{"id":577212,"date":"2022-11-14T04:00:24","date_gmt":"2022-11-14T04:00:24","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/14\/fx-for-tax-cuts-plan-earns-senate-approval\/"},"modified":"2022-11-14T04:00:24","modified_gmt":"2022-11-14T04:00:24","slug":"fx-for-tax-cuts-plan-earns-senate-approval","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/14\/fx-for-tax-cuts-plan-earns-senate-approval\/","title":{"rendered":"FX-for-tax cuts plan earns Senate approval"},"content":{"rendered":"

Senators approve FX-for-tax cuts incentives:<\/strong> The Senate has approved legal<\/a>amendments<\/a> that would grant income tax breaks to investors who use FX to finance at least half of the cost of their projects. Under the proposed amendments to the 2017 Investment Act, companies would receive a tax cut of up to 55% on income generated by projects funded by FX. The changes are part of a package of measures designed to stimulate private investment and bring more FX into the country.<\/p>\n

What\u2019s next<\/strong>: The bill will be referred to the House of Representatives for discussion.<\/p>\n

FROM THE HOUSE-<\/strong><\/p>\n

The government is one step closer to covering contractors\u2019 losses:<\/strong> The House Housing Committee yesterday gave initial approval to amendments<\/a> that would see the government pay compensation to contractors who have suffered losses on the back of recent economic reforms such as the EGP float. The Senate green-lit the move<\/a> at the end of October.<\/p>\n

What\u2019s next: <\/strong>The bill will make its way to the plenary session of the House of Representatives for a vote.<\/p>\n

More to come:<\/strong> Housing Committee Chairman Emad Hammouda said the committee would discuss a raft of new construction bills in the coming period, including new government-drafted amendments to the Unified Building Law<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Senators approve FX-for-tax cuts incentives: The Senate has approved legalamendments that would grant income tax breaks to investors who use FX to finance at least half of the cost of their projects. Under the proposed amendments to the 2017 Investment Act, companies would receive a tax cut of up to 55% on income generated by […]<\/p>\n","protected":false},"author":1,"featured_media":577213,"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":[7344],"tags":[72,1377,180,187,392,69],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-577212","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislation-watch","tag-enterpriseam","tag-investment-act","tag-legislation","tag-legislation-watch","tag-senate","tag-tax","wpautop","entry"],"acf":{"mongo_id":"4b4bd40e-b554-4e41-a41b-0fbea5e0c26f","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/11\/219.jpeg","photo_position":"above","related_issue":[577198],"teaser":"","voice_url":""},"yoast_head":"\nFX-for-tax cuts plan earns Senate approval - 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\/2022\/11\/14\/fx-for-tax-cuts-plan-earns-senate-approval\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FX-for-tax cuts plan earns Senate approval\" \/>\n<meta property=\"og:description\" content=\"Senators approve FX-for-tax cuts incentives: The Senate has approved legalamendments that would grant income tax breaks to investors who use FX to finance at least half of the cost of their projects. 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Under the proposed amendments\u2026","rel":"","context":"In "LEGISLATION WATCH"","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":577244,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/15\/senate-tweaks-fx-for-tax-cut-plan-contractors-bill-clears-committee-in-the-house\/","url_meta":{"origin":577212,"position":1},"title":"Senate tweaks FX-for-tax cut plan, contractors bill clears committee in the House","author":"enterpriseam admin","date":"15 November 2022","format":false,"excerpt":"What happened in the upper and lower houses of parliament yesterday?#1- The contractor compensation bill is heading to the House general assembly: The House Housing Committee yesterday gave a final approval to amendments that would see the government pay compensation to contractors who have suffered losses on the back of\u2026","rel":"","context":"In "LEGISLATION WATCH"","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/237.jpeg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":550309,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/23\/cabinet-to-introduce-investment-incentives-for-fx-backed-industrial-projects\/","url_meta":{"origin":577212,"position":2},"title":"Cabinet to introduce investment incentives for FX-backed industrial projects","author":"enterpriseam admin","date":"23 October 2022","format":false,"excerpt":"Tax breaks for FX: Companies that use hard currency to fund at least half of the investment cost of industrial projects in Egypt could be handed generous tax breaks under plans greenlit by ministers last week, cabinet said in a statement Thursday. Under proposed amendments to the 2017 Investment Act,\u2026","rel":"","context":"In "Cabinet watch"","block_context":{"text":"Cabinet watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation\/cabinet-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/302.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":576914,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/02\/house-approves-egp-300-bonus-for-public-sector-workers-pensioners\/","url_meta":{"origin":577212,"position":3},"title":"House approves EGP 300 bonus for public sector workers, pensioners","author":"enterpriseam admin","date":"2 November 2022","format":false,"excerpt":"House gives final sign-off on public-sector, pensioner bonuses: The House of Representatives approved disbursing a EGP 300 bonus to public-sector employees and pensioners this month to help mitigate the impact of the EGP float.What they said: The payment will help vulnerable and low-income people bear the high cost of living\u2026","rel":"","context":"In "LEGISLATION WATCH"","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/56.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":588088,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/06\/senate-approves-fy-2023-24-development-plan\/","url_meta":{"origin":577212,"position":4},"title":"Senate approves FY 2023-24 development plan","author":"enterpriseam admin","date":"6 June 2023","format":false,"excerpt":"Government to control foreign borrowing, says planning minister","rel":"","context":"In "BUDGET WATCH"","block_context":{"text":"BUDGET WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/budget-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/6\/258.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577892,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/08\/it-just-got-easier-for-industry-to-get-golden-licenses\/","url_meta":{"origin":577212,"position":5},"title":"It just got easier for industry to get golden licenses","author":"enterpriseam admin","date":"8 December 2022","format":false,"excerpt":"It was all about boosting foreign investment at the cabinet\u2019s weekly meeting, where ministers widened the scope of industrial and automotive investment incentives and approved the first land sale in foreign currency to an unnamed Gulf investor.Companies applying for the government\u2019s golden license for industry will no longer need to\u2026","rel":"","context":"In "Cabinet watch"","block_context":{"text":"Cabinet watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation\/cabinet-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/156.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\/577212","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=577212"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/577212\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/577198"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/577213"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=577212"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=577212"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=577212"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=577212"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=577212"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}