{"id":641327,"date":"2017-09-19T04:05:45","date_gmt":"2017-09-19T04:05:45","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/09\/19\/what-were-tracking-on-19-september-2017\/"},"modified":"2017-09-19T04:05:45","modified_gmt":"2017-09-19T04:05:45","slug":"what-were-tracking-on-19-september-2017","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/09\/19\/what-were-tracking-on-19-september-2017\/","title":{"rendered":"What we\u2019re tracking on 19 September 2017"},"content":{"rendered":"

<\/a> From bad reporting to good policy: <\/strong>Last week, Al Masry Al Youm<\/a> inaccurately reported that central bank governor Tarek Amer had said he reached an agreement to give SMEs tax-exempt status. Turns out, what Amer was really suggesting a form of tax amnesty for SMEs owing back-taxes. Good idea. But looking back at it, we thought: Why not give a complete, time-limited income tax holiday to SMEs that opt to go legit and become part of the formal economy?<\/strong> We think the idea, if implemented fully, would be a stroke of brilliance from the government. As radical as it might sound, the idea would is not novel \u2014 it\u2019s simply a use of tax incentives to improve the tax base. <\/strong><\/p>\n

It would create the most meaningful possible incentive for companies in the parallel <\/strong>economy to officially register \u2014 and would promote economic growth no matter how you cut it.<\/strong> Benefits for companies that join the formal economy would include access to finance (including the subsidized interest rate now available for SMEs), enforceable commercial contracts<\/a>, access to future tax breaks and incentive packages, to raise their competitiveness, membership with trade union associations, access to government subsidies and incentives, and employer contributions to pensions for workers. The integration into the formal economy would also allow for assets that are held informally to be recognized, overcoming some of the challenges of dead capital<\/a>.<\/p>\n

And a time-limited tax holiday doesn\u2019t need to apply only to informal businesses.<\/strong> Registered, tax-paying SMEs up to a certain size \u2014 and, by extension, the economy as a whole \u2014 would benefit from an income tax break. The government would get back its \u201cabandoned\u201d tax haul in large part through consumption taxes via the value-added tax and payroll taxes<\/strong>. Heck, they\u2019d even get some it back through the tax on dividends, which we despise. Why? Because SMEs getting this windfall would, for the duration of the tax break, reinvest and spend the money, which would create more jobs and stimulate growth.<\/p>\n

The result: More growth now and a larger tax base tomorrow. <\/strong>The exemption would also prepare the market for a gradual reintroduction of the income tax down the line, but this time, it would benefit from the larger number of companies that would have been integrated officially, as well as their larger sizes having benefitted from capital investment following periods of tax exemption. The overall quality of the tax base would improve down the line and the economy would get a bold, unequivocal investment incentive.<\/p>\n

The idea isn\u2019t that far-fetched<\/strong> \u2014 our freely admitted respect for the finance minister notwithstanding, we note that Amr El Garhy mentioned in passing at Euromoney yesterday that among the measures he\u2019s mulling to promote financial inclusion is a strategy to ease the tax burden for SMEs. What say you, government readers?<\/strong><\/p>\n

President Abdel Fattah El Sisi has another busy day today in New York, where he\u2019s<\/strong>attending meetings at the UN General Assembly. <\/strong>He\u2019s scheduled to address the assembly today on regional politics and the war on terror. The President will also be joining a UN Security Council summit on peacekeeping and is making the crisis in Libya a signature issue, according to Asharq Al-Awsat<\/a>. We have a full rundown on his meetings in New York yesterday in today\u2019s Diplomacy + Foreign Trade section, below.<\/p>\n

El Sisi will also be meeting with US President Donald Trump on Wednesday,<\/strong> while the delegation accompanying him will sit down with the president of the World Bank as well as a number of US investors.<\/p>\n

A wave of US investments coming? <\/strong>A number of leading US corporations, including Mars and Uber have apparently pledged new investments and expansions in Egypt at a meeting with President El Sisi, Investment Minister Sahar Nasr told Kol Youm\u2019s Amr Adib The interview also revealed that the executive regulations of the Investment Act will be issued in two weeks<\/strong>. You can catch the full details of the interview in Last Night\u2019s Talk Shows.<\/p>\n

The president also sat down for a working lunch with<\/strong> American Chamber of<\/strong>Commerce and the US-Egypt Business Council, <\/strong>an official statement said<\/a>. Discussion revolved around enhancing trade and attracting American investors to the Egypt. El Sisi discussed economic reforms<\/a> and counterterrorism with the heads of various US lobbying groups and organizations yesterday at a roundtable discussion.<