{"id":622166,"date":"2018-11-28T04:20:04","date_gmt":"2018-11-28T04:20:04","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/28\/change-in-tax-treatment-of-treasury-holdings-wont-take-effect-until-measure-passes-egypts-house-expect-more-news-today\/"},"modified":"2018-11-28T04:20:04","modified_gmt":"2018-11-28T04:20:04","slug":"change-in-tax-treatment-of-treasury-holdings-wont-take-effect-until-measure-passes-egypts-house-expect-more-news-today","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/28\/change-in-tax-treatment-of-treasury-holdings-wont-take-effect-until-measure-passes-egypts-house-expect-more-news-today\/","title":{"rendered":"Change in tax treatment of treasury holdings won\u2019t take effect until measure passes Egypt\u2019s House; expect more news today"},"content":{"rendered":"

<\/a> Change in tax treatment of treasury holdings won\u2019t take effect until measure passes the House; expect more news today: <\/strong>The Federation of Egyptian Banks (FEB) appear to be closing in on an agreement on a new tax treatment of bank income from their holdings of state treasuries. Details of talks between the FEB and the government over the weekend, released by CIB in an EGX disclosure on Tuesday (pdf)<\/a>, suggest that a preliminary agreement will see the new treatment apply only to treasuries purchased after the change in treatment is approved.<\/p>\n

New tax treatment will need House approval:<\/strong> The statement also noted that \u201cthe tax will come into effect as soon as the House of Representatives signs off on it,\u201d meaning the story could have legs for some weeks to come.<\/p>\n

What the investors are hearing: <\/strong>\u201cTax picture may not be as bad as initial draft law suggested; full impact not until FY2020,\u201d write EFG Hermes analysts Elena Sanchez-Cabezudo and Ahmed El Shazly in a note out yesterday after hosting an investor call with CIB. \u201cThe positive message from the call \u2026 is that there will be no retroactive implementation and the changes will only be applied to T-Bill\/T-Bonds bought after the law is approved, not to the existing stock.\u201d<\/p>\n

Expect more news today: <\/strong>CIB told investors on the call that the Federation and the Finance Ministry are due to meet today to \u201cpotentially finalize the tax law changes.\u201d<\/p>\n

The kicker: All of this will push banks to shift to consumer loans<\/strong> and central bank CDs, EFG Hermes says, particularly amid expectations that interest rates will start to come down in 2019.<\/p>\n

Background: <\/strong>The Madbouly Cabinet approved last week a new tax treatment for banks<\/a> that would separately tax their earnings from government debt. Analysts have been debating the impact of the change in accounting, with Shuaa Securities Egypt suggesting that the effective tax rate of a model bank could skyrocket to 37% against 24% under the system now in effect. Government sources speaking to the foreign press say the new formula could raise taxes to the sector by EGP 10 bn.<\/p>\n","protected":false},"excerpt":{"rendered":"

Change in tax treatment of treasury holdings won\u2019t take effect until measure passes the House; expect more news today: The Federation of Egyptian Banks (FEB) appear to be closing in on an agreement on a new tax treatment of bank income from their holdings of state treasuries. Details of talks between the FEB and the […]<\/p>\n","protected":false},"author":1,"featured_media":622167,"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":[204,82,240,72,950,343,2380,69,1041],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-622166","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-banking","tag-bonds","tag-cib","tag-enterpriseam","tag-federation-of-egyptian-banks","tag-regulation","tag-speed-round","tag-tax","tag-treasuries","wpautop","entry"],"acf":{"mongo_id":"4a554d9f-9587-474f-ab27-b9b8164cdaae","order":"0","is_powered_by":true,"section_story_id":"3a07aba4-ab39-4403-ad52-009a70c97f37","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/4\/82.jpg","photo_position":"above","related_issue":[622153],"teaser":"","voice_url":""},"yoast_head":"\nChange in tax treatment of treasury holdings won\u2019t take effect until measure passes Egypt\u2019s House; expect more news today - 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\/28\/change-in-tax-treatment-of-treasury-holdings-wont-take-effect-until-measure-passes-egypts-house-expect-more-news-today\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Change in tax treatment of treasury holdings won\u2019t take effect until measure passes Egypt\u2019s House; expect more news today\" \/>\n<meta property=\"og:description\" content=\"Change in tax treatment of treasury holdings won\u2019t take effect until measure passes the House; expect more news today: The Federation of Egyptian Banks (FEB) appear to be closing in on an agreement on a new tax treatment of bank income from their holdings of state treasuries. 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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":601439,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/28\/details-emerge-on-cost-to-income-ratio-under-new-banks-tax-treatment\/","url_meta":{"origin":622166,"position":2},"title":"Details emerge on cost-to-income ratio under new banks tax treatment","author":"enterpriseam admin","date":"28 February 2019","format":false,"excerpt":"EXCLUSIVE- Here\u2019s how banks will have to calculate their cost-to-income ratio for income from treasuries under the new tax treatment: A draft agreement between the Federation of Egyptian Banks (FEB) and the Finance Ministry would see banks calculate their cost-to-income ratio for investment in government debt under the new tax\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":598382,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/23\/executive-regs-for-new-tax-treatment-of-banks-corporations-out-in-official-gazette\/","url_meta":{"origin":622166,"position":3},"title":"Executive regs for new tax treatment of banks, corporations out in Official Gazette","author":"enterpriseam admin","date":"23 May 2019","format":false,"excerpt":"LEGISLATION WATCH- Banks now know how they\u2019ll calculate the cost of investment in treasuries under changes to the tax code: The Official Gazette published yesterday (pdf) two additions to the executive regulations of the Income Tax Act that outline some of the mechanics of the recently-changed accounting treatment for bank\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\/2018\/12\/248.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":600142,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/21\/tax-authority-to-mark-cost-of-investment-as-deductible-in-new-banking-tax-treatment\/","url_meta":{"origin":622166,"position":4},"title":"Tax Authority to mark \u201ccost of investment\u201d as deductible in new banking tax treatment","author":"enterpriseam admin","date":"21 January 2019","format":false,"excerpt":"EXCLUSIVE- Tax Authority to mark \u201ccost of investment\u201d in treasuries as deductible in new tax treatment: The Tax Authority could allow banks to count the \u201ccost of investment\u201d in state treasuries as an expense that would lower their pre-tax income, authority head Abdel Azim Hussein told Enterprise.Why does this matter?\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":599984,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/16\/egypt-treasuries-are-once-again-competitive-to-carry-traders\/","url_meta":{"origin":622166,"position":5},"title":"Egypt treasuries are once again competitive to carry traders","author":"enterpriseam admin","date":"16 January 2019","format":false,"excerpt":"Treasury bond yields have fallen to their lowest levels in six months: Average yields on 5- and 10-year treasury bonds auctioned by the central bank on Monday fell to their lowest since August and July, respectively, according to CBE data. 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