy \u2014 the companies collect their payments from GASC, which gets its funding through the Supply Ministry, which in turn needs to get approval from the Finance Ministry, El Zeiny explains. The process of getting the money through the pipeline for businesses to be able to meet their tax payments can sometimes take several months, he said.<\/p>\n

Arafa and Universal agree that it\u2019s not an outright problem for businesses <\/strong>\u2014 provided the economy is operating smoothly and individual businesses aren\u2019t facing liquidity crunches.<\/p>\n

What about businesses that rely on installment-based payments from consumers?<\/strong> Automotive distributors who sell vehicles through installment plans, remit VAT on their sales after the final payment is received from the customers, head of the Egyptian Automobile Manufacturers Association Khaled Saad told Enterprise. That\u2019s why the sellers issue their invoices dated for the day they receive the last installment, ensuring they have no mismatch between incoming and outgoing cash and have the benefit of having the full payment amount on hand, Saad explained.<\/p>\n

On the real estate front, it depends on whether you\u2019re renting out fully furnished or unfurnished units:<\/strong> Sales of residential units are not subject to the VAT, but commercial space is, the head of a real estate developer who requested anonymity told Enterprise. Meanwhile, companies that rent out units are currently only required to pay a withholding tax on unfurnished units but have to collect VAT on furnished rentals. Al Ismaelia for Real Estate Investment, for example, has so far only rented out unfurnished units but will begin renting furnished units with equipment that will require the company to remit VAT on the monthly rent payments. A company source told Enterprise that, much like other businesses, the small window for VAT filing is \u201ca bit of a hassle\u201d but far from impossible to comply with \u2014 provided renters are paying on time.<\/p>\n

So, how are businesses coping? Some companies are having to hire more staff<\/strong> to push through the process of selling their goods and collecting payments in half the amount of time. This is the case for Arafa Group, and while the move has helped the company keep up with the shorter time frame for its VAT filings and avoid having to dip into its pockets to pay the state treasury its due, it has also translated into more fixed costs, namely more salaries to pay, the company told Enterprise.<\/p>\n

Other companies make sure their tax dues are accounted for in their payment cycles:<\/strong> For Al Ismaelia, the company relies largely on post-dated cheques from its renters to ensure that, when it comes time to remit taxes to the Tax Authority, the company doesn\u2019t find itself chasing after payments to meet its deadlines. If a unit is rented out under a five-year contract, for example, the company collects post-dated cheques at the beginning of each year for the 12 months ahead.<\/p>\n

The Tax Authority\u2019s Mahrous does, however, expect businesses to more tightly manage inventory costs <\/strong>as a result of the change, saying companies will want to make sure that they don\u2019t incur extra costs on unused goods, he told Enterprise.<\/p>\n

In a world where everyone buys and sells on credit, liquidity for costs of goods shouldn\u2019t be a problem, says the Finance Ministry. <\/strong>A manufacturer buys raw materials on credit and then sells its products to distributors on credit as well, which theoretically means they won\u2019t be shouldering the burden of both costs simultaneously, El Gayar said. Unless, of course, the buyer on the other side doesn\u2019t pay that invoice within 30 days\u2026<\/p>\n

Anyone who has looked at an aged receivables report knows the bottom line: <\/strong>When business is good, remitting within 30 days won\u2019t be a challenge. But if your customers are under any type of economic stress, you can expect to be having uncomfortable conversations with some \u2014 and dipping into your own pockets to keep the tax man happy as you do.<\/p>\n","protected":false},"excerpt":{"rendered":"

