{"id":614563,"date":"2024-02-04T00:00:00","date_gmt":"2024-02-04T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/04\/this-evening-finmin-looks-at-possibility-of-cutting-down-on-taxes-to-support-industry\/"},"modified":"2024-02-04T00:00:00","modified_gmt":"2024-02-04T00:00:00","slug":"this-evening-finmin-looks-at-possibility-of-cutting-down-on-taxes-to-support-industry","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/04\/this-evening-finmin-looks-at-possibility-of-cutting-down-on-taxes-to-support-industry\/","title":{"rendered":"THIS EVENING: FinMin looks at possibility of cutting down on taxes to support industry"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good afternoon, friends.<\/strong> This new workweek is bringing what is shaping up to be a busy news day both at home and in the region. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>THE BIG STORY TODAY<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Tax breaks incoming?<\/strong> The government has formed a committee to look into simplifying and reducing the number of taxes and fees on goods and services in a bid to incentivize local industries, boost exports, attract new investments and curb inflation, a senior government source told Enterprise. The committee will begin reviewing a list of taxes and fees during its first meeting this week, the source added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>There\u2019s much room for improvement:<\/strong> The proposed tax breaks seek to eliminate double taxation and redundant fees that see some goods taxed at up to 45%, the source explained. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>THE BIG STORY ABROAD<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>US and UK-led attacks on Houthi militants in Yemen continue to lead the conversation in <\/strong><strong>the international press <\/strong><strong>today<\/strong><strong>. <\/strong>Aircraft aboard the USS Eisenhower conducted the attacks last night while sailors aboard the USS Mason fired missiles at the Houthis, who have been attacking passing vessels in solidarity with Gaza, building up fears of widespread regional escalation. Just a day earlier, the US had struck 85 targets in Iraq and Syria in response to the Iran-backed attack that killed three of their own in Jordan. As a result of the turmoil, the global oil market is turning to local supply to avoid any trouble amidst Houthi promises of retaliation. (<a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2024\/02\/04\/onboard-a-us-aircraft-carrier-a-cat-and-mouse-game-with-houthi-forces-plays-out.html\" style=\"\" rel=\"noopener\">CNBC<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-02-04\/red-sea-danger-is-spurring-global-oil-buyers-to-go-local?srnd=premium-middle-east\" style=\"\" rel=\"noopener\">Bloomberg<\/a> | <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/f0a8216d-3e5e-4cd6-835f-d325afa52f98\" style=\"\" rel=\"noopener\">Financial Times<\/a> | <a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/iraq-syria-strikes-hamas-militia-iran-us-62be7c7b500de1d0f1287a9b2c6f82dc\" style=\"\" rel=\"noopener\">Associated Press<\/a> | <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/yemens-houthis-vow-response-after-us-british-strikes-2024-02-04\/\" style=\"\" rel=\"noopener\">Reuters<\/a>)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** CATCH UP QUICK<\/strong>on the top stories from today\u2019s <strong>EnterpriseAM:<\/strong><\/p>\n<ul>\n<li><strong>The Central Bank of Egypt (CBE) <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fe7e3e78-d6e6-4ad9-b0ea-3f206b156039\" style=\"\" rel=\"noopener\">hiked interest rates<\/a><\/strong><strong> by 200 basis points <\/strong>at its first Monetary Policy Committee meeting of the year on Thursday.<\/li>\n<li><strong>IMF staff and Egyptian officials are <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/31fdb523-76ff-461b-baa0-cad7d851ed96\" style=\"\" rel=\"noopener\">close to finalizing<\/a><\/strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/31fdb523-76ff-461b-baa0-cad7d851ed96\" style=\"\" rel=\"noopener\">a new financial support<\/a> package for Egypt, after an IMF delegation spent almost two weeks in Cairo.<\/li>\n<li><strong>FinMin wants to soften the blow of the FX crunch on the books: <\/strong>The Finance Ministry wants to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3286e0fd-c1d8-470a-8d7a-544b81b6eec2\" style=\"\" rel=\"noopener\">change the way businesses calculate their foreign exchange costs<\/a> to determine their tax base.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>HELP GAZA-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Want to support relief efforts in Gaza, but don\u2019t know how?<\/strong> We\u2019ve got you. More than 1 mn people in Gaza have been thrown from their homes and every human being there lacks access to food, water, and fuel amid the most intense bombardment any population has endured this century.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The folks at Talabat are processing donations for a range of Gaza relief appeals <\/strong>by charities including the Egyptian Food Bank and Misr El Kheir. Pay in EGP using your credit card.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Or check out <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/edition\/am\/f8ce0f50-10c2-4cca-8e6f-64c32a5c90b7\" style=\"\" rel=\"noopener\">our list of charities<\/a><\/strong><strong> to which you can make direct donations<\/strong> via bank deposit and \/ or Fawry.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/enterprise.press\/wp-content\/uploads\/2022\/03\/Inside-Industry-en-WEB-1600x584-v5-03-1.jpg\"\/><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>*** It\u2019s Inside Industry day \u2014<\/strong><strong>your weekly briefing of all things industrial in Egypt.<\/strong> Inside Industry focuses each Sunday on what it takes to turn Egypt into a manufacturing and export powerhouse, ranging from initial investment and planning to product distribution, through to land allocation to industrial processes, supply chain management, labor, automation and technology, inputs and exports, regulation and policy.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In today\u2019s issue:<\/strong> As most manufacturers struggle to keep up with pressures from rising FX costs and difficulties securing imports of raw materials and other production inputs, pharma players say their sector is faring worse than most others. In addition to these burdens, pharma players are bound by mandatory pricing from the Egyptian Drug Authority, which makes it difficult for them to raise prices in tandem with increasing costs. <\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"\/egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u26c5\ufe0f <\/strong><strong>TOMORROW\u2019S WEATHER- <\/strong>Expect some clouds to roll back in with the mercury rising to a high of 19\u00b0C and a low of 11\u00b0C in the evening, according to our favorite weather app. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good afternoon, friends. This new workweek is bringing what is shaping up to be a busy news day both at home and in the region. THE BIG STORY TODAY Tax breaks incoming? The government has formed a committee to look into simplifying and reducing the number of taxes and fees on goods and services in [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":614564,"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":[7213],"tags":[633,276,69,634],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-614563","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-tonight","tag-enterprisepm","tag-finance-ministry","tag-tax","tag-what-were-tracking-tonight","wpautop","entry"],"acf":{"mongo_id":"be6cd500-9c00-4b7a-b4dc-d48731ebbf97","order":"0","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2023\/12\/1775.jpg","photo_position":"above","homepage_title":"","full_issue_title":"","related_issue":[614561],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.44d8278f-26c3-4c52-9f07-ef289821b3f7.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>THIS EVENING: FinMin looks at possibility of cutting down on taxes to support industry - 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\/this-evening-finmin-looks-at-possibility-of-cutting-down-on-taxes-to-support-industry\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS EVENING: FinMin looks at possibility of cutting down on taxes to support industry\" \/>\n<meta property=\"og:description\" content=\"Good afternoon, friends. This new workweek is bringing what is shaping up to be a busy news day both at home and in the region. THE BIG STORY TODAY Tax breaks incoming? 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