{"id":614520,"date":"2024-02-04T00:00:00","date_gmt":"2024-02-04T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/04\/govt-introduces-bookkeeping-scheme-to-account-for-fx-price-differentials\/"},"modified":"2024-02-04T00:00:00","modified_gmt":"2024-02-04T00:00:00","slug":"govt-introduces-bookkeeping-scheme-to-account-for-fx-price-differentials","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/04\/govt-introduces-bookkeeping-scheme-to-account-for-fx-price-differentials\/","title":{"rendered":"Gov\u2019t introduces bookkeeping scheme to account for FX price differentials"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>FinMin wants to soften the blow of the FX crunch on the books:<\/strong> The Finance Ministry wants to change the way businesses calculate their foreign exchange costs to determine their tax base, according to a resolution published in the Official Gazette. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What does it mean? <\/strong>The decision seeks to account for the price differences between the FX rates on the official and parallel markets throughout the previous year, targeting companies whose operations necessitate the use of foreign currency, with a specific focus on importers and exporters.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The new regs have been brewing for at least a couple of weeks:<\/strong> Enterprise was the first to report last month that the government was <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f3b92fdb-f3f8-407c-b5ec-3d91fc8c96be\" style=\"\" rel=\"noopener\">putting together new rules<\/a> that would enable companies to account for FX price differentials from the volatile exchange rate. The difference between the official and parallel market exchange rates throughout 2023 was calculated at an average of 26.64%, a source at the Tax Authority told us.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In detail:<\/strong> The accounting scheme will augment FX costs booked by companies throughout 2023 by the following percentages:<\/p>\n<ul>\n<li>January-April: 9%<\/li>\n<li>May-August: 24%<\/li>\n<li>September-October: 34%<\/li>\n<li>November-December: 60%<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But the rules come with strings attached:<\/strong> The FinMin intends to apply the scheme only to the difference between FX revenues generated from exports and FX costs arising from imports in a bid to discourage companies from selling foreign currency on the black market, one source said. The rules also don\u2019t apply to the official list of goods \u2014 including fuel, wheat, and meds \u2014 seeing companies are able to source USD at the official rate for such purchases.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next?<\/strong> The Finance Ministry and central bank officials will meet today to set the mechanism by which the new rules will be implemented and iron out the legal details, our source said. The decision will not go into effect until both parties agree on a framework. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The difference between the official and parallel market exchange rates that the rules account for stand at an annual average of 26.64%<\/p>\n","protected":false},"author":1,"featured_media":614521,"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":[7382],"tags":[271,72,276,2234,69],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-614520","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tax","tag-central-bank-of-egypt","tag-enterpriseam","tag-finance-ministry","tag-foreign-exchange","tag-tax","wpautop","entry"],"acf":{"mongo_id":"3286e0fd-c1d8-470a-8d7a-544b81b6eec2","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/110.JPG","photo_position":"above","homepage_title":"","full_issue_title":"Egypt\u2019s Finance Ministry introduces bookkeeping scheme to account for FX price differentials","related_issue":[614509],"teaser":"The difference between the official and parallel market exchange rates that the rules account for stand at an annual average of 26.64%","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.87a3e1d9-94d4-4fa5-b3e1-389ef8dd611d.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>Gov\u2019t introduces bookkeeping scheme to account for FX price differentials - 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\/2024\/02\/04\/govt-introduces-bookkeeping-scheme-to-account-for-fx-price-differentials\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta 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The rules\u2026","rel":"","context":"In &quot;Automotive&quot;","block_context":{"text":"Automotive","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/automotive\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/234.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":599464,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/14\/updates-on-the-car-import-scheme-plans-to-draw-fx-through-real-estate-sales\/","url_meta":{"origin":614520,"position":4},"title":"Updates on the car import scheme + plans to draw FX through real estate sales","author":"enterpriseam admin","date":"14 August 2023","format":false,"excerpt":"A number of laws aimed at encouraging foreign ownership of real estate will soon head to the cabinet","rel":"","context":"In &quot;FOREIGN EXCHANGE&quot;","block_context":{"text":"FOREIGN EXCHANGE","link":"https:\/\/enterpriseam.com\/egypt\/category\/foreign-exchange\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/8\/646.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577033,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/07\/senate-committee-give-preliminary-approval-for-fx-incentive-bill\/","url_meta":{"origin":614520,"position":5},"title":"Senate committee give preliminary approval for FX incentive bill","author":"enterpriseam admin","date":"7 November 2022","format":false,"excerpt":"Senate committee gives initial approval to FX-for-tax cuts industrial plan: The Senate Financial and Economic Affairs Committee yesterday gave preliminary approval to draft amendments that would grant income tax breaks to investors who use FX to finance at least half of the cost of their projects. Under the proposed amendments\u2026","rel":"","context":"In &quot;LEGISLATION WATCH&quot;","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"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\/614520","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=614520"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/614520\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/614509"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/614521"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=614520"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=614520"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=614520"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=614520"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=614520"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}