SPOTLIGHT- A shorter window in which to remit VAT will see tighter credit terms and squeezed cashflows at some businesses: Last month, amendments to the Unified Tax Act came into effect after being published in the Official Gazette. Under the changes, businesses now need to file their VAT returns and remit payment within one month […]<\/p>\n","protected":false},"author":1,"featured_media":576258,"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":[7279],"tags":[1138,72,3665,7110],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-576257","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-spotlight","tag-al-ismaelia-for-real-estate-investment","tag-enterpriseam","tag-unified-tax-act","tag-vat","wpautop","entry"],"acf":{"mongo_id":"217e763b-cdcf-44f6-b096-78fa631a2588","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/11\/183.jpg","photo_position":"above","related_issue":[576238],"teaser":"","voice_url":""},"yoast_head":"\nA shorter window in which to remit VAT will see tighter credit terms and squeezed cashflows at some businesses - 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\/17\/a-shorter-window-in-which-to-remit-vat-will-see-tighter-credit-terms-and-squeezed-cashflows-at-some-businesses\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A shorter window in which to remit VAT will see tighter credit terms and squeezed cashflows at some businesses\" \/>\n<meta property=\"og:description\" content=\"SPOTLIGHT- A shorter window in which to remit VAT will see tighter credit terms and squeezed cashflows at some businesses: Last month, amendments to the Unified Tax Act came into effect after being published in the Official Gazette. Under the changes, businesses now need to file their VAT returns and remit payment within one month […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2020\/11\/17\/a-shorter-window-in-which-to-remit-vat-will-see-tighter-credit-terms-and-squeezed-cashflows-at-some-businesses\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2020-11-17T04:02:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2020\/11\/183.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=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/11\/17\/a-shorter-window-in-which-to-remit-vat-will-see-tighter-credit-terms-and-squeezed-cashflows-at-some-businesses\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/11\/17\/a-shorter-window-in-which-to-remit-vat-will-see-tighter-credit-terms-and-squeezed-cashflows-at-some-businesses\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"A shorter window in which to remit VAT will see tighter credit terms and squeezed cashflows at some businesses\",\"datePublished\":\"2020-11-17T04:02:36+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/11\/17\/a-shorter-window-in-which-to-remit-vat-will-see-tighter-credit-terms-and-squeezed-cashflows-at-some-businesses\/\"},\"wordCount\":1187,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/11\/17\/a-shorter-window-in-which-to-remit-vat-will-see-tighter-credit-terms-and-squeezed-cashflows-at-some-businesses\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/11\/183.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Al Ismaelia for Real Estate Investment\",\"EnterpriseAM\",\"Unified Tax Act\",\"VAT\"],\"articleSection\":[\"Spotlight\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/11\/17\/a-shorter-window-in-which-to-remit-vat-will-see-tighter-credit-terms-and-squeezed-cashflows-at-some-businesses\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2020\/11\/17\/a-shorter-window-in-which-to-remit-vat-will-see-tighter-credit-terms-and-squeezed-cashflows-at-some-businesses\/\",\"name\":\"A shorter window in which to remit VAT will see tighter credit terms and squeezed cashflows at some businesses - EnterpriseAM Egypt\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/11\/17\/a-shorter-window-in-which-to-remit-vat-will-see-tighter-credit-terms-and-squeezed-cashflows-at-some-businesses\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/11\/17\/a-shorter-window-in-which-to-remit-vat-will-see-tighter-credit-terms-and-squeezed-cashflows-at-some-businesses\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/11\/183.jpg?fit=%2C&ssl=1\",\"datePublished\":\"2020-11-17T04:02:36+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/11\/17\/a-shorter-window-in-which-to-remit-vat-will-see-tighter-credit-terms-and-squeezed-cashflows-at-some-businesses\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/enterpriseam.com\/egypt\/2020\/11\/17\/a-shorter-window-in-which-to-remit-vat-will-see-tighter-credit-terms-and-squeezed-cashflows-at-some-businesses\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/11\/17\/a-shorter-window-in-which-to-remit-vat-will-see-tighter-credit-terms-and-squeezed-cashflows-at-some-businesses\/#primaryimage\",\"url\":\"https:\/\/i0.wp.com\/ent.news\/2020\/11\/183.jpg?fit=%2C&ssl=1\",\"contentUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/11\/183.jpg?fit=%2C&ssl=1\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/11\/17\/a-shorter-window-in-which-to-remit-vat-will-see-tighter-credit-terms-and-squeezed-cashflows-at-some-businesses\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/enterpriseam.com\/egypt\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"A shorter window in which to remit VAT will see tighter credit terms and squeezed cashflows at some businesses\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#website\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/\",\"name\":\"EnterpriseAM\",\"description\":\"The State of the Nation\",\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/enterpriseam.com\/egypt\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\",\"name\":\"EnterpriseAM\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ent.news\/internal\/240894.svg\",\"contentUrl\":\"https:\/\/ent.news\/internal\/240894.svg\",\"caption\":\"EnterpriseAM\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\",\"name\":\"enterpriseam