{"id":635113,"date":"2024-07-24T00:00:00","date_gmt":"2024-07-24T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/24\/following-up-on-the-long-awaited-tax-policy\/"},"modified":"2024-07-24T00:00:00","modified_gmt":"2024-07-24T00:00:00","slug":"following-up-on-the-long-awaited-tax-policy","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/24\/following-up-on-the-long-awaited-tax-policy\/","title":{"rendered":"Following up on the long-awaited tax policy"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Where does the long-awaited tax policy stand? <\/strong>The Finance Ministry is in the process of updating its tax policy framework so that it is more attractive to potential investors, a senior government source told Enterprise. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next? <\/strong>The policy will be presented for public consultation this quarter to be ready in 1Q 2025.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>As instructed: <\/strong>In May, Prime Minister Moustafa Madbouly <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2f42121b-c048-4c9a-90e1-245ca990450b\/ipos-on-the-egx-to-pick-in-4q-2024-or-early-2025\" style=\"\" rel=\"noopener\">instructed<\/a> that the tax policy document be sent to members of the National Dialogue, Chambers of Commerce, and business associations for feedback. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The policy is expected to boost tax revenues: <\/strong>The government expects its tax revenues to jump by around EGP 100 bn once the new policy is put in place, as a result of incorporating the informal economy and encouraging further investment, our source tells us. The government plans to collect <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3fd60d61-8953-483c-a09b-8bce0f612e9e\/egypt%25e2%2580%2599s-fy-2024-2025-draft-budget-delivered-to-the-house\" style=\"\" rel=\"noopener\">EGP 2.0 tn in tax revenues<\/a> \u2014 amount to 77% of total revenues \u2014 during the current fiscal year. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Among the main provisions of the new tax policy document:<\/strong><\/p>\n<ul>\n<li><strong>GAFI has the final say:<\/strong> No new taxes will be introduced without prior consultations with the General Authority for Investment and Freezones (GAFI); <\/li>\n<li><strong>Foreign investors will get the same tax rate they signed up for: <\/strong>Foreign investors will be subject to the same tax rate that existed when they began their respective projects and investments, and won\u2019t be affected by any future tax amendments. <\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The goal is to create a sense of certainty for investors:<\/strong> The Finance Ministry is aiming for the document to provide more tax clarity for both local and foreign investors, so as to help them plan their future investments with a greater degree of certainty. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The key to attracting investors: <\/strong>A clear and distinct tax system is the best way to attract new investors \u2014 it is more effective than introducing tax incentives that \u201cdistort the investment climate,\u201d the source said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>DATA POINT- <\/strong>Egypt\u2019s tax rates are well below the global average, which stands at around 23.37% among 180 countries surveyed. Egypt is looking to maintain that competitive edge in efforts to attract foreign investors, the source added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> The tax policy has been in the works for some time now and last we heard of it was in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/63e469c9-3dca-4aa2-b4be-3a4adc54842d\/goldman-sachs-forecasts-2%2525-cbe-interest-rate-cut-in-may\" style=\"\" rel=\"noopener\">April<\/a> when Madbouly and then-Finance Minister Mohamed Maait held discussions over it, The policy will be used to inform and provide clarity to businesses, investors, and society at large on the country\u2019s targets, policies, and plans for taxation over the next six years, with the government aiming to have the document support individuals as they build their investment strategies, create forecasts, financial models, and feasibility studies with a greater degree of tax certainty. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Read more: <\/strong>We have more details in our <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d43a1db8-add6-4d50-9b7b-51c3a6ca8688\/tax-incentives-and-policy-stability-will-be-hallmarks-of-finmin%25e2%2580%2599s-upcoming%253cmark%253e-tax-policy%253c%2Fmark%253e-framework\" style=\"\" rel=\"noopener\">previous coverage<\/a> of the tax policy. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The government expects its tax revenues to jump by around EGP 100 bn once the new policy is put in place<\/p>\n","protected":false},"author":1,"featured_media":635114,"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":[7382],"tags":[72,276,69],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-635113","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tax","tag-enterpriseam","tag-finance-ministry","tag-tax","wpautop","entry"],"acf":{"mongo_id":"12788a5c-65f4-49bf-8f7a-5525080814b7","order":"5","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/1923.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Following up on Egypt\u2019s long-awaited tax policy","related_issue":[635105],"teaser":"The government expects its tax revenues to jump by around EGP 100 bn once the new policy is put in place","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/7\/.c5fe6a1c-9436-4ce6-96ef-18c8da01e746.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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Maait promised to address investor concerns in the act\u2019s executive regulations, but could amend the legislation itself if needed. The\u2026","rel":"","context":"In &quot;LEGISLATION WATCH&quot;","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/12\/221.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":596487,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/29\/finance-ministry-taps-economist-hesham-el-hamawy-to-succeed-amr-el-monayer\/","url_meta":{"origin":635113,"position":4},"title":"Finance Ministry taps economist Hesham El Hamawy to succeed Amr El Monayer","author":"enterpriseam admin","date":"29 August 2019","format":false,"excerpt":"EXCLUSIVE- FinMin taps economist Hesham El Hamawy to succeed El Monayer: Hesham El Hamawy has been appointed as vice minister of finance for tax policy, a position that has been empty since Amr El Monayer resigned in March 2018, two senior sources in government tell Enterprise. Government officials had previously\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":592690,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/04\/egypt-gives-exporters-egp-600-mn-in-tax-breaks-to-settle-overdue-subsidies\/","url_meta":{"origin":635113,"position":5},"title":"Egypt gives exporters EGP 600 mn in tax breaks to settle overdue subsidies","author":"enterpriseam admin","date":"4 November 2019","format":false,"excerpt":"FinMin gives exporters EGP 600 mn in tax breaks to settle overdue subsidies: The Finance Ministry has settled EGP 600 mn in overdue export subsidies in the past three months via providing tax breaks, Vice Finance Minister Ahmed Kouchouk said. The ministry received some 60 requests from companies looking to\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\/635113","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=635113"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/635113\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/635105"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/635114"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=635113"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=635113"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=635113"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=635113"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=635113"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}