{"id":587525,"date":"2023-05-29T00:00:00","date_gmt":"2023-05-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/29\/house-of-representatives-gives-preliminary-nod-to-tax-hikes\/"},"modified":"2023-05-29T00:00:00","modified_gmt":"2023-05-29T00:00:00","slug":"house-of-representatives-gives-preliminary-nod-to-tax-hikes","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/29\/house-of-representatives-gives-preliminary-nod-to-tax-hikes\/","title":{"rendered":"House of Representatives gives preliminary nod to tax hikes"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">Tax hikes clear first hurdle in the House:<\/span><span style=\"\"> MPs<\/span><span style=\"\"> yesterday gave preliminary approval to a raft <\/span><span>of<\/span><span> t<\/span><span style=\"\">ax, duty and development fee hikes, 18 months after rejecting the government\u2019s initial plans to raise tax revenues. <\/span><span style=\"\">The changes include a new <\/span><span style=\"\">5-20% tax on entry to entertainment venues, new fees on purchases of duty-free projects, and a 10% fee on certain luxury goods. <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d50d35d1-3aeb-45a0-bd26-02a55934eb07\" style=\"\">We covered the key details of the bills last week<\/a><\/span><span style=\"\"> when the <\/span><span style=\"\">House Planning and Budgeting Committee <\/span><span style=\"font-weight:400;\">gave it approval.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Remember:<\/span><span style=\"\"> The government has watered down its proposals after the House rejected them <\/span><span style=\"font-weight:400;\">back in 2021. The original bills would have imposed a 2% development fee on finished durable goods and a 5% fee on soft drinks.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">What\u2019s next:<\/span><span style=\"\"> The House is set to<\/span><span style=\"\"> give its final approval to the amendments in an upcoming <\/span><span style=\"\">session.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Not everyone is onboard: <\/span><span style=\"\">Five leftist and liberal MPs rejected the bills and criticized the plans for <\/span><span>imposing new financial burdens on the public. \u201cThis government is <\/span><span style=\"\">targeting the pockets of citizens in any way and I think by doing so it has gone mad,\u201d <\/span><span>Social Democratic Party member Farid El Biadia<\/span><span style=\"font-weight:400;\"> said. \u201cThese tax and fee hikes go in conflict with recent government measures to create a more investment-friendly climate,\u201d leftist National Progressive Unionist Party spokesman Atef Meghawry said. Meanwhile, Justice Party spokesman Abdel Moneim Imam said that the state continues to target citizens to fill its budget deficit while continuing to spend \u201cextravagantly on needless projects such as building bridges.\u201d <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Maait responds:<\/span><span style=\"\"> Raising taxes is better than increasing foreign borrowing and is necessary to <\/span><span style=\"font-weight:400;\">pay for the increased spend on social safety programs, Finance Minister Mohamed Maait told MPs. Fakhry El Fiqi, who chairs the House Planning and Budgeting Committee, emphasized the importance of finding new revenue streams to pay for the higher welfare payments. \u201cThese new tax and fee hike bills are necessary to generate the financial resources necessary to spend on social safety programs like the Takaful and Karama initiative which needs EGP 6 bn to increase the number of families benefiting,\u201d he said.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">ALSO FROM THE HOUSE- <\/span><span style=\"\">MPs approved a decision allowing Egypt to join the 2006 <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.ilo.org\/global\/standards\/maritime-labour-convention\/lang--en\/index.htm\" style=\"\">Maritime<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.ilo.org\/global\/standards\/maritime-labour-convention\/lang--en\/index.htm\" style=\"\">Labour Convention<\/a><\/span><span style=\"\">, joining over <\/span><span style=\"\">100 countries<\/span><span style=\"\"> that have ratified the convention. The <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.ilo.org\/global\/standards\/maritime-labour-convention\/what-it-does\/WCMS_219665\/lang--en\/index.htm#:~:text=The%20Maritime%20Labour%20Convention%2C%202006,the%20flags%20of%20ratifying%20countries.\" style=\"\">convention aims<\/a><\/span><span style=\"font-weight:400;\"> to establish \u201cminimum working and living standards for all seafarers working on ships flying the flags of ratifying countries.\u201d <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>MPs will vote to give their final approval at a later session<\/p>\n","protected":false},"author":1,"featured_media":587526,"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":[7385],"tags":[72,274,187,3583],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-587525","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-taxation","tag-enterpriseam","tag-house-of-representatives","tag-legislation-watch","tag-taxation","wpautop","entry"],"acf":{"mongo_id":"dda41fd0-a83f-4bf1-b5f4-496b55798ef2","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/5\/1512.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt\u2019s House of Representatives gives preliminary nod to tax hikes","related_issue":[587520],"teaser":"MPs will vote to give their final approval at a later session","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/5\/.28a13cc5-d4f4-4827-86ed-2854c79b330b.mp3"},"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>House of Representatives gives preliminary nod to tax hikes - 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\/05\/29\/house-of-representatives-gives-preliminary-nod-to-tax-hikes\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"House of Representatives gives preliminary nod 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hikes next FY.","rel":"","context":"In &quot;LEGISLATION WATCH&quot;","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/6\/267.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":587323,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/25\/the-fun-tax-is-back-and-say-goodbye-to-duty-free\/","url_meta":{"origin":587525,"position":1},"title":"The fun tax is back \u2014 and say goodbye to duty-free","author":"enterpriseam admin","date":"25 May 2023","format":false,"excerpt":"The amended bill scraps taxes on soft drinks and finished durable goods proposed back in 2021","rel":"","context":"In &quot;LEGISLATION WATCH&quot;","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/5\/1405.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":587611,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/30\/house-approves-a-whole-lot-of-tax-amendments\/","url_meta":{"origin":587525,"position":2},"title":"House approves a whole lot of tax amendments","author":"enterpriseam admin","date":"30 May 2023","format":false,"excerpt":"The government is moving to curb the budget deficit while boosting EGX investment ahead of CGT","rel":"","context":"In &quot;Taxation&quot;","block_context":{"text":"Taxation","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation\/taxation\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/5\/1603.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":587577,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/29\/this-evening-parliament-signs-off-on-income-tax-development-fee-hikes\/","url_meta":{"origin":587525,"position":3},"title":"THIS EVENING: Parliament signs off on income tax + development fee hikes","author":"enterpriseam admin","date":"29 May 2023","format":false,"excerpt":"Good afternoon, friends. It\u2019s shaping up to be a legislation-heavy news week here at home, as the House of Representatives charges through a raft of bills and tax hikes ahead of its summer recess. THE BIG STORY TODAY Tax legislation moves through parliament: The House of Representatives gave its final\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\/2023\/3\/court-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":608170,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/16\/house-passes-cost-of-living-payout-tax-break\/","url_meta":{"origin":587525,"position":4},"title":"House passes cost-of-living payout, tax break","author":"enterpriseam admin","date":"16 October 2023","format":false,"excerpt":"Our income tax threshold has now risen 275% in just nine years","rel":"","context":"In &quot;LEGISLATION WATCH&quot;","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/10\/752.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":583711,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/20\/wage-pension-hikes-given-initial-house-approval-amid-criticism\/","url_meta":{"origin":587525,"position":5},"title":"Wage, pension hikes given initial House approval amid criticism","author":"enterpriseam admin","date":"20 March 2023","format":false,"excerpt":"Ministers not doing enough in inflation fight, say pro-govt and opposition MPs","rel":"","context":"In &quot;LEGISLATION WATCH&quot;","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/House1600.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\/587525","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=587525"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/587525\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/587520"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/587526"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=587525"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=587525"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=587525"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=587525"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=587525"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}