admin\",\"sameAs\":[\"http:\/\/enterpriseam.testing.projectsarea.com\"],\"url\":\"https:\/\/enterpriseam.com\/egypt\/author\/enterpriseam\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"A shorter window in which to remit VAT will see tighter credit terms and squeezed cashflows at some businesses - EnterpriseAM Egypt","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/17\/a-shorter-window-in-which-to-remit-vat-will-see-tighter-credit-terms-and-squeezed-cashflows-at-some-businesses\/","og_locale":"en_US","og_type":"article","og_title":"A shorter window in which to remit VAT will see tighter credit terms and squeezed cashflows at some businesses","og_description":"SPOTLIGHT- A shorter window in which to remit VAT will see tighter credit terms and squeezed cashflows at some businesses: Last month, amendments to the Unified Tax Act came into effect after being published in the Official Gazette. Under the changes, businesses now need to file their VAT returns and remit payment within one month […]","og_url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/17\/a-shorter-window-in-which-to-remit-vat-will-see-tighter-credit-terms-and-squeezed-cashflows-at-some-businesses\/","og_site_name":"EnterpriseAM Egypt","article_published_time":"2020-11-17T04:02:36+00:00","og_image":[{"url":"https:\/\/i0.wp.com\/ent.news\/2020\/11\/183.jpg?fit=%2C&ssl=1","type":"","width":"","height":""}],"author":"enterpriseam admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"enterpriseam admin","Est. reading time":"6 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/17\/a-shorter-window-in-which-to-remit-vat-will-see-tighter-credit-terms-and-squeezed-cashflows-at-some-businesses\/#article","isPartOf":{"@id":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/17\/a-shorter-window-in-which-to-remit-vat-will-see-tighter-credit-terms-and-squeezed-cashflows-at-some-businesses\/"},"author":{"name":"enterpriseam admin","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d"},"headline":"A shorter window in which to remit VAT will see tighter credit terms and squeezed cashflows at some businesses","datePublished":"2020-11-17T04:02:36+00:00","mainEntityOfPage":{"@id":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/17\/a-shorter-window-in-which-to-remit-vat-will-see-tighter-credit-terms-and-squeezed-cashflows-at-some-businesses\/"},"wordCount":1187,"publisher":{"@id":"https:\/\/enterpriseam.com\/egypt\/#organization"},"image":{"@id":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/17\/a-shorter-window-in-which-to-remit-vat-will-see-tighter-credit-terms-and-squeezed-cashflows-at-some-businesses\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/ent.news\/2020\/11\/183.jpg?fit=%2C&ssl=1","keywords":["Al Ismaelia for Real Estate Investment","EnterpriseAM","Unified Tax Act","VAT"],"articleSection":["Spotlight"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/17\/a-shorter-window-in-which-to-remit-vat-will-see-tighter-credit-terms-and-squeezed-cashflows-at-some-businesses\/","url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/17\/a-shorter-window-in-which-to-remit-vat-will-see-tighter-credit-terms-and-squeezed-cashflows-at-some-businesses\/","name":"A shorter window in which to remit VAT will see tighter credit terms and squeezed cashflows at some businesses - EnterpriseAM Egypt","isPartOf":{"@id":"https:\/\/enterpriseam.com\/egypt\/#website"},"primaryImageOfPage":{"@id":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/17\/a-shorter-window-in-which-to-remit-vat-will-see-tighter-credit-terms-and-squeezed-cashflows-at-some-businesses\/#primaryimage"},"image":{"@id":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/17\/a-shorter-window-in-which-to-remit-vat-will-see-tighter-credit-terms-and-squeezed-cashflows-at-some-businesses\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/ent.news\/2020\/11\/183.jpg?fit=%2C&ssl=1","datePublished":"2020-11-17T04:02:36+00:00","breadcrumb":{"@id":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/17\/a-shorter-window-in-which-to-remit-vat-will-see-tighter-credit-terms-and-squeezed-cashflows-at-some-businesses\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/enterpriseam.com\/egypt\/2020\/11\/17\/a-shorter-window-in-which-to-remit-vat-will-see-tighter-credit-terms-and-squeezed-cashflows-at-some-businesses\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/17\/a-shorter-window-in-which-to-remit-vat-will-see-tighter-credit-terms-and-squeezed-cashflows-at-some-businesses\/#primaryimage","url":"https:\/\/i0.wp.com\/ent.news\/2020\/11\/183.jpg?fit=%2C&ssl=1","contentUrl":"https:\/\/i0.wp.com\/ent.news\/2020\/11\/183.jpg?fit=%2C&ssl=1"},{"@type":"BreadcrumbList","@id":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/17\/a-shorter-window-in-which-to-remit-vat-will-see-tighter-credit-terms-and-squeezed-cashflows-at-some-businesses\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/enterpriseam.com\/egypt\/"},{"@type":"ListItem","position":2,"name":"A shorter window in which to remit VAT will see tighter credit terms and squeezed cashflows at some businesses"}]},{"@type":"WebSite","@id":"https:\/\/enterpriseam.com\/egypt\/#website","url":"https:\/\/enterpriseam.com\/egypt\/","name":"EnterpriseAM","description":"The State of the Nation","publisher":{"@id":"https:\/\/enterpriseam.com\/egypt\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/enterpriseam.com\/egypt\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/enterpriseam.com\/egypt\/#organization","name":"EnterpriseAM","url":"https:\/\/enterpriseam.com\/egypt\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/","url":"https:\/\/ent.news\/internal\/240894.svg","contentUrl":"https:\/\/ent.news\/internal\/240894.svg","caption":"EnterpriseAM"},"image":{"@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d","name":"enterpriseam