{"id":600592,"date":"2019-02-04T03:40:50","date_gmt":"2019-02-04T03:40:50","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/04\/house-grants-preliminary-nod-to-new-banking-tax-treatment\/"},"modified":"2019-02-04T03:40:50","modified_gmt":"2019-02-04T03:40:50","slug":"house-grants-preliminary-nod-to-new-banking-tax-treatment","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/04\/house-grants-preliminary-nod-to-new-banking-tax-treatment\/","title":{"rendered":"House grants preliminary nod to new banking tax treatment"},"content":{"rendered":"

<\/a> LEGISLATION WATCH- House grants preliminary nod to new tax treatment of bank holdings of state treasuries: <\/b>The House\u2019s general assembly gave its preliminary approval to proposed amendments to the Income Tax Act<\/a> that would change how banks and corporations account for income from investments in government debt, Youm7 reports<\/a>. The measure will force banks and companies to separately account for income derived from their holdings of government debt and could see their effective tax rate rise. A senior government official told us last week<\/a> that the anticipation of the move by banks drove them to ratchet up their participation in treasury auctions, driving down yields and contributing to an influx of inflows and an appreciating EGP.<\/p>\n

CORRECTION- <\/b>We appear to have gotten it wrong last week when we said that the amendments would only be changes to the executive regulations and so would not require the sign off of the House.<\/p>\n

Also coming from the House yesterday: <\/b>Ratifying a decision<\/a> taken last year by President Abdel Fattah El Sisi to introduce changes to customs duties<\/a> on a range of items \u2014 including introducing 20% tariffs on all imports by hotels and tourism businesses and reducing<\/a> import tariffs on hybrid and electric cars.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 measure will force banks and […]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[204,7106,72,274,180,2380,69],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-600592","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-banking","tag-debt","tag-enterpriseam","tag-house-of-representatives","tag-legislation","tag-speed-round","tag-tax","wpautop","entry"],"acf":{"mongo_id":"215ccd7f-71c3-4a5e-b584-45166e02b73e","is_powered_by":true,"section_story_id":"bf80f461-608c-4fc0-97dd-3ab1460771aa","story_type":"1","photo_url":"","photo_position":"above","related_issue":[600585],"teaser":"","voice_url":""},"yoast_head":"\nHouse grants preliminary nod to new banking tax treatment - 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\/02\/04\/house-grants-preliminary-nod-to-new-banking-tax-treatment\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"House grants preliminary nod to new banking tax treatment\" \/>\n<meta property=\"og:description\" content=\"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 measure will force banks and […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2019\/02\/04\/house-grants-preliminary-nod-to-new-banking-tax-treatment\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2019-02-04T03:40:50+00:00\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/02\/04\/house-grants-preliminary-nod-to-new-banking-tax-treatment\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/02\/04\/house-grants-preliminary-nod-to-new-banking-tax-treatment\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"House grants preliminary nod to new banking tax treatment\",\"datePublished\":\"2019-02-04T03:40:50+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/02\/04\/house-grants-preliminary-nod-to-new-banking-tax-treatment\/\"},\"wordCount\":210,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"banking\",\"debt\",\"EnterpriseAM\",\"House of Representatives\",\"legislation\",\"SPEED ROUND\",\"tax\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/02\/04\/house-grants-preliminary-nod-to-new-banking-tax-treatment\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2019\/02\/04\/house-grants-preliminary-nod-to-new-banking-tax-treatment\/\",\"name\":\"House grants preliminary nod to new banking tax treatment - 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The ministry will\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":600678,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/06\/parliament-approves-egypts-new-bank-tax-treatment\/","url_meta":{"origin":600592,"position":2},"title":"Parliament approves Egypt\u2019s new bank tax treatment","author":"enterpriseam admin","date":"6 February 2019","format":false,"excerpt":"LEGISLATION WATCH- House approves new bank tax treatment: The House of Representatives\u2019 general assembly approved yesterday proposed amendments to the Income Tax Act that would change how banks and corporations account for income from investments in government debt, according to state news agency MENA. The measure will require banks and\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":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":600592,"position":3},"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":604819,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/13\/finmin-to-work-with-egypts-banks-on-mitigating-the-impact-of-the-new-tax-treatment\/","url_meta":{"origin":600592,"position":4},"title":"FinMin to work with Egypt\u2019s banks on mitigating the impact of the new tax treatment","author":"enterpriseam admin","date":"13 December 2018","format":false,"excerpt":"EXCLUSIVE- Tax officials spreading oil on troubled waters after flap over tax treatment of bank holdings of gov\u2019t debt: Tax officials are actively working to smooth feathers ruffled by a proposed change to how bank income from investments in government debt is taxed. Multiple sources in the tax apparatus, including\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\/4\/82.jpg?fit=%2C&ssl=1&resize=350%2C200","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":600592,"position":5},"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 "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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/600592","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=600592"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/600592\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/600585"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=600592"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=600592"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=600592"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=600592"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=600592"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}