{"id":604988,"date":"2018-12-18T04:16:25","date_gmt":"2018-12-18T04:16:25","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/18\/al-baraka-bank-egypt-expects-new-tax-treatment-to-hit-2019-profits\/"},"modified":"2018-12-18T04:16:25","modified_gmt":"2018-12-18T04:16:25","slug":"al-baraka-bank-egypt-expects-new-tax-treatment-to-hit-2019-profits","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/18\/al-baraka-bank-egypt-expects-new-tax-treatment-to-hit-2019-profits\/","title":{"rendered":"Al Baraka Bank Egypt expects new tax treatment to hit 2019 profits"},"content":{"rendered":"<p>Al Baraka Bank expects its 2019 profits to decline by 5-7% as a result of proposed amendments to the tax treatment of bank income from government debt, if they are approved, the bank said in <a href=\"http:\/\/www.egx.com.eg\/downloads\/Bulletins\/224702_1.pdf\">an EGX disclosure (pdf)<\/a>. The bank, however, doesn\u2019t expect the decision to reflect in its 2018 financial statements. <a href=\"https:\/\/enterprise.press\/stories\/2018\/12\/10\/new-tax-treatment-wont-affect-adibs-2018-financial-results\/\">Abu Dhabi Islamic Bank<\/a>, <a href=\"https:\/\/enterprise.press\/stories\/2018\/12\/06\/banks-say-new-tax-treatment-not-to-affect-2018-results\/\">CIB and QNB<\/a> had also said last week that their 2018 financial results will not reflect the impact of the proposed amendments.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Al Baraka Bank expects its 2019 profits to decline by 5-7% as a result of proposed amendments to the tax treatment of bank income from government debt, if they are approved, the bank said in an EGX disclosure (pdf). The bank, however, doesn\u2019t expect the decision to reflect in its 2018 financial statements. Abu Dhabi [&hellip;]<\/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":[9298],"tags":[204,2372,72,7087,1318,180,343],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-604988","post","type-post","status-publish","format-standard","hentry","category-banking-finance","tag-banking","tag-banking-finance","tag-enterpriseam","tag-finance","tag-fiscal-policy","tag-legislation","tag-regulation","wpautop","entry"],"acf":{"mongo_id":"9bfc4e49-858d-438d-9ae0-75e6fe6bd46e","order":"0","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","full_issue_title":"Al Baraka Bank Egypt expects new tax treatment to hit 2019 profits","related_issue":[604951],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/11\/.289437e1-3260-4224-8848-1a435d681a26.mp3"},"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>Al Baraka Bank Egypt expects new tax treatment to hit 2019 profits - 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\/18\/al-baraka-bank-egypt-expects-new-tax-treatment-to-hit-2019-profits\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Al Baraka Bank Egypt expects new tax treatment to hit 2019 profits\" \/>\n<meta property=\"og:description\" content=\"Al Baraka Bank expects its 2019 profits to decline by 5-7% as a result of proposed amendments to the tax treatment of bank income from government debt, if they are approved, the bank said in an EGX disclosure (pdf). The bank, however, doesn\u2019t expect the decision to reflect in its 2018 financial statements. Abu Dhabi [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2018\/12\/18\/al-baraka-bank-egypt-expects-new-tax-treatment-to-hit-2019-profits\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2018-12-18T04:16:25+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<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/12\/18\/al-baraka-bank-egypt-expects-new-tax-treatment-to-hit-2019-profits\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/12\/18\/al-baraka-bank-egypt-expects-new-tax-treatment-to-hit-2019-profits\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Al Baraka Bank Egypt expects new tax treatment to hit 2019 profits\",\"datePublished\":\"2018-12-18T04:16:25+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/12\/18\/al-baraka-bank-egypt-expects-new-tax-treatment-to-hit-2019-profits\/\"},\"wordCount\":88,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"banking\",\"BANKING + FINANCE\",\"EnterpriseAM\",\"Finance\",\"fiscal policy\",\"legislation\",\"regulation\"],\"articleSection\":[\"Banking + Finance\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/12\/18\/al-baraka-bank-egypt-expects-new-tax-treatment-to-hit-2019-profits\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2018\/12\/18\/al-baraka-bank-egypt-expects-new-tax-treatment-to-hit-2019-profits\/\",\"name\":\"Al Baraka Bank Egypt expects new tax treatment to hit 2019 profits - 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The bank expects, however, a decline of up to 8% in its 2019 profits. CIB and QNB had\u2026","rel":"","context":"In &quot;Banking + Finance&quot;","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":591592,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/10\/al-baraka-bank-egypt-looks-to-acquire-usd-400-mn-loan-from-foreign-lenders\/","url_meta":{"origin":604988,"position":1},"title":"Al Baraka Bank Egypt looks to acquire USD 400 mn loan from foreign lenders","author":"enterpriseam admin","date":"10 December 2019","format":false,"excerpt":"Al Baraka Bank is in talks with foreign lenders for a USD 400 mn loan, CEO Ashraf El Ghamrawy tells Al Mal. The bank is negotiating with the Islamic Development Bank, World Bank, and the European Bank for Reconstruction and Development, and expects to acquire the funds next year.","rel":"","context":"In &quot;Banking + Finance&quot;","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":597061,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/15\/egypts-baraka-bank-to-launch-sharia-compliant-daily-return-mutual-fund\/","url_meta":{"origin":604988,"position":2},"title":"Egypt\u2019s Baraka Bank to launch sharia-compliant daily return mutual fund","author":"enterpriseam admin","date":"15 July 2019","format":false,"excerpt":"Al Baraka Bank is planning to launch a sharia-compliant investment fund that pays out dividends on a daily basis, Al Mal reports. The EGP 100 mn fund will screen potential investments for compatibility with sharia law. It will invest in EGP-denominated debt and CDs and will be managed by EFG\u2026","rel":"","context":"In &quot;Banking + Finance&quot;","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"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":604988,"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 &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":558244,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/02\/al-baraka-bank-to-set-up-two-leasing-and-factoring-companies\/","url_meta":{"origin":604988,"position":4},"title":"Al Baraka Bank to set up two leasing and factoring companies","author":"enterpriseam admin","date":"2 August 2021","format":false,"excerpt":"Al Baraka Bank wants in on Egypt\u2019s sukuk and factoring markets, with plans to launch two separate companies to issue corporate sukuk and grow its leasing and factoring portfolio through its investment arm, Al Baraka Financial Investments, in which it holds a 98% stake, Al Baraka Bank Egypt\u2019s CEO Ashraf\u2026","rel":"","context":"In &quot;Also on our Radar&quot;","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"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":604988,"position":5},"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 &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\/2020\/4\/82.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\/604988","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=604988"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/604988\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/604951"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=604988"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=604988"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=604988"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=604988"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=604988"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}