{"id":580616,"date":"2023-01-10T13:27:46","date_gmt":"2023-01-10T13:27:46","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/10\/this-evening-inflation-hits-five-year-high-in-december-we-got-a-first-peek-at-the-finmins-five-year-tax-policy-document\/"},"modified":"2023-01-10T13:27:46","modified_gmt":"2023-01-10T13:27:46","slug":"this-evening-inflation-hits-five-year-high-in-december-we-got-a-first-peek-at-the-finmins-five-year-tax-policy-document","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/10\/this-evening-inflation-hits-five-year-high-in-december-we-got-a-first-peek-at-the-finmins-five-year-tax-policy-document\/","title":{"rendered":"THIS EVENING: Inflation hits five-year high in December + We got a first peek at the FinMin\u2019s five-year tax policy document"},"content":{"rendered":"<p><strong>Good afternoon friends, and welcome to the tail-end of this busy hump day.<\/strong> Picking up where we left off this morning, it\u2019s a brisk news day here at home as macroeconomics and fiscal policy continue to take the lead.<\/p>\n<p><strong>THE BIG STORIES TODAY-<\/strong><\/p>\n<p><a id=\"tldr-story-01\" class=\"content-anchor\"><\/a> <strong>#1- Inflation hits new high on weaker EGP:<\/strong> Inflation rose to a fresh five-year high in December as the impact of successive currency devaluations continued to feed through to the economy. Figures from state statistics agency Capmas showed the urban annual rate of inflation jumped to 21.3% in December, up from 18.7% the month before, driven by surging food costs. This is the highest rate since December 2017, and is up from just 5.9% in December 2021.<\/p>\n<p><a id=\"tldr-story-02\" class=\"content-anchor\"><\/a> <strong>#2<\/strong><strong>- Our first look at the tax policy document: <\/strong>Finance Minister Mohamed Maait gave us our first snippet into the highly-anticipated five-year tax policy document during a presser earlier today. The document will not affect the current corporate income tax, which Maait vowed will remain unchanged for as long as he is finance minister, but capital gains tax and income tax amendments are on the table. President Abdel Fattah El Sisi will unveil the document in a few weeks\u2019 time.<\/p>\n<p><strong>THE BIG STORY ABROAD<\/strong><\/p>\n<p><strong>Now that the US House of Representatives has a speaker and riots in Brazil have<\/strong><strong> simmered down<\/strong>, the international business press is back to giving us a mixed bag of nuts this afternoon. Among the headlines out there:<\/p>\n<ul>\n<li>Amazon is planning to close down three warehouses in the UK. (<a href=\"https:\/\/www.ft.com\/content\/184a3180-b4bd-4a2d-b3c2-4297d0b5c5fb\">The Financial Times<\/a>)<\/li>\n<li>The Biden administration has a new proposal that could wipe out student loan debt more quickly. (<a href=\"https:\/\/www.wsj.com\/articles\/biden-administration-eases-rules-for-income-based-student-loan-forgiveness-11673322971\">The Wall Street Journal<\/a>)<\/li>\n<li>Dubai\u2019s property market staged a major rebound in 2022 to hit record home sales. (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-01-10\/dubai-s-stunning-property-rebound-lifts-sales-rents-to-record\">Bloomberg<\/a>)<\/li>\n<li>Russia is hammering down on Soledar, a small salt mining town in eastern Ukraine. (<a href=\"https:\/\/www.reuters.com\/world\/ukraine-fights-russian-assault-salt-mining-town-along-eastern-front-2023-01-09\/\">Reuters<\/a>)<\/li>\n<\/ul>\n<hr class=\"grey-line\" \/>\n<p><strong>** CATCH UP QUICK<\/strong> on the top stories from today\u2019s <strong>EnterpriseAM<\/strong>:<\/p>\n<ul>\n<li><strong>Cabinet announces budget cutbacks amid rising inflation, FX crunch:<\/strong> Prime Minister Moustafa Madbouly has told all but \u201cessential\u201d ministries <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6e6920bc-9a6a-4599-b912-1c49ce596f43\">to make budget cutbacks<\/a> until the end of the current fiscal year.<\/li>\n<li><strong>Compass cleared for DD on Pachin + Speed Medical, ICMI look at M&A transactions:<\/strong> Compass Capital <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a684bd8f-263d-4cf6-b188-a4d47d25c113\">got the green light<\/a> to do due diligence on Pachin, Egypt\u2019s most sought-after paints company, Speed Medical is considering selling its stake in Speed Hospital in Obour, and ICMI is looking at a number of acquisitions in the textiles and medical sectors.<\/li>\n<li><strong>GB Auto subsidiary <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6129132b-34b8-46c5-9e95-739cb9f991f0\">GB Lease closed<\/a><\/strong><strong> an EGP 1.7 bn three-tranche securitized bond issuance<\/strong>, backed by a receivables portfolio of EGP 2.4 bn.