{"id":621998,"date":"2018-11-25T04:22:08","date_gmt":"2018-11-25T04:22:08","guid":{"rendered":"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\/"},"modified":"2018-11-25T04:22:08","modified_gmt":"2018-11-25T04:22:08","slug":"egypt-banks-will-see-their-taxes-rise-as-a-result-of-separately-accounting-for-income-from-holdings-of-state-debt","status":"publish","type":"post","link":"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\/","title":{"rendered":"Egypt banks will see their taxes rise as a result of separately accounting for income from holdings of state debt"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>Banks will pay significantly more taxes under gov\u2019t proposal that they account separately for their investments in state debt: <\/strong>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, <a href=\"https:\/\/alborsaanews.com\/2018\/11\/22\/1154133\">unnamed sources in the Finance Ministry<\/a> told the domestic press over the weekend. The news comes after the Madbouly cabinet signed off <a href=\"https:\/\/enterprise.press\/stories\/2018\/11\/22\/govt-to-force-banks-to-separately-account-for-income-from-holdings-of-state-debt\/\">last week<\/a> on proposed amendments to the Income Tax Act that would force banks and financial institutions to separately account on their income statements for returns from their investments in government.<\/p>\n<p><strong>What\u2019s at stake? A double-digit increase in the effective tax rate for some institutions. <\/strong>Shuaa Securities Egypt <a href=\"https:\/\/ent.news\/2018\/11\/1827.pdf\">ran the numbers on a hypothetical bank (pdf)<\/a> with income of EGP 33 bn, split as EGP 14.5 bn from investments in treasuries and EGP 18.5 bn from all other activities. If the change is implemented,<strong> the bank would have an effective tax rate of nearly 37% against 24% <\/strong>under the system now in effect.<\/p>\n<p><strong>How does this work? <\/strong>In brief: \u201cThe proposed new tax method will require accounting for income from Treasuries as part of taxable income, which would result in banks having to reallocate costs to match revenues. The process of reallocation will cause banks\u2019 other operating costs to shrink (theoretically), further amplifying banks\u2019 income from operations (other than Treasuries) and resulting in a higher effective tax rate for banks.\u201d<\/p>\n<p><strong>Is there still room to talk, or is it done? <\/strong>In a <a href=\"https:\/\/ent.news\/2018\/11\/2116.pdf\">research note out overnight (pdf)<\/a>, CI Capital reports that after talks with key bank officials, \u201cwe understand that discussions are still ongoing between the MoF and the Federation of Egyptian Banks regarding the mechanism of applying the amendments.\u201d CI Capital says \u201cmarket chatter\u201d suggests it is unlikely the change in accounting standards would be applied retroactively, meaning \u201cthis would not affect current profitability, and make the implementation more feasible, in our view.\u201d<\/p>\n<p><strong>The Federation of Egyptian Banks has made a counter proposal<\/strong>, it said in a <a href=\"https:\/\/almalnews.com\/Story\/399732\/12\/%D8%A7%D9%86%D9%81%D8%B1%D8%A7%D8%AF---%D9%86%D8%B5-%D9%85%D9%82%D8%AA%D8%B1%D8%AD-%D9%88%D8%B2%D8%A7%D8%B1%D8%A9-%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A%D8%A9-%D9%84%D8%AA%D8%B9%D8%AF%D9%8A%D9%84-%D8%AD%D8%B3%D8%A7%D8%A8-%D8%B6%D8%B1%D9%8A%D8%A8%D8%A9-%D8%A3%D8%B0%D9%88%D9%86-%D9%88%D8%B3%D9%86%D8%AF%D8%A7%D8%AA-%D8%A7%D9%84%D8%AE%D8%B2%D8%A7%D9%86%D8%A9----%D9%88%D8%B1%D8%AF-%D8%A7%D8%AA%D8%AD%D8%A7%D8%AF-%D8%A7%D9%84%D8%A8%D9%86%D9%88%D9%83\">statement picked up by Al Mal<\/a>. According to CI Capital, bankers are suggesting breaking down costs on the income statement in a way that could \u201crender a lower impact, particularly for the more efficient [banks], in terms of an additional tax burden, as opposed to the MoF\u2019s initial proposal, where banks\u2019 total expense-to-income ratios are to be used to calculate treasury costs.\u201d<\/p>\n<p><strong>Maait says this is not a tax increase:<\/strong> Finance Minister <a href=\"https:\/\/alborsaanews.com\/2018\/11\/22\/1154322\">Mohamed Maait insists<\/a> the move is not a tax hike, but rather is fairer (to society and the wider economy, if we\u2019re reading this right) way to go. Semantics aside, Maait added that the amendments were proposed after consultation with banks and the CBE.<\/p>\n<p><strong>Market reaction: <\/strong>Six-month and one-year treasury bill auctions saw low turnout and high yields on Thursday, <a href=\"http:\/\/www.cbe.org.eg\/en\/Auctions\/Pages\/AuctionsEGPTBills.aspx\">CBE data showed<\/a>, signaling a loss of appetite among banks and financial institutions after the cabinet decision. The CBE was looking to raise EGP 9.5 bn at the auction, but accepted bids for just EGP 1.3 bn in one-year T-bills at an average yield of 19.920%, up from 19.778% at the <a href=\"http:\/\/www.cbe.org.eg\/en\/Auctions\/Pages\/AuctionsEGPTBillsHistorical.aspx\">last similar auction<\/a>. The central bank also accepted bids of for c. EGP 757 mn worth of six-month T-bills at an average yield of 19.893%, up from 19.676% at the last similar auction.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 in the Finance Ministry told [&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":[8572],"tags":[204,72,276,7313,2380,1041],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-621998","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-banking","tag-enterpriseam","tag-finance-ministry","tag-income-tax","tag-speed-round","tag-treasuries","wpautop","entry"],"acf":{"mongo_id":"38879613-8be4-453f-9c5a-b84dc8adde10","order":"0","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[621991],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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The ministry will\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":621949,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/22\/govt-to-force-banks-to-separately-account-for-income-from-holdings-of-state-debt\/","url_meta":{"origin":621998,"position":1},"title":"Gov\u2019t to force banks to separately account for income from holdings of state debt","author":"enterpriseam admin","date":"22 November 2018","format":false,"excerpt":"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\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":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":621998,"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 &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":[]},{"id":600678,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/06\/parliament-approves-egypts-new-bank-tax-treatment\/","url_meta":{"origin":621998,"position":3},"title":"Parliament approves Egypt\u2019s new bank tax treatment","author":"enterpriseam admin","date":"6 February 2019","format":false,"excerpt":"LEGISLATION WATCH- House approves new bank tax treatment: The House of Representatives\u2019 general assembly approved yesterday proposed amendments to the Income Tax Act that would change how banks and corporations account for income from investments in government debt, according to state news agency MENA. The measure will require banks and\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":601384,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/27\/finmin-feb-reach-agreement-on-new-tax-treatment-deductibles\/","url_meta":{"origin":621998,"position":4},"title":"FinMin, FEB reach agreement on new tax treatment deductibles","author":"enterpriseam admin","date":"27 February 2019","format":false,"excerpt":"EXCLUSIVE- FinMin, FEB reportedly reach agreement on cost-to-income ratio in new tax treatment: The Finance Ministry and the Federation of Egyptian Banks (FEB) have reached an agreement on a key aspect of newly ratified amendments to the Income Tax Act that change how banks and corporations account for income from\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\/2018\/12\/248.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":621998,"position":5},"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 &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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/621998","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=621998"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/621998\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/621991"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=621998"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=621998"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=621998"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=621998"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=621998"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}