{"id":587323,"date":"2023-05-25T00:00:00","date_gmt":"2023-05-25T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/25\/the-fun-tax-is-back-and-say-goodbye-to-duty-free\/"},"modified":"2023-05-25T00:00:00","modified_gmt":"2023-05-25T00:00:00","slug":"the-fun-tax-is-back-and-say-goodbye-to-duty-free","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/25\/the-fun-tax-is-back-and-say-goodbye-to-duty-free\/","title":{"rendered":"The fun tax is back \u2014 and say goodbye to duty-free"},"content":{"rendered":"

<\/span>The 2021 tax hikes are back:<\/span> A raft of tax, duty and development fee hikes that have been on <\/span>the legislative agenda for 18 months were given the OK by the House Planning and Budgeting Committee yesterday after the government amended some of the changes, according to <\/span>Al Shorouk<\/a><\/span>. <\/span><\/p>\n

Refresher:<\/span> The tax hikes have been in limbo since December 2021 when the Madbouly <\/span>government pulled it from the House following its rejection by the House General Assemb<\/span>ly<\/span>.<\/span><\/p>\n

OFF THE TABLE-<\/span><\/p>\n

The <\/span>amended legislation<\/a><\/span> has scrapped provisions that would have impacted people on <\/span>lower incomes:<\/span> The proposed 2% development fee on finished durable goods and the 5% fee on local and imported soft drinks have both been removed in the new bill.<\/span><\/p>\n

STILL IN PLAY-<\/span><\/p>\n

The fun tax is staying:<\/span> Entry to theaters, parks, clubs, sports events, and other entertainment <\/span>venues will be subject to a 5-20% tax.<\/span><\/p>\n

And duty-free is still in for a duty-not-free rebrand:<\/span> Purchases from duty-free shops will now <\/span>be subject to a 3% tax, while a 10% charge will be applied to purchases of alcohol of more than 1 litre.<\/span><\/p>\n

Expect higher stamp tax on ins.:<\/span> The amendments also raise the stamp tax on most ins. premiums to 1% and <\/span>double the existing EGP 50 exit tax to EGP 100. <\/span><\/p>\n

Luxury goods are getting more expensive:<\/span>The more \u201cluxurious\u201d imported goods are getting <\/span>hit with a development fee equivalent to 10% of their custom fee: that includes salmon, shrimps, caviar, chocolate, electric shavers, headphones, watches, certain kids toys, and blue cheese. <\/span><\/p>\n

** You can read up on the details of some of these measures<\/span> in our <\/span>initial coverage<\/a><\/span> of the <\/span>story.<\/span><\/p>\n

The state is in need of additional revenues:<\/span> Rising commodity prices, higher interest rates <\/span>and <\/span>additional borrowing<\/a><\/span> this year means the government is now expecting the <\/span>budget deficit to widen to 8.0%<\/a><\/span> by the end of June from 6.1% in FY 2021-2022. The draft budget forecasts revenues to rise 41% to EGP 2.14 tn in the coming fiscal year thanks to higher tax receipts. It isn\u2019t clear whether this new package of tax hikes were factored into the equation.<\/span><\/p>\n

Entertainment and stamp tax to add EGP 10 bn to the public purse:<\/span>The entertainment tax <\/span>is expected to generate some EGP 5 bn in revenues a year, which will go towards the state\u2019s <\/span>EGP 529.7 bn subsidy bill<\/a><\/span> for the coming fiscal year, committee deputy chairman Yasser Omar told reporters yesterday.<\/span> Meanwhile, the stamp tax hike will <\/span>bring in some EGP 5 bn, Deputy Finance Minister Ramy Youssef told MPs. <\/span><\/p>\n

What\u2019s next? <\/span>The amendments will be passed to the House General Assembly where they will <\/span>be discussed and voted on in an upcoming session. MPs will reconvene on 28 May.<\/span><\/p>\n

ALSO FROM THE HOUSE-<\/span><\/p>\n

Tougher penalties for harassment? <\/span>The House Legislative Committee gave initial approval to <\/span>draft amendments to the penal code that would introduce harsher penalties for harassment and assault, especially in the workplace and public transportation, according to <\/span>Al Shorouk<\/a><\/span>. One MP highlighted the need for regulatory amendments to protect witnesses and those who come forward about harassment cases. <\/span><\/p>\n

What\u2019s next? <\/span>The committee will continue discussing the amendments at a later session before granting them final approval and forwarding them to the general assembly. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The amended bill scraps taxes on soft drinks and finished durable goods proposed back in 2021<\/p>\n","protected":false},"author":1,"featured_media":587324,"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":[72,274,187,69],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-587323","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislation-watch","tag-enterpriseam","tag-house-of-representatives","tag-legislation-watch","tag-tax","wpautop","entry"],"acf":{"mongo_id":"d50d35d1-3aeb-45a0-bd26-02a55934eb07","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/5\/1405.jpg","photo_position":"above","homepage_title":"","full_issue_title":"House committee approves package of tax hikes","related_issue":[587318],"teaser":"The amended bill scraps taxes on soft drinks and finished durable goods proposed back in 2021","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/5\/.0eed0bb5-0215-474a-bd68-8afe485e9788.mp3"},"yoast_head":"\nThe fun tax is back \u2014 and say goodbye to duty-free - 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