admin","sameAs":["http:\/\/enterpriseam.testing.projectsarea.com"],"url":"https:\/\/enterpriseam.com\/egypt\/author\/enterpriseam\/"}]}},"featured_image_src":"https:\/\/i0.wp.com\/ent.news\/2020\/11\/183.jpg?resize=600%2C400&ssl=1","featured_image_src_square":"https:\/\/i0.wp.com\/ent.news\/2020\/11\/183.jpg?resize=600%2C600&ssl=1","author_info":{"display_name":"enterpriseam admin","author_link":"https:\/\/enterpriseam.com\/egypt\/author\/enterpriseam\/"},"jetpack_featured_media_url":"https:\/\/i0.wp.com\/ent.news\/2020\/11\/183.jpg?fit=%2C&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":622917,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/16\/online-retailers-now-have-to-charge-and-remit-vat\/","url_meta":{"origin":576257,"position":0},"title":"Online retailers now have to charge and remit VAT","author":"enterpriseam admin","date":"16 October 2018","format":false,"excerpt":"** #4 EXCLUSIVE- Online retailers now have to charge and remit VAT: The Finance Ministry has notified e-commerce platforms, including Souq, Jumia, and OLX, that they will be required to begin charging value-added tax (VAT) on all transactions in goods that would be subject to VAT if sold offline, government\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":573879,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/23\/egypt-looks-to-get-its-taxes-up-front-from-private-sector-suppliers-contractors\/","url_meta":{"origin":576257,"position":1},"title":"Egypt looks to get its taxes up front from private sector suppliers + contractors","author":"enterpriseam admin","date":"23 August 2020","format":false,"excerpt":"REGULATION WATCH- Gov\u2019t looks to get its taxes up front from private sector suppliers + contractors: All government bodies will now deduct and remit a portion of VAT and schedule tax from any contracts they have with private sector vendors ahead of payment under a Tax Authority directive, 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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":570625,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/08\/finmin-working-on-specifics-of-corporate-income-tax-relief-program\/","url_meta":{"origin":576257,"position":2},"title":"FinMin working on specifics of corporate income tax relief program","author":"enterpriseam admin","date":"8 April 2020","format":false,"excerpt":"EXCLUSIVE- FinMin working on specifics of corporate income tax relief program: Businesses looking to pay their income taxes in installments under a tax relief program ordered by President Abdel Fattah El Sisi earlier this week will most likely be required to make three equal payments by set dates, with 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\/2020\/4\/74.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":571128,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/30\/egypts-tax-authority-stretches-window-to-file-february-vat-returns-to-10-may\/","url_meta":{"origin":576257,"position":3},"title":"Egypt\u2019s tax authority stretches window to file February VAT returns to 10 May","author":"enterpriseam admin","date":"30 April 2020","format":false,"excerpt":"The Tax Authority has pushed the 60-day window for businesses to file February VAT returns until 10 May, according to Masrawy. The postponement only applies to the tax filings as businesses are still required to remit VAT by today, Tax Authority Chairman Reda Abdel Kader said. Finance Ministry sources had\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":627897,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/06\/14\/uber-and-careem-now-have-to-charge-vat-remit-it-retroactively\/","url_meta":{"origin":576257,"position":4},"title":"Uber and Careem now have to charge VAT, remit it retroactively","author":"enterpriseam admin","date":"14 June 2018","format":false,"excerpt":"Uber and Careem now have to charge VAT on rides, remit VAT retroactive to when tax first came into effect: The Tax Authority issued a directive to that will require ride-hailing apps including Uber and Careem to charge VAT on the potion of revenue that they take from each ride.\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":572225,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/16\/ads-will-be-subject-to-vat-but-not-stamp-tax-vat-drawback-system-for-tourists-could-be-expanded-under-sweeping-changes-proposed-to-value-added-tax-act\/","url_meta":{"origin":576257,"position":5},"title":"Ads will be subject to VAT (but not stamp tax), VAT drawback system for tourists could be expanded under sweeping changes proposed to Value-Added Tax Act","author":"enterpriseam admin","date":"16 June 2020","format":false,"excerpt":"SMART POLICY- Most commercial advertising will be subject to value-added tax under sweeping amendments to the VAT Act that the Finance Ministry finalized yesterday andposted to its website (pdf). In a move sure to be welcomed by advertisers and media organizations alike, the amendments would (if passed) also lift 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\/2020\/6\/173.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\/576257","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=576257"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/576257\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/576238"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/576258"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=576257"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=576257"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=576257"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=576257"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=576257"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}