{"id":621949,"date":"2018-11-22T04:22:21","date_gmt":"2018-11-22T04:22:21","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/22\/govt-to-force-banks-to-separately-account-for-income-from-holdings-of-state-debt\/"},"modified":"2018-11-22T04:22:21","modified_gmt":"2018-11-22T04:22:21","slug":"govt-to-force-banks-to-separately-account-for-income-from-holdings-of-state-debt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/22\/govt-to-force-banks-to-separately-account-for-income-from-holdings-of-state-debt\/","title":{"rendered":"Gov\u2019t to force banks to separately account for income from holdings of state debt"},"content":{"rendered":"

<\/a> Banks will be required to separately account for their earnings on holdings of t-bills and gov\u2019t bonds: <\/strong>The Madbouly Cabinet approved yesterday amendments to the Income Tax Act that will, if enacted, force banks and financial institutions separately account on their income statements for returns from their investments in government debt, according to a statement<\/a> from the Madbouly Cabinet. \u201cThe move would bring current accounting practices in line with international best practices\u201d and allow the government to tax earnings on these yields in a \u201cfairer\u201d way, Finance Minister Mohamed Maait said. We\u2019ll have more on the story as it unfolds.<\/p>\n","protected":false},"excerpt":{"rendered":"

Banks will be required to separately account for their earnings on holdings of t-bills and gov\u2019t bonds: The Madbouly Cabinet approved yesterday amendments to the Income Tax Act that will, if enacted, force banks and financial institutions separately account on their income statements for returns from their investments in government debt, according to a statement […]<\/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":[82,72,884,2380,69],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-621949","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-bonds","tag-enterpriseam","tag-income-tax-act","tag-speed-round","tag-tax","wpautop","entry"],"acf":{"mongo_id":"303c7346-9233-4d72-a952-82ef5c94e383","order":"0","is_powered_by":true,"section_story_id":"8fec468b-4add-4204-b6cf-7f453173fbe7","story_type":"1","photo_url":"","photo_position":"above","related_issue":[621939],"teaser":"","voice_url":""},"yoast_head":"\nGov\u2019t to force banks to separately account for income from holdings of state debt - 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\/11\/22\/govt-to-force-banks-to-separately-account-for-income-from-holdings-of-state-debt\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gov\u2019t to force banks to separately account for income from holdings of state debt\" \/>\n<meta property=\"og:description\" content=\"Banks will be required to separately account for their earnings on holdings of t-bills and gov\u2019t bonds: The Madbouly Cabinet approved yesterday amendments to the Income Tax Act that will, if enacted, force banks and financial institutions separately account on their income statements for returns from their investments in government debt, according to a statement […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2018\/11\/22\/govt-to-force-banks-to-separately-account-for-income-from-holdings-of-state-debt\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2018-11-22T04:22:21+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\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/11\/22\/govt-to-force-banks-to-separately-account-for-income-from-holdings-of-state-debt\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/11\/22\/govt-to-force-banks-to-separately-account-for-income-from-holdings-of-state-debt\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Gov\u2019t to force banks to separately account for income from holdings of state debt\",\"datePublished\":\"2018-11-22T04:22:21+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/11\/22\/govt-to-force-banks-to-separately-account-for-income-from-holdings-of-state-debt\/\"},\"wordCount\":117,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"Bonds\",\"EnterpriseAM\",\"income tax act\",\"SPEED ROUND\",\"tax\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/11\/22\/govt-to-force-banks-to-separately-account-for-income-from-holdings-of-state-debt\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2018\/11\/22\/govt-to-force-banks-to-separately-account-for-income-from-holdings-of-state-debt\/\",\"name\":\"Gov\u2019t to force banks to separately account for income from holdings of state debt - 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The government will likely collect taxes from banks on their holdings of government debt under the recently-passed new treatment on a quarterly, rather than monthly, basis, a senior government official tells Enterprise. The new treatment, which was\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":621998,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/25\/egypt-banks-will-see-their-taxes-rise-as-a-result-of-separately-accounting-for-income-from-holdings-of-state-debt\/","url_meta":{"origin":621949,"position":1},"title":"Egypt banks will see their taxes rise as a result of separately accounting for income from holdings of state debt","author":"enterpriseam admin","date":"25 November 2018","format":false,"excerpt":"Banks will pay significantly more taxes under gov\u2019t proposal that they account separately for their investments in state debt: The state treasury expects to net as much as EGP 10 bn in additional taxes from a proposed change to how banks account for their income from government debt, unnamed sources\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":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":621949,"position":2},"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 "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\/2020\/4\/82.jpg?fit=%2C&ssl=1&resize=350%2C200","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":621949,"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 "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":601254,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/24\/el-sisi-ratifies-new-tax-treatment-for-egyptian-banks\/","url_meta":{"origin":621949,"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 "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":599889,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/14\/egypts-parliament-committee-gives-nod-to-proposed-amendments-to-income-tax-act\/","url_meta":{"origin":621949,"position":5},"title":"Egypt\u2019s parliament committee gives nod to proposed amendments to Income Tax Act","author":"enterpriseam admin","date":"14 January 2019","format":false,"excerpt":"LEGISLATION WATCH- Proposed changes to how banks are taxed get committee-level approval in the House: The House Planning and Budget Committee has given a nod to government-proposed amendments to the Income Tax Act that would change how banks and corporations account for income from investments in government debt, Al Mal\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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/621949","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=621949"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/621949\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/621939"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=621949"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=621949"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=621949"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=621949"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=621949"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}