{"id":601384,"date":"2019-02-27T04:01:18","date_gmt":"2019-02-27T04:01:18","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/27\/finmin-feb-reach-agreement-on-new-tax-treatment-deductibles\/"},"modified":"2019-02-27T04:01:18","modified_gmt":"2019-02-27T04:01:18","slug":"finmin-feb-reach-agreement-on-new-tax-treatment-deductibles","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/27\/finmin-feb-reach-agreement-on-new-tax-treatment-deductibles\/","title":{"rendered":"FinMin, FEB reach agreement on new tax treatment deductibles"},"content":{"rendered":"

<\/a> EXCLUSIVE- FinMin, FEB reportedly reach agreement on cost-to-income ratio in new tax treatment: <\/b>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<\/a> that change how banks and corporations account for income from investments in government debt. The agreement will see the cost-to-income ratio on income from holdings of treasuries capped at 50%, a senior government source tells us, and allow these expenses to be counted as deductibles against pre-tax income on the income statement. This provision, as well as rules on the recognition and calculation of allowable costs, are expected to be in the executive regulations, which could be out \u201cin a matter of days,\u201d the source tells us. The Finance Ministry had previously agreed<\/a> to mark the cost of investment in treasuries as deductible in the new tax treatment.<\/p>\n

Are banks to account separately for FX-denominated treasuries?<\/b> The executive regs will outline how banks and companies will be required to account for FX-denominated government treasuries, the source told us, but did not elaborate. The source did hint that a formula might be in the works that could see them accounted for separately.<\/p>\n

Will the law apply retroactively?<\/b> The new tax treatment will not apply to any government debt bought at auction prior to the issuance of the executive regulations, unless those treasuries are later traded to another institution or sold on the secondary market (once that secondary market starts trading), the source said.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 investments in government debt. The […]<\/p>\n","protected":false},"author":1,"featured_media":601385,"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":[204,72,884,343,2380,69],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-601384","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-banking","tag-enterpriseam","tag-income-tax-act","tag-regulation","tag-speed-round","tag-tax","wpautop","entry"],"acf":{"mongo_id":"de2062a0-9169-4a48-9a00-5675e3da6808","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2018\/12\/248.jpg","photo_position":"above","related_issue":[601379],"teaser":"","voice_url":""},"yoast_head":"\nFinMin, FEB reach agreement on new tax treatment deductibles - 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\/27\/finmin-feb-reach-agreement-on-new-tax-treatment-deductibles\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FinMin, FEB reach agreement on new tax treatment deductibles\" \/>\n<meta property=\"og:description\" content=\"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 investments in government debt. The […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2019\/02\/27\/finmin-feb-reach-agreement-on-new-tax-treatment-deductibles\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2019-02-27T04:01:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2018\/12\/248.jpg?fit=%2C&ssl=1\" \/>\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\/27\/finmin-feb-reach-agreement-on-new-tax-treatment-deductibles\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/02\/27\/finmin-feb-reach-agreement-on-new-tax-treatment-deductibles\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"FinMin, FEB reach agreement on new tax treatment deductibles\",\"datePublished\":\"2019-02-27T04:01:18+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/02\/27\/finmin-feb-reach-agreement-on-new-tax-treatment-deductibles\/\"},\"wordCount\":260,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/02\/27\/finmin-feb-reach-agreement-on-new-tax-treatment-deductibles\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2018\/12\/248.jpg?fit=%2C&ssl=1\",\"keywords\":[\"banking\",\"EnterpriseAM\",\"income tax act\",\"regulation\",\"SPEED ROUND\",\"tax\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/02\/27\/finmin-feb-reach-agreement-on-new-tax-treatment-deductibles\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2019\/02\/27\/finmin-feb-reach-agreement-on-new-tax-treatment-deductibles\/\",\"name\":\"FinMin, FEB reach agreement on new tax treatment deductibles - 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The move\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":601384,"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":622057,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/26\/finmin-federation-of-egyptian-banks-reach-compromise-on-new-accounting-standards\/","url_meta":{"origin":601384,"position":3},"title":"FinMin, Federation of Egyptian Banks reach compromise on new accounting standards?","author":"enterpriseam admin","date":"26 November 2018","format":false,"excerpt":"FinMin, Federation of Egyptian Banks working toward compromise on new accounting standards? The Finance Ministry and the Federation of Egyptian Banks (FEB) agreed at a meeting yesterday that proposed amendments to the tax code that could hit bank profitability won\u2019t be applied retroactively to the start of this year, sources\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":601384,"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":627388,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/31\/finmin-looks-into-drafting-a-new-income-tax-act\/","url_meta":{"origin":601384,"position":5},"title":"FinMin looks into drafting a new Income Tax Act","author":"enterpriseam admin","date":"31 July 2018","format":false,"excerpt":"EXCLUSIVE- FinMin looks into drafting a new Income Tax Act: The Finance Ministry has formed a committee to look into drafting a new Income Tax Act, Tax Authority deputy head Mohamed Abdel Sattar told Enterprise. 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