{"id":627599,"date":"2018-06-06T03:50:28","date_gmt":"2018-06-06T03:50:28","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/06\/06\/house-passes-fy2018-19-budget\/"},"modified":"2018-06-06T03:50:28","modified_gmt":"2018-06-06T03:50:28","slug":"house-passes-fy2018-19-budget","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/06\/06\/house-passes-fy2018-19-budget\/","title":{"rendered":"House passes FY2018-19 budget"},"content":{"rendered":"

<\/a> The House of Representatives signed off on the FY2018-19 budget during yesterday\u2019s general assembly session,<\/strong> Reuters reports<\/a><\/u>. The budget, which still needs to be accepted and signed into law by President Abdel Fattah El Sisi, targets a deficit of 8.4% of GDP and a primary deficit surplus of 2%. It also sees increased spending on health and education and more focused spending on social welfare as the government moves to slash fuel and energy subsidies further at the start of the new fiscal year. You can read our refresher here<\/a><\/u>. The new budget comes into effect on 1 July.<\/p>\n

House approves hike in government service fees: <\/strong>In other news from the House, the general assembly voted yesterday to approve a hike in government service fees and introduce new levies on mobile phone users, Youm7 reports<\/a><\/u>. Administrative fees for services such as issuing passports, residency papers, work permits, and driving licenses have been bumped up. Additional charges on mobile phone users include an EGP 10 fee to be tacked onto monthly bills, according to AMAY<\/a><\/u>. New mobile phone lines will set you back a total EGP 70 once the hike comes into effect at the start of FY2018-19, according to Al Mal<\/a><\/u>.<\/p>\n

Meanwhile, the House Budget Committee approved proposed amendments to the real estate tax <\/strong>that would tax the sale of inherited property, which the newspaper says<\/a><\/u> had previously been untaxed. The changes, which were proposed by Rep. Mervat Alexan, would still need Cabinet approval to move forward. Some House reps. suggested that the sale of inherited property by the poor be tax exempt.<\/p>\n

The Budget Committee also decided to postpone its final vote on a draft law that would exempt cleaning supplies from VAT<\/strong>, Al Shorouk reports<\/a><\/u>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The House of Representatives signed off on the FY2018-19 budget during yesterday\u2019s general assembly session, Reuters reports. The budget, which still needs to be accepted and signed into law by President Abdel Fattah El Sisi, targets a deficit of 8.4% of GDP and a primary deficit surplus of 2%. It also sees increased spending on […]<\/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":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-627599","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"85839dca-cf48-4ed2-b753-e5caec5d416c","order":"0","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[627593],"teaser":"","voice_url":""},"yoast_head":"\nHouse passes FY2018-19 budget - 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\/06\/06\/house-passes-fy2018-19-budget\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"House passes FY2018-19 budget\" \/>\n<meta property=\"og:description\" content=\"The House of Representatives signed off on the FY2018-19 budget during yesterday\u2019s general assembly session, Reuters reports. The budget, which still needs to be accepted and signed into law by President Abdel Fattah El Sisi, targets a deficit of 8.4% of GDP and a primary deficit surplus of 2%. 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The budget also targets a deficit of 8.4% of GDP, according to a statement from the cabinet. The goal is to bring Egypt\u2019s finances to a primary\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":598082,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/14\/egypt-caps-fy2019-20-state-spending-at-egp-1-tn\/","url_meta":{"origin":627599,"position":1},"title":"Egypt caps FY2019-20 state spending at EGP 1 tn","author":"enterpriseam admin","date":"14 May 2019","format":false,"excerpt":"EXCLUSIVE- Gov\u2019t caps FY2019-20 public spending at EGP 1 tn: The government has placed a EGP 1.01 tn cap on public spending in FY2019-20 in a bid to hit its deficit- and debt-reduction targets, two government sources told Enterprise. The cap is equivalent to spending forecasts stated in the draft\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\/2019\/5\/750.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":631886,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/03\/29\/pm-receives-fy2018-19-budget-for-review-before-shipping-it-off-to-the-house-by-31-march\/","url_meta":{"origin":627599,"position":2},"title":"PM receives FY2018-19 budget for review before shipping it off to the House by 31 March","author":"enterpriseam admin","date":"29 March 2018","format":false,"excerpt":"BUDGET WATCH- New state budget with prime minister, due to House on Saturday: The Finance Ministry handed the state\u2019s FY2018-19 budget over to Prime Minister Sherif Ismail yesterday for review before it\u2019s sent to the House of Representatives on Saturday, 31 March. As we noted on Monday, the budget includes\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":597908,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/08\/egypt-fuel-subsidies-spending-falls-28-in-the-first-nine-months-of-fy2018-19\/","url_meta":{"origin":627599,"position":3},"title":"Egypt fuel subsidies spending falls 28% in the first nine months of FY2018-19","author":"enterpriseam admin","date":"8 May 2019","format":false,"excerpt":"Fuel subsidies spending falls 28% in the first nine months of FY2018-19: Government spending on fuel subsidies fell to EGP 60.1 bn in the first nine months of FY2018-19, declining 28.45% y-o-y from EGP 84 bn during the same period a year earlier, Oil Minister Tarek El Molla told Reuters\u2019\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":573214,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/26\/egypt-records-3-8-economic-growth-for-fy2019-2020\/","url_meta":{"origin":627599,"position":4},"title":"Egypt records 3.8% economic growth for FY2019-2020","author":"enterpriseam admin","date":"26 July 2020","format":false,"excerpt":"The economy grew 3.8% in the state fiscal year that ended on 30 June, despite fallout from the covid-19 pandemic, according to preliminary figures published by Ittihadiya on Saturday. The figures, discussed during a meeting between President Abdel Fattah El Sisi and senior ministers at the weekend, surpass government forecasts\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\/7\/198.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":597714,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/02\/govt-revises-downwards-fy2018-19-growth-forecast-to-5-6\/","url_meta":{"origin":627599,"position":5},"title":"Gov\u2019t revises downwards FY2018-19 growth forecast to 5.6%","author":"enterpriseam admin","date":"2 May 2019","format":false,"excerpt":"EXCLUSIVE- FinMin revises FY2018-2019 growth forecast to 5.6%: The Finance Ministry has revised downwards its growth forecast for FY2018-2019 to 5.6%, down from 5.8% previously, according to an official document seen by Enterprise. 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