{"id":599686,"date":"2019-01-08T05:09:49","date_gmt":"2019-01-08T05:09:49","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/08\/income-tax-act-amendments-to-equalize-capital-gains-tax-imposed-on-corporates\/"},"modified":"2019-01-08T05:09:49","modified_gmt":"2019-01-08T05:09:49","slug":"income-tax-act-amendments-to-equalize-capital-gains-tax-imposed-on-corporates","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/08\/income-tax-act-amendments-to-equalize-capital-gains-tax-imposed-on-corporates\/","title":{"rendered":"Income Tax Act amendments to equalize capital gains tax imposed on corporates"},"content":{"rendered":"

<\/a> LEGISLATION WATCH- Income Tax Act amendments to impose 10% capital gains tax on all corporates:<\/b> Proposed amendments to the Income Tax Act would impose an across-the-board 10% capital gains tax on listed and privately held companies alike, House Planning and Budgeting Committee Chair Yasser Omar said<\/a>. As it currently stands, the law imposes a 22.5% capital gains tax on unlisted companies, while listed corporations are subjected to a 10% tax. However, the levy for listed companies is currently on hold until 2020, after the Mehleb government backtracked in 2015 on plans to impose the tax from retail investors. The amendments to the Income Tax Act \u2014 which the committee is expected to begin discussing sometime this week with Finance Ministry officials \u2014 would essentially level the playing field between listed and privately held companies.<\/p>\n

Amendments could be well-received:<\/b> The move would likely spur M&A activity by reducing the cost of these transactions for privately held companies, Shalakany Law Office Senior Partner Emad El Shalakany said. The Egyptian Capital Markets Association (ECMA) had also said back in June<\/a> that it may be receptive to scrapping the current stamp tax on EGX trades and instead implementing the capital gains tax. The lobby group said at the time it would push for a new framework for the tax that would address the issues which made the initial implementation of the tax \u201cunbearable\u201d to investors.<\/p>\n

Background:<\/b> The proposed amendments to the Income Tax Act, which were approved in principle in November<\/a>, would also affect how corporations\u2019 income from holdings of government debt is taxed, Finance Minister Mohamed Maait said last month<\/a>. The amendments could also see some banks looking at a double-digit increase in effective tax rate. Banks would be required to split their books, separately accounting for income earned from holdings of government debt. The new, higher effective tax rate will be a result of the aforementioned splits \u2014 which will widen the bank\u2019s taxable income \u2014 despite no change in income tax rates.<\/p>\n","protected":false},"excerpt":{"rendered":"

LEGISLATION WATCH- Income Tax Act amendments to impose 10% capital gains tax on all corporates: Proposed amendments to the Income Tax Act would impose an across-the-board 10% capital gains tax on listed and privately held companies alike, House Planning and Budgeting Committee Chair Yasser Omar said. As it currently stands, the law imposes a 22.5% […]<\/p>\n","protected":false},"author":1,"featured_media":599687,"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":[11309,72,276,274,884,2380,766,69],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-599686","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-capital-market","tag-enterpriseam","tag-finance-ministry","tag-house-of-representatives","tag-income-tax-act","tag-speed-round","tag-stamp-tax","tag-tax","wpautop","entry"],"acf":{"mongo_id":"61137b8b-f3f9-4fc5-92a7-8071a9f6912f","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/1\/662.jpg","photo_position":"above","related_issue":[599679],"teaser":"","voice_url":""},"yoast_head":"\nIncome Tax Act amendments to equalize capital gains tax imposed on corporates - 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\/2019\/01\/08\/income-tax-act-amendments-to-equalize-capital-gains-tax-imposed-on-corporates\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Income Tax Act amendments to equalize capital gains tax imposed on corporates\" \/>\n<meta property=\"og:description\" content=\"LEGISLATION WATCH- Income Tax Act amendments to impose 10% capital gains tax on all corporates: Proposed amendments to the Income Tax Act would impose an across-the-board 10% capital gains tax on listed and privately held companies alike, House Planning and Budgeting Committee Chair Yasser Omar said. 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According to Hussein, the proposed amendments to the Income Tax Act that\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":571605,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/18\/house-speaker-submits-income-tax-act-public-enterprises-act-others-for-committee-discussion\/","url_meta":{"origin":599686,"position":1},"title":"House Speaker submits Income Tax Act, Public Enterprises Act, others, for committee discussion","author":"enterpriseam admin","date":"18 May 2020","format":false,"excerpt":"LEGISLATION WATCH- House Speaker submits Income Tax Act, Public Enterprises Act, others, for committee discussion: House Speaker Ali Abdel Aal submitted six draft laws and two protocols to their relevant committees during parliament\u2019s plenary session on Sunday, the local press reports. Income tax amendments sent to the Planning and Budgeting\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":571638,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/19\/house-gives-preliminary-nod-to-stamp-tax-amendments-looks-set-to-give-tax-break-to-state-owned-enterprises-suspends-agriculture-land-tax\/","url_meta":{"origin":599686,"position":2},"title":"House gives preliminary nod to stamp tax amendments, looks set to give tax break to state-owned enterprises, suspends agriculture land tax","author":"enterpriseam admin","date":"19 May 2020","format":false,"excerpt":"LEGISLATION WATCH- House gives preliminary nod to stamp tax amendments, looks set to give tax break to state-owned enterprises, suspends agriculture land tax: The House of Representatives\u2019 general assembly yesterday gave preliminary approval to government proposals to cut stamp tax on EGX transactions and withholding tax on dividends, Al Mal\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\/5\/202.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":571485,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/13\/state-owned-companies-face-economic-viability-tests-and-could-get-a-special-break-on-capital-gains\/","url_meta":{"origin":599686,"position":3},"title":"State-owned companies face economic viability tests \u2014 and could get a special break on capital gains","author":"enterpriseam admin","date":"13 May 2020","format":false,"excerpt":"LEGISLATION WATCH- State-owned companies face economic viability tests \u2014 and could get a special break on capital gains. Proposed changes to the Public Enterprises Act would put in place new regulations to \u201cpromote financial stability\u201d in state-owned enterprises (SOE) and introduce new limits on board compensation, Public Enterprises Minister Hisham\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\/5\/139.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":604915,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/17\/finmin-to-apply-tax-treatment-of-egypt-debt-holdings-to-both-bank-corporates\/","url_meta":{"origin":599686,"position":4},"title":"FinMin to apply tax treatment of Egypt debt holdings to both bank, corporates","author":"enterpriseam admin","date":"17 December 2018","format":false,"excerpt":"Corporates will see the tax treatment of their income from state debt change, too: Corporations will join banks in seeing changes to how their income from holdings of government is taxed, minister Mohamed Maait told Al Mal. Large wheat milling companies, real estate players \u2014 such as Emaar (who holds\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\/internal\/536550.png?resize=350%2C200&ssl=1","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":599686,"position":5},"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 "Taxation"","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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/599686","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=599686"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/599686\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/599679"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/599687"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=599686"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=599686"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=599686"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=599686"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=599686"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}