{"id":604819,"date":"2018-12-13T04:50:48","date_gmt":"2018-12-13T04:50:48","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/13\/finmin-to-work-with-egypts-banks-on-mitigating-the-impact-of-the-new-tax-treatment\/"},"modified":"2018-12-13T04:50:48","modified_gmt":"2018-12-13T04:50:48","slug":"finmin-to-work-with-egypts-banks-on-mitigating-the-impact-of-the-new-tax-treatment","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/13\/finmin-to-work-with-egypts-banks-on-mitigating-the-impact-of-the-new-tax-treatment\/","title":{"rendered":"FinMin to work with Egypt\u2019s banks on mitigating the impact of the new tax treatment"},"content":{"rendered":"<p><b>EXCLUSIVE- Tax officials spreading oil on troubled waters after flap over tax treatment of bank holdings of gov\u2019t debt: <\/b>Tax officials are actively working to smooth feathers ruffled by a <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\/\">proposed change to how bank income from investments in government debt is taxed<\/a>. Multiple sources in the tax apparatus, including Abdel Azim Hussein (who spoke with us this week in his capacity as head of the Tax Authority\u2019s stamp tax arm, but who is now the incoming head of the authority as a whole), told us that officials are looking at ways to ease the implementation of the new treatment as well as ways to expedite resolution of tax disputes. The Finance Ministry has also been holding meetings with banks to resolve as many as 1,400 tax disputes, other sources told Enterprise. This comes as banks <a href=\"https:\/\/enterprise.press\/stories\/2018\/12\/10\/new-tax-treatment-wont-affect-adibs-2018-financial-results\/\">have been disclosing<\/a> the impact of the new tax treatment on their financial results.<\/p>\n<p><b>Where do we stand currently with the new tax treatment legislation? <\/b>The proposed text of the amendment has made its way to the central bank for review. After the CBE signs off, it will head to the House of Representatives for debate, a ministry source told us.<\/p>\n<p><b>Background: <\/b>The Madbouly Cabinet approved <a href=\"https:\/\/enterprise.press\/stories\/2018\/11\/22\/govt-to-force-banks-to-separately-account-for-income-from-holdings-of-state-debt\/\">last month<\/a> amendments to the Income Tax Act which will require banks to split their books, separately accounting for income earned from holdings of government debt. <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 accounting mechanism will result in a c. 37% effective tax rate for a model bank, compared to a current 24%. <a href=\"https:\/\/enterprise.press\/stories\/2018\/12\/05\/egyptian-government-to-investors-were-staying-the-course-on-the-ipo-program-and-the-tax-treatment-of-banks-is-in-line-with-international-norms\/\">Finance Minister Mohamed Maait had said<\/a> the move brings the sector\u2019s tax treatment in line with international standards and \u201censures tax equality with regards to financial institutions investment in government securities.\u201d The system will take effect after the amendments pass the House, but will only apply to income from investments in gov\u2019t paper from that day forward.<\/p>\n<p><b>In related news, taxes on holdings of treasury bills and bonds rose to EGP 11.9 bn<\/b> in the first quarter of FY2018-2019 (July to September) from EGP 9.2 bn in the same quarter last year, a 29% rise, according to a <a href=\"http:\/\/www.mof.gov.eg\/MOFGallerySource\/Arabic\/Reportes\/2018\/9\/allparts.pdf\">Finance Ministry report (pdf)<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 Abdel Azim Hussein (who spoke [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":604820,"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":[204,7106,72,7087,1318,180,343,2380,69],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-604819","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-banking","tag-debt","tag-enterpriseam","tag-finance","tag-fiscal-policy","tag-legislation","tag-regulation","tag-speed-round","tag-tax","wpautop","entry"],"acf":{"mongo_id":"b99e4207-c3cf-46a0-afa0-24a2e0cd9e0c","order":"0","is_powered_by":true,"section_story_id":"b071e831-7f28-42ee-a454-e4beb834f618","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/4\/82.jpg","photo_position":"above","related_issue":[604806],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>FinMin to work with Egypt\u2019s banks on mitigating the impact of the new 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\/2018\/12\/13\/finmin-to-work-with-egypts-banks-on-mitigating-the-impact-of-the-new-tax-treatment\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FinMin to work with Egypt\u2019s banks on mitigating the impact of the new tax treatment\" \/>\n<meta property=\"og:description\" content=\"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 Abdel Azim Hussein (who spoke [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2018\/12\/13\/finmin-to-work-with-egypts-banks-on-mitigating-the-impact-of-the-new-tax-treatment\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2018-12-13T04:50:48+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2020\/4\/82.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=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/12\/13\/finmin-to-work-with-egypts-banks-on-mitigating-the-impact-of-the-new-tax-treatment\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/12\/13\/finmin-to-work-with-egypts-banks-on-mitigating-the-impact-of-the-new-tax-treatment\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"FinMin to work with Egypt\u2019s banks on mitigating the impact of the new tax treatment\",\"datePublished\":\"2018-12-13T04:50:48+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/12\/13\/finmin-to-work-with-egypts-banks-on-mitigating-the-impact-of-the-new-tax-treatment\/\"},\"wordCount\":371,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/12\/13\/finmin-to-work-with-egypts-banks-on-mitigating-the-impact-of-the-new-tax-treatment\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/4\/82.jpg?fit=%2C&ssl=1\",\"keywords\":[\"banking\",\"debt\",\"EnterpriseAM\",\"Finance\",\"fiscal policy\",\"legislation\",\"regulation\",\"SPEED ROUND\",\"tax\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/12\/13\/finmin-to-work-with-egypts-banks-on-mitigating-the-impact-of-the-new-tax-treatment\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2018\/12\/13\/finmin-to-work-with-egypts-banks-on-mitigating-the-impact-of-the-new-tax-treatment\/\",\"name\":\"FinMin to work with Egypt\u2019s banks on mitigating the impact of the new tax treatment - 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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":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":604819,"position":1},"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 &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":600678,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/06\/parliament-approves-egypts-new-bank-tax-treatment\/","url_meta":{"origin":604819,"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 &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":603404,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/04\/22\/government-to-set-cost-to-income-ratio-at-70-under-new-banks-tax-treatment\/","url_meta":{"origin":604819,"position":3},"title":"Government to set cost-to-income ratio at 70% under new banks tax treatment","author":"enterpriseam admin","date":"22 April 2019","format":false,"excerpt":"EXCLUSIVE- Gov\u2019t to set cost-to-income ratio at 70% under new bank tax treatment of investments in treasuries, plans to scrap annual increase: The Finance Ministry is planning to amend the way banks will calculate their cost-to-income ratio for their holdings of government debt under the new tax treatment. 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":601254,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/24\/el-sisi-ratifies-new-tax-treatment-for-egyptian-banks\/","url_meta":{"origin":604819,"position":4},"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":[]},{"id":604566,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/06\/banks-say-new-tax-treatment-not-to-affect-2018-results\/","url_meta":{"origin":604819,"position":5},"title":"Banks say new tax treatment not to affect 2018 results","author":"enterpriseam admin","date":"6 December 2018","format":false,"excerpt":"Banks say new tax treatment of income from gov\u2019t debt won\u2019t hit 2018 P&L: CIB\u2019s 2018 financial results will not reflect the impact of proposed amendments to the tax treatment of bank income from government debt, it said in an EGX disclosure (pdf). The Federation of Egyptian Banks has recommended\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\/604819","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=604819"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/604819\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/604806"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/604820"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=604819"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=604819"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=604819"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=604819"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=604819"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}