{"id":633144,"date":"2018-02-28T04:23:36","date_gmt":"2018-02-28T04:23:36","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/02\/28\/what-were-tracking-on-28-february-2018\/"},"modified":"2018-02-28T04:23:36","modified_gmt":"2018-02-28T04:23:36","slug":"what-were-tracking-on-28-february-2018","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/02\/28\/what-were-tracking-on-28-february-2018\/","title":{"rendered":"What we\u2019re tracking on 28 February 2018"},"content":{"rendered":"<p><strong>You can now file your tax returns online via <\/strong><a href=\"http:\/\/www.incometax.gov.eg\/e-services.asp\"><strong>this Tax Authority website<\/strong><\/a>, the Finance Ministry announced in <a href=\"http:\/\/www.mof.gov.eg\/Arabic\/MOFNews\/Media\/Pages\/releas-a-27-2-2018.aspx\">a statement on Tuesday<\/a>. Finance Minister Amr El Garhy noted that filing tax returns online is optional \u201cfor now,\u201d which hints at the possibility that this might become mandatory, making us rather happy campers this morning.<\/p>\n<p><strong>The Ismail cabinet has approved amendments to the Income Tax Act<\/strong> that would allow individuals and companies to submit supplemental documentation for their tax returns two months after the filing deadline. Late filers will also get a break under the proposed changes, which still require sign off from the House of Representatives.<\/p>\n<p><strong>Don\u2019t be a late filer: <\/strong>The deadline for individuals to file returns covering income outside of their primary place of employment is 31 March. The deadline for companies is 30 April.<\/p>\n<p><strong>It\u2019s looking more and more like the US might impose heavy tariffs on steel imports from Egypt and 11 other countries.<\/strong> President Donald Trump said on Monday that \u201che wants to bring the steel industry back to America even if it means applying tariffs to imports from other countries,\u201d <a href=\"https:\/\/www.reuters.com\/article\/us-usa-trump-steel\/trump-says-wants-to-revive-steel-jobs-even-if-it-takes-import-tariffs-idUSKCN1GA2A2\">according to Reuters<\/a>. The US Commerce Department had <a href=\"https:\/\/enterprise.press\/stories\/2018\/02\/18\/us-commerce-dept-recommends-imposing-tariffs-on-steel-imports-from-egypt-11-others\/\">nodded to the move last week<\/a>, recommending the US set a levy of at least 53% on steel imports from 12 countries, among them Egypt, China, Brazil, Vietnam, Russia, South Korea, South Africa, Turkey, and Thailand, while imposing a quota on other countries to limit their tariff-free access to a volume equal to their 2017 exports.<\/p>\n<p><strong>EU trade ministers threatened to \u201crespond with countermeasures\u201d <\/strong>if the White House moves ahead with the tariffs, saying that they are \u201cincompatible with World Trade Organization rules and unjustifiable on national security grounds,\u201d <a href=\"https:\/\/uk.reuters.com\/article\/uk-usa-eu-tariffs\/eu-to-act-if-u-s-introduces-steel-tariffs-germany-warns-idUKKCN1GB1XD\">the newswire says<\/a>.<\/p>\n<p><strong>Sound smart: <\/strong>Consensus in the Egyptian business community appears to be that so little of our steel is exported to the US that there\u2019s unlikely to be a direct impact here. What\u2019s more, Egypt has already imposed anti-dumping duties on countries that would otherwise look to dump surplus production here in the event the US goes ahead with the Trump tariffs.<\/p>\n<p><strong>Powell hints that US Fed rate increases could come faster: <\/strong>New US Federal Reserve Chairman Jaw Powell \u201cgave a markedly bullish assessment of the US economic outlook\u201d yesterday as he addressed Congress for the first time since taking the top job at the US central bank. That prompted speculation that he could push for a quicker pace of rate increases as the economy grows. The <a href=\"https:\/\/www.ft.com\/content\/9d8b5ec6-1bb6-11e8-aaca-4574d7dabfb6\">Financial Times<\/a> and <a href=\"https:\/\/www.cnbc.com\/2018\/02\/27\/us-stock-futures-dow-data-earnings-and-politics-on-the-agenda.html\">CNBC<\/a> have coverage. Powell also said the <a href=\"https:\/\/www.reuters.com\/article\/us-usa-fed-powell\/powell-says-fed-will-be-vigilant-for-financial-stability-risks-idUSKCN1FX1YO\">Fed will be vigilant about risks to financial stability<\/a> and explained he <a href=\"https:\/\/www.cnbc.com\/2018\/02\/27\/new-fed-chair-doesnt-believe-etfs-had-a-part-in-the-market-correction.html\">didn\u2019t think ETFs played an outsized role<\/a> in the recent market correction.