{"id":598382,"date":"2019-05-23T03:44:46","date_gmt":"2019-05-23T03:44:46","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/23\/executive-regs-for-new-tax-treatment-of-banks-corporations-out-in-official-gazette\/"},"modified":"2019-05-23T03:44:46","modified_gmt":"2019-05-23T03:44:46","slug":"executive-regs-for-new-tax-treatment-of-banks-corporations-out-in-official-gazette","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/23\/executive-regs-for-new-tax-treatment-of-banks-corporations-out-in-official-gazette\/","title":{"rendered":"Executive regs for new tax treatment of banks, corporations out in Official Gazette"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <b>LEGISLATION WATCH- Banks now know how they\u2019ll calculate the cost of investment in treasuries under changes to the tax code: <\/b>The Official Gazette <a href=\"https:\/\/ent.news\/2019\/5\/2023.pdf\">published yesterday (pdf)<\/a> two additions to the executive regulations of the Income Tax Act that outline some of the mechanics of the <a href=\"https:\/\/enterprise.press\/stories\/2019\/02\/24\/el-sisi-ratifies-new-tax-treatment-for-egyptian-banks\/\">recently-changed<\/a> accounting treatment for bank and corporate earnings from holdings of government debt. The new articles set an equation for how the \u201ccost of investment\u201d in treasuries is to be calculated. <a href=\"https:\/\/enterprise.press\/stories\/2019\/01\/21\/tax-authority-to-mark-cost-of-investment-as-deductible-in-new-banking-tax-treatment\/\">We have been told<\/a> that the cost of investment will be tax-deductible under the treatment.<\/p>\n<p><b>Why does it matter?<\/b> The new treatment required said banks and companies to separately account for their earnings from their holdings of government debt, seeing their effective tax rates rise. <a href=\"https:\/\/enterprise.press\/stories\/2018\/11\/25\/egypt-banks-will-see-their-taxes-rise-as-a-result-of-separately-accounting-for-income-from-holdings-of-state-debt\/\">Analysts initially said<\/a> that the new mechanism will result in a c. 37% effective tax rate for a model bank. As a result, the Tax Authority <a href=\"https:\/\/enterprise.press\/stories\/2018\/12\/13\/finmin-to-work-with-egypts-banks-on-mitigating-the-impact-of-the-new-tax-treatment\/\">began working<\/a> with Egyptian banks to look at ways to ease the implementation after reaching an <a href=\"https:\/\/enterprise.press\/stories\/2018\/11\/26\/finmin-federation-of-egyptian-banks-reach-compromise-on-new-accounting-standards\/\">earlier compromise<\/a> with the Federation of Egyptian Banks to apply the new treatment only on treasuries bought after the amendments were signed into law by President Abdel Fattah El Sisi.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>LEGISLATION WATCH- Banks now know how they\u2019ll calculate the cost of investment in treasuries under changes to the tax code: The Official Gazette published yesterday (pdf) two additions to the executive regulations of the Income Tax Act that outline some of the mechanics of the recently-changed accounting treatment for bank and corporate earnings from holdings [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":598383,"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":[8572],"tags":[204,72,180,2380,69],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-598382","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-banking","tag-enterpriseam","tag-legislation","tag-speed-round","tag-tax","wpautop","entry"],"acf":{"mongo_id":"c41493ac-6df9-4193-ba00-68e1a80a4807","is_powered_by":true,"section_story_id":"5165007a-902d-43d0-b9e9-071013232557","story_type":"1","photo_url":"https:\/\/ent.news\/2018\/12\/248.jpg","photo_position":"above","related_issue":[598376],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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The move\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":600142,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/21\/tax-authority-to-mark-cost-of-investment-as-deductible-in-new-banking-tax-treatment\/","url_meta":{"origin":598382,"position":1},"title":"Tax Authority to mark \u201ccost of investment\u201d as deductible in new banking tax treatment","author":"enterpriseam admin","date":"21 January 2019","format":false,"excerpt":"EXCLUSIVE- Tax Authority to mark \u201ccost of investment\u201d in treasuries as deductible in new tax treatment: The Tax Authority could allow banks to count the \u201ccost of investment\u201d in state treasuries as an expense that would lower their pre-tax income, authority head Abdel Azim Hussein told Enterprise.Why does this matter?\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":601439,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/28\/details-emerge-on-cost-to-income-ratio-under-new-banks-tax-treatment\/","url_meta":{"origin":598382,"position":2},"title":"Details emerge on cost-to-income ratio under new banks tax treatment","author":"enterpriseam admin","date":"28 February 2019","format":false,"excerpt":"EXCLUSIVE- Here\u2019s how banks will have to calculate their cost-to-income ratio for income from treasuries under the new tax treatment: A draft agreement between the Federation of Egyptian Banks (FEB) and the Finance Ministry would see banks calculate their cost-to-income ratio for investment in government debt under the new tax\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":601384,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/27\/finmin-feb-reach-agreement-on-new-tax-treatment-deductibles\/","url_meta":{"origin":598382,"position":3},"title":"FinMin, FEB reach agreement on new tax treatment deductibles","author":"enterpriseam admin","date":"27 February 2019","format":false,"excerpt":"EXCLUSIVE- FinMin, FEB reportedly reach agreement on cost-to-income ratio in new tax treatment: The Finance Ministry and the Federation of Egyptian Banks (FEB) have reached an agreement on a key aspect of newly ratified amendments to the Income Tax Act that change how banks and corporations account for income from\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2018\/12\/248.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":600592,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/04\/house-grants-preliminary-nod-to-new-banking-tax-treatment\/","url_meta":{"origin":598382,"position":4},"title":"House grants preliminary nod to new banking tax treatment","author":"enterpriseam admin","date":"4 February 2019","format":false,"excerpt":"LEGISLATION WATCH- House grants preliminary nod to new tax treatment of bank holdings of state treasuries: The House\u2019s general assembly gave its preliminary approval to proposed amendments to the Income Tax Act that would change how banks and corporations account for income from investments in government debt, Youm7 reports. The\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":601254,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/24\/el-sisi-ratifies-new-tax-treatment-for-egyptian-banks\/","url_meta":{"origin":598382,"position":5},"title":"El Sisi ratifies new tax treatment for Egyptian banks","author":"enterpriseam admin","date":"24 February 2019","format":false,"excerpt":"LEGISLATION WATCH- El Sisi ratifies new tax treatment for banks: President Abdel Fattah El Sisi has signed off on proposed amendments to the Income Tax Act that change how banks and corporations account for income from investments in government debt, according to a Finance Ministry statement (pdf). The ministry will\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/598382","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=598382"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/598382\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/598376"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/598383"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=598382"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=598382"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=598382"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=598382"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=598382"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}