{"id":590082,"date":"2023-07-13T00:00:00","date_gmt":"2023-07-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/13\/an-end-to-tax-breaks-for-state-companies\/"},"modified":"2023-07-13T00:00:00","modified_gmt":"2023-07-13T00:00:00","slug":"an-end-to-tax-breaks-for-state-companies","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/13\/an-end-to-tax-breaks-for-state-companies\/","title":{"rendered":"An end to tax breaks for state companies"},"content":{"rendered":"

<\/span>So the government is removing tax breaks<\/span> for state firms. Here\u2019s what we know <\/span>so far:<\/span>The House of Representatives on Tuesday <\/span>approved a bill<\/a><\/span> that will scrap tax exemptions previously enjoyed by public-sector companies and state entities. The removal of the preferential tax treatment, long criticized for unfairly privileging the state and hindering the private sector, represents a serious move by the government as it looks to improve the business climate and attract new foreign investment into the country.<\/span><\/p>\n

The status quo: <\/span>Most state-owned and military-affiliated companies currently enjoy exemptions from <\/span>paying a raft of taxes, duties, and fees to the government, giving them an advantage over the private sector, which has struggled to compete.<\/span><\/p>\n

Leveling the playing field:<\/span> Under the new bill, all public-sector and state-affiliated entities will be required to pay <\/span>tax at the same rate as the private sector, ending the preferential treatment that observers have criticized for discouraging private investment. <\/span><\/p>\n

This includes all taxes:<\/span> The exemptions set to be scrapped \u201cwill incorporate all tax <\/span>exemptions, including real estate taxes and custom taxes,\u201d Bassam El Zayat, advisor to the parliamentary affairs minister, told MPs earlier this week. <\/span><\/p>\n

THE CAVEATS- <\/span><\/p>\n

Certain projects will be ring fenced from the changes:<\/span> Under the legislation, companies <\/span>working on pr<\/span>ojects<\/span> that are defense- or national-security-related, fall under international agreements, and involve the construction of basic infrastructure will be exempt from all taxes, duties and fees.<\/span><\/p>\n

We\u2019re still waiting for the fine print:<\/span> It remains unclear which projects will be considered as <\/span>basic infrastructure and which will be ring-fenced as defense- and national security-related. We expect to receive more details when the government publishes the executive regulations for the bill in the coming six months.<\/span><\/p>\n

We also need <\/span>confirmation that the bill will supersede other legislation:<\/span> The Madbouly government has asked the<\/span> State Council (Maglis El Dowla) to rule on whether the new law will automatically supercede all other tax exemptions written into other pieces of legislation, a Finance Ministry source told us. Cabinet hopes it says \u201cYes,\u201d as it aims to unify tax treatment across all companies and minimize exceptions as much as possible.<\/span><\/p>\n

The impact on the public purse isn\u2019t clear<\/span>:<\/span> A Finance Ministry study estimated that the <\/span>changes could bring in<\/span> EGP 100-200 bn in additional tax receipts over the coming five years, according to ministry sources we talked to. However, the study didn\u2019t include state entities whose finances sit outside the state budget, according to House Planning Committee deputy chair Mostafa Salem (<\/span>watch, runtime: 3:08<\/a><\/span>), making the actual impact on tax revenues unclear.<\/span><\/p>\n

Remember:<\/span> Ending the tax exemptions was among the <\/span>22 decisions<\/a><\/span> recently approved by the <\/span>Supreme Investment Council designed to improve the business environment and boost private investment.<\/span><\/p>\n

What\u2019s next:<\/span> The bill will be passed to President El Sisi who will sign it into law.<\/span><\/p>\n

INDUSTRY REAX-<\/span><\/p>\n

Private-sector players are happy:<\/span> The<\/span> bill was a major demand from the private sector, Mohamed Sami Saad, head of the Egyptian Federation of Construction and Building Contractors, told Enterprise. \u201cRedirecting exemptions from entities to projects under certain conditions will rebalance the difference in costs between public and private companies,\u201d he said, adding that they will be forced to be more competitive with the private sector. <\/span><\/p>\n

Investors, too, were waiting for this step: <\/span>Investors believe that the bill will improve the private <\/span>sector\u2019s competitiveness with the public sector, Egyptian Federation of Investors Associations head Moharam Helal told us. \u201cThe sector has been calling for such a step for years to achieve competitive neutrality in Egypt\u2019s economy,\u201d he said.<\/span><\/p>\n

An end to tax exemptions will help equalize costs: <\/span>The preferential tax treatment has <\/span>always handicapped the competitiveness of the private sector, which has shouldered costs that are 30% higher than state firms, Mohamed El Bahey, head of the Tax and Customs Committee at the Federation of Egyptian Industries (FEI) told Enterprise. This, \u201calong with high commodity prices and supply chain shortages, have weighed down on the private sector\u2019s profit margins,\u201d he said.<\/span><\/p>\n

Time is of the essence: <\/span>\u201cQuick implementation [of the bill] will boost foreign investors\u2019 <\/span>confidence in returning to Egypt,\u201d El Bahey said.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Private-sector players are happy<\/p>\n","protected":false},"author":1,"featured_media":590083,"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":[104,72,274,2411,3583],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-590082","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-taxation","tag-economy","tag-enterpriseam","tag-house-of-representatives","tag-ittihadiya","tag-taxation","wpautop","entry"],"acf":{"mongo_id":"fcd90ef5-04cc-44fd-9806-4df86804f8b2","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/7\/498.jpg","photo_position":"above","homepage_title":"","full_issue_title":"An end to tax breaks for state companies in Egypt","related_issue":[590075],"teaser":"Private-sector players are happy","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/7\/.ca321381-2ec0-43bd-996c-a4383a44eadf.mp3"},"yoast_head":"\nAn end to tax breaks for state companies - 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House of Representatives has given a preliminary nod to a law that will require companies to deduct 1% from all employees\u2019 monthly salaries and 0.5% from all pensions during FY2020-2021 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\/2020\/7\/29.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":571719,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/21\/egypt-to-introduce-1-tax-on-all-salaries-to-fund-covid-19-fight\/","url_meta":{"origin":590082,"position":5},"title":"Egypt to introduce 1% tax on all salaries to fund covid-19 fight","author":"enterpriseam admin","date":"21 May 2020","format":false,"excerpt":"Cabinet plans 1% corona tax on all salaries, says measure would be in effect for one year starting 1 July 2020: The Madbouly Cabinet has approved a draft law that would require companies to dock 1% from all employees\u2019 monthly salaries during FY2020-2021 to help fund efforts to contain the\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed 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