<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-08\"><\/a> <strong>If JPMorgan\u2019s Jamie Dimon thinks how shareholder meetings are a \u201ccomplete waste of time,\u201d he\u2019s never been to one in our neck of the woods. <\/strong>Master James is reportedly upset that retail investors ask him difficult questions about topics he\u2019d rather not discuss, though the bit about (political) activist shareholders is something with which we suppose we could sympathize (the meetings, he said, have often been \u201chijacked by people who have only political interests and don\u2019t have any interest in the future health of the company.\u201d) <strong>At least he\u2019s not dealing with people who steal the silverware, pack their purses with croissants and sandwiches, bring their kids to the outing, and try to physically shake-down CEOs for cab fare <\/strong>and other \u2018donations\u2019 to make up for lagging share prices\u2026 <a href=\"https:\/\/www.ft.com\/content\/dee1b4be-1be4-11e8-956a-43db76e69936\">The Financial Times has a rundown on Dimon\u2019s complaints<\/a>, which it notes \u201care likely to stir debate over gathering usefulness of shareholder meetings, which tend to be the only opportunity for retail investors to connect with top managers.\u201d<\/p>\n<p><strong>Goldman Sachs is taking a leaf out of the Egyptian financial industry\u2019s playbook: <\/strong>\u201cGoldman Sachs, advisor to the elite, wants to be your local bank,\u201d the <a href=\"https:\/\/www.wsj.com\/articles\/goldman-sachs-adviser-to-the-elite-wants-to-be-your-main-street-banker-1519745369\">Wall Street Journal<\/a> reports, noting that \u201cunder its Marcus brand, the Wall Street powerhouse is planning to sell insurance, mortgages and car loans, consumer businesses it once disdained.\u201d Sound familiar to anyone here at home who witnessed a certain big, green investment bank push into leasing and microfinance \u2014 and prompt an industry scramble to do the same?<\/p>\n<p><strong>Russia could be dethroned as the world\u2019s biggest oil producer, overtaken by the US as the end of this year<\/strong>, <a href=\"https:\/\/www.reuters.com\/article\/us-energy-iea\/u-s-to-overtake-russia-as-top-oil-producer-by-2019-at-latest-iea-idUSKCN1GB0C6\">Reuters reports<\/a>, citing figures from the International Energy Agency. The IEA sees grow in the shale industry allowing the US to overtake Russia by the end of 2019 at the latest. \u201cU.S. oil is also increasingly being exported, including to the world\u2019s biggest and fastest growing markets in Asia, eating away at OPEC and Russian market share,\u201d the newswire notes.<\/p>\n<p><strong>Saudi\u2019s shakeup of its military and security leadership is getting wide international coverage. <\/strong>Ben Hubbard\u2019s piece for the <a href=\"https:\/\/www.nytimes.com\/2018\/02\/27\/world\/middleeast\/saudi-arabia-military-shake-up.html?smprod=nytcore-ipad&smid=nytcore-ipad-share\">New York Times<\/a> is typical, noting that the changes elevate \u201cyounger officials at a time of increased military engagement abroad and sharp economic and social change at home.\u201d<\/p>\n<p><strong>PSA- <\/strong>Ramses Street near the Downtown area will be partially closed off on Thursday and Friday nights from midnight until 06:00 as crews dig up cables to repair faults, <a href=\"http:\/\/www.shorouknews.com\/news\/view.aspx?cdate=27022018&id=62e39e42-9dd2-4edb-839c-03bff7a140a6\">according to Al Shorouk<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>You can now file your tax returns online via this Tax Authority website, the Finance Ministry announced in a statement on Tuesday. Finance Minister Amr El Garhy noted that filing tax returns online is optional \u201cfor now,\u201d which hints at the possibility that this might become mandatory, making us rather happy campers this morning. The [&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":[7204],"tags":[72,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-633144","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-enterpriseam","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"0ba578c4-0197-4d3f-acdd-cf5e151df569","order":"0","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[633142],"teaser":"","voice_url":""},"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>What we\u2019re tracking on 28 February 2018 - 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\/02\/28\/what-were-tracking-on-28-february-2018\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What we\u2019re tracking on 28 February 2018\" \/>\n<meta property=\"og:description\" content=\"You can now file your tax returns online via this Tax Authority website, the Finance Ministry announced in a statement on Tuesday. Finance Minister Amr El Garhy noted that filing tax returns online is optional \u201cfor now,\u201d which hints at the possibility that this might become mandatory, making us rather happy campers this morning. 