{"id":605178,"date":"2018-12-24T04:34:13","date_gmt":"2018-12-24T04:34:13","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/24\/are-banks-trying-to-find-a-way-around-higher-taxes\/"},"modified":"2018-12-24T04:34:13","modified_gmt":"2018-12-24T04:34:13","slug":"are-banks-trying-to-find-a-way-around-higher-taxes","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/24\/are-banks-trying-to-find-a-way-around-higher-taxes\/","title":{"rendered":"Are banks trying to find a way around higher taxes?"},"content":{"rendered":"

Shocker: Banks are looking for a way around higher taxes. <\/b>The Federation of Egyptian Banks is in talks with the Finance Ministry to allow its members to deduct as an expense the EGP 2.5\/1,000 healthcare levy on their top line, multiple sources told Al Mal<\/a>. If the levy is not expense deductible, this would mean banks would pay an effective tax rate of 0.3%, higher than the 0.25% stipulated by the Universal Healthcare Act<\/a>. The federation is also looking to know whether the levy will be calculated and paid on quarterly, semi-annual or annual basis.<\/p>\n

Do banks have reason to act all fidgety? <\/b>Bank profitability could take a hit from a recently proposed amendment<\/a> to how they account for income from their investments in government debt. The change could result in a c.37% effective tax rate for a model bank, compared to a current 24%, in a scenario run by Shuaa Securities Egypt. The healthcare levy in question is calculated on gross revenues, making it substantial for banks.<\/p>\n

Background: <\/b>All companies will be subject to a new tax to support the government\u2019s plan to make health insurance mandatory as part of the Universal Healthcare Act<\/a>. The plan take 11-13 years to implement. The services under the scheme will debut<\/a> next May in the Canal cities. Tap or click here for our exclusive primer<\/b><\/a> breaking down all the taxes under the new legislation, which will range from nationwide corporate tax to industry specific levies.<\/p>\n","protected":false},"excerpt":{"rendered":"

Shocker: Banks are looking for a way around higher taxes. The Federation of Egyptian Banks is in talks with the Finance Ministry to allow its members to deduct as an expense the EGP 2.5\/1,000 healthcare levy on their top line, multiple sources told Al Mal. If the levy is not expense deductible, this would mean […]<\/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":[204,72,1318,7115,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-605178","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-banking","tag-enterpriseam","tag-fiscal-policy","tag-healthcare","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"ad452f2a-d722-4d5c-a931-f89a9e4ded3f","order":"0","is_powered_by":true,"section_story_id":"7c83ee35-3833-499c-805a-dfdd1ecbcc19","story_type":"1","photo_url":"","photo_position":"above","related_issue":[605171],"teaser":"","voice_url":""},"yoast_head":"\nAre banks trying to find a way around higher taxes? - 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\/24\/are-banks-trying-to-find-a-way-around-higher-taxes\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Are banks trying to find a way around higher taxes?\" \/>\n<meta property=\"og:description\" content=\"Shocker: Banks are looking for a way around higher taxes. 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to pay to finance the new national healthcare system to make it 0.25% of companies\u2019 bottom lines, rather than revenues, a\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":599888,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/14\/finmin-says-its-willing-to-revisit-tax-scheme-under-egypts-universal-healthcare-act\/","url_meta":{"origin":605178,"position":3},"title":"FinMin says it\u2019s willing to revisit tax scheme under Egypt\u2019s Universal Healthcare Act","author":"enterpriseam admin","date":"14 January 2019","format":false,"excerpt":"FinMin signals it may be willing to revisit tax scheme under Universal Healthcare Act: The Finance Ministry is \u201cwilling\u201d to revisit the legislative framework that sets out the taxes 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