<\/li>\n<\/ul>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br \/>\n        <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/div>\n<\/p><\/div>\n<\/div>\n<p><strong>? CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p><strong>CIT Minister Amr Talaat is heading a delegation to India to drum up investment by <\/strong><strong>Indian companies in our CIT sector<\/strong>, according to a ministry <a href=\"https:\/\/m.facebook.com\/100064809066281\/posts\/pfbid0nE687qrZax1MgqmiZUWGsYAmuEtev5SjbXsgYiEswnp8HVTJDsiFMcx3L4rZCcHwl\/?mibextid=Nif5oz\">statement<\/a>. On the first day of a weeklong visit, Talaat met members of the Confederation of Indian Industry (CII), where he showcased investment possibilities in digital transformation, data centers, outsourcing, and entrepreneurship. Talaat also held a meeting with Ranjeet Goswami, global head of corporate affairs at Mumbai-based multinational IT firm <a href=\"https:\/\/www.tcs.com\/\">Tata Consultancy Services<\/a>.<\/p>\n<p><strong>The national dialogue<\/strong> will kick off on Saturday, 14 January.<\/p>\n<p><strong>Davos 2023:<\/strong> The usual suspects will descend on the Swiss town for the annual meetings of the World Economic Forum on <a href=\"https:\/\/www.weforum.org\/events\/world-economic-forum-annual-meeting-2023\">16-20 January<\/a>.<\/p>\n<p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n<p><strong>?\ufe0f TOMORROW\u2019S WEATHER- <\/strong>A few rays of sunshine could peek through, but we\u2019re looking at an overall mostly cloudy day tomorrow with a daytime high of 19\u00b0C and a nighttime low of 11\u00b0C, according to our favorite weather app.<\/p>\n<p><strong>ENTERPRISE IS LOOKING FOR SMART, TALENTED PEOPLE of all backgrounds to help<\/strong><strong> us build some very cool new things.<\/strong> <a href=\"https:\/\/enterprise.press\/\">Enterprise<\/a> \u2014 the essential daily read on what\u2019s happening in business, finance, economics and policy in Egypt and the wider region \u2014 is looking for writers, reporters, and editors to help us build new publications. We're looking for gifted story-tellers from all walks of life and across all professions, as long as they show a keen interest in learning to write about the stories, topics, businesses, and ideas moving markets. Egyptian and foreign nationals alike are welcome to apply.<\/p>\n<p><strong>NEVER WORKED IN A NEWSROOM BEFORE?<\/strong> We have the Enterprise Business Writing Development Program. The four-month program will see full-time, paid participants take part in workshops and lectures from veteran business journalists, while also working on and filing stories that will run in our publications. <strong>Those who successfully complete the program will then be offered full-time positions on staff.<\/strong><\/p>\n<p><strong>During the program you will learn:<\/strong><\/p>\n<ul>\n<li><strong>The key news stories and trends shaping business<\/strong> and the economy in Egypt and the region, across various sectors;<\/li>\n<li><strong>Business and finance for non-finance people:<\/strong> Whether it's industry jargon, key concepts, or simply how to read a an income statement;<\/li>\n<li><strong>How to construct an Enterprise story:<\/strong> From idea formulation down to the structure, style, and tone of writing;<\/li>\n<li><strong>The ins and outs of a newsroom<\/strong>, including how to develop sources that will give you the key insights needed to tell a complete story;<\/li>\n<li><strong>How to communicate these stories<\/strong> with the confidence and language of an insider.<\/li>\n<\/ul>\n<p>Apply directly to <a href=\"mailto:jobs@enterprisemea.com\">jobs@enterprisemea.com<\/a> and mention \u201cwriting development program\u201d in your subject line.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good afternoon friends, and welcome to the tail-end of this busy hump day. Picking up where we left off this morning, it\u2019s a brisk news day here at home as macroeconomics and fiscal policy continue to take the lead. THE BIG STORIES TODAY- #1- Inflation hits new high on weaker EGP: Inflation rose to a [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":580617,"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":[7213],"tags":[104,633,276,69,634],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-580616","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-tonight","tag-economy","tag-enterprisepm","tag-finance-ministry","tag-tax","tag-what-were-tracking-tonight","wpautop","entry"],"acf":{"mongo_id":"a5233882-5c79-4b6d-a27e-c3628dfc12d7","order":"0","is_powered_by":true,"story_type":"4","photo_url":"https:\/\/ent.news\/2023\/1\/627.jpg","photo_position":"above","related_issue":[580614],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>THIS EVENING: Inflation hits five-year high in December + We got a first peek at the FinMin\u2019s five-year tax policy document - 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\/2023\/01\/10\/this-evening-inflation-hits-five-year-high-in-december-we-got-a-first-peek-at-the-finmins-five-year-tax-policy-document\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS EVENING: Inflation hits five-year high in December + We got a first peek at the FinMin\u2019s five-year tax policy document\" \/>\n<meta property=\"og:description\" content=\"Good afternoon friends, and welcome to the tail-end of this busy hump day. Picking up where we left off this morning, it\u2019s a brisk news day here at home as macroeconomics and fiscal policy continue to take the lead. 