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The decree will allow businesses to pay in three installments, Ittihadiya said in\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\/58.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":573433,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/05\/tax-authoritys-electronic-tax-filing-system-will-become-mandatory-for-all-companies-by-november\/","url_meta":{"origin":633144,"position":2},"title":"Tax Authority\u2019s electronic tax filing system will become mandatory for all companies by November","author":"enterpriseam admin","date":"5 August 2020","format":false,"excerpt":"Your company looks likely to begin filing taxes electronically through the Tax Authority\u2019s new online system as of November, according to a Finance Ministry statement. Companies will submit tax returns and sales receipts electronically on the system, which will also give businesses the ability to complete audit requests online, eliminating\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":574214,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/02\/finmin-tasks-ernst-young-to-prepare-electronic-billing-and-taxation-platform\/","url_meta":{"origin":633144,"position":3},"title":"FinMin tasks Ernst &#038; Young to prepare electronic billing and taxation platform","author":"enterpriseam admin","date":"2 September 2020","format":false,"excerpt":"The Finance Ministry tasked Ernst & Young with building its new electronic billing and tax payment platform \u2014 the mechanism through which companies and individuals will be filing their taxes, unnamed sources told the local press. The move to a new platform is provided for by the Unified Tax Act,\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":573601,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/11\/egypts-tax-authority-is-rolling-2-5k-companies-into-its-e-filing-system-in-1q2021\/","url_meta":{"origin":633144,"position":4},"title":"Egypt\u2019s Tax Authority is rolling 2.5k companies into its e-filing system in 1Q2021","author":"enterpriseam admin","date":"11 August 2020","format":false,"excerpt":"Second phase of Tax Authority\u2019s e-filing rollout to take place in 1Q2021: More than 2.5k companies will be required to submit tax returns and sales receipts electronically when the government rolls out the second phase of its e-filing system in 1Q2021, said Mohsen El-Gayar, Director of Taxpayer Services at the\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\/8\/81.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":580224,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/14\/this-evening-new-top-rate-for-income-tax-coming-its-fed-decision-day\/","url_meta":{"origin":633144,"position":5},"title":"THIS EVENING: New top rate for income tax coming? + It\u2019s Fed decision day","author":"enterpriseam admin","date":"14 December 2022","format":false,"excerpt":"Good afternoon, friends, and happy almost-THURSDAY. That end-of-year rush is in full gear here at home and it doesn\u2019t look like it will be letting up for the next few days.THE BIG STORY TODAY FinMin proposes new top rate for income tax: The Finance Ministry has submitted amendments to the\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/709.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/633144","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=633144"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/633144\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/633142"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=633144"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=633144"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=633144"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=633144"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=633144"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}