{"id":600678,"date":"2019-02-06T03:47:37","date_gmt":"2019-02-06T03:47:37","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/06\/parliament-approves-egypts-new-bank-tax-treatment\/"},"modified":"2019-02-06T03:47:37","modified_gmt":"2019-02-06T03:47:37","slug":"parliament-approves-egypts-new-bank-tax-treatment","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/06\/parliament-approves-egypts-new-bank-tax-treatment\/","title":{"rendered":"Parliament approves Egypt\u2019s new bank tax treatment"},"content":{"rendered":"

<\/a> LEGISLATION WATCH- House approves new bank tax treatment:<\/b> The House of Representatives\u2019 general assembly approved yesterday proposed amendments to the Income Tax Act<\/a> that would change how banks and corporations account for income from investments in government debt, according to state news agency MENA<\/a>. The measure will require banks and companies alike 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

What\u2019s next? <\/b>The law now goes to President Abdel Fattah El Sisi for signing. The Finance Ministry will also have to outline executive regulations on the measure.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 companies alike to separately account […]<\/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":[72,7087,274,180,2380,69],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-600678","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-finance","tag-house-of-representatives","tag-legislation","tag-speed-round","tag-tax","wpautop","entry"],"acf":{"mongo_id":"ca35c55e-09ff-475b-9cc0-d610c1b5728b","is_powered_by":true,"section_story_id":"3c65e187-5219-4325-939d-59c7f86363e4","story_type":"1","photo_url":"","photo_position":"above","related_issue":[600663],"teaser":"","voice_url":""},"yoast_head":"\nParliament approves Egypt\u2019s new bank 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\/06\/parliament-approves-egypts-new-bank-tax-treatment\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Parliament approves Egypt\u2019s new bank tax treatment\" \/>\n<meta property=\"og:description\" content=\"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. 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The\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":601254,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/24\/el-sisi-ratifies-new-tax-treatment-for-egyptian-banks\/","url_meta":{"origin":600678,"position":1},"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 "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":600678,"position":2},"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":600678,"position":3},"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":599889,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/14\/egypts-parliament-committee-gives-nod-to-proposed-amendments-to-income-tax-act\/","url_meta":{"origin":600678,"position":4},"title":"Egypt\u2019s parliament committee gives nod to proposed amendments to Income Tax Act","author":"enterpriseam admin","date":"14 January 2019","format":false,"excerpt":"LEGISLATION WATCH- Proposed changes to how banks are taxed get committee-level approval in the House: The House Planning and Budget Committee has given a nod to government-proposed amendments to the Income Tax Act that would change how banks and corporations account for income from investments in government debt, 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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":600498,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/31\/could-interest-in-egp-debt-have-something-to-do-with-the-new-tax-treatment-on-debt-derived-profits\/","url_meta":{"origin":600678,"position":5},"title":"Could interest in EGP debt have something to do with the new tax treatment on debt-derived profits?","author":"enterpriseam admin","date":"31 January 2019","format":false,"excerpt":"EXCLUSIVE- Are yields on EGP debt being driven down by banks buying before a new tax treatment goes into effect? 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