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Picking up where we left off this morning, it\u2019s a brisk news day here at home as macroeconomics and fiscal policy continue to take the lead. 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Figures released yesterday by state statistics agency Capmas showed annual urban inflation jumped to 21.3% in December, up from 18.7% the month before, driven by surging food\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/164.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":580118,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/08\/this-evening-inflation-hits-five-year-high-ezz-el-arab-tapped-as-cibs-non-executive-chairman-finmin-extends-e-invoicing-registration-deadline-for-the-self-employed\/","url_meta":{"origin":580616,"position":1},"title":"THIS EVENING: Inflation hits five-year high + Ezz El Arab tapped as CIB\u2019s non-executive chairman + FinMin extends e-invoicing registration deadline for the self-employed","author":"enterpriseam admin","date":"8 December 2022","format":false,"excerpt":"Good afternoon, friends. We\u2019ve made it to the weekend after a whirlwind week for us here at Enterprise \u2014 and a particularly busy and interesting news week for Omm El Donia at large.THE BIG STORIES TODAY #1- Deval drives inflation to five-year high: Urban annual inflation accelerated to 18.7% in\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/662.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577923,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/11\/inflation-accelerates-to-five-year-high-in-november\/","url_meta":{"origin":580616,"position":2},"title":"Inflation accelerates to five-year high in November","author":"enterpriseam admin","date":"11 December 2022","format":false,"excerpt":"Deval drives inflation to five-year high: Urban annual inflation accelerated to 18.7% in November, up from 16.2% in October, according to figures from state statistics agency Capmas. November\u2019s inflation figures are the highest in nearly five years, driven primarily by rising food and beverage prices. On a month-on-month basis, urban\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/181.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577168,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/13\/inflation-hits-four-year-high-in-october\/","url_meta":{"origin":580616,"position":3},"title":"Inflation hits four-year high in October","author":"enterpriseam admin","date":"13 November 2022","format":false,"excerpt":"Inflation accelerates again in October: Urban inflation hit its highest level in four years in October on the back of surging food prices. The annual rate of inflation rose to 16.2% during the month from 15.0% in September, according to figures (pdf) released Thursday by state statistics agency Capmas. This\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/194.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":567942,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/13\/food-prices-drive-inflation-rate-to-five-month-high\/","url_meta":{"origin":580616,"position":4},"title":"Food prices drive inflation rate to five-month high","author":"enterpriseam admin","date":"13 December 2020","format":false,"excerpt":"Annual headline urban inflation accelerated for the second consecutive month to 5.7% in November from 4.6% in October, according to Capmas figures (pdf) released on Thursday. The increase was driven by higher food prices, which single-handedly brought annual inflation to its highest since May. Monthly headline figures remained muted at\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/12\/220.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":579367,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/05\/cbe-keeps-rates-on-hold-in-surprise-move\/","url_meta":{"origin":580616,"position":5},"title":"CBE keeps rates on hold in surprise move","author":"enterpriseam admin","date":"5 February 2023","format":false,"excerpt":"CBE unexpectedly holds interest rates steady in its first meeting of the year: The Central Bank of Egypt (CBE) left interest rates unchanged on Thursday, defying expectations of a third consecutive hike. The Monetary Policy Committee (MPC) left the deposit rate at 16.25%, the lending rate at 17.25%, and the\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/2\/66.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\/580616","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=580616"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/580616\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/580614"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/580617"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=580616"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=580616"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=580616"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=580616"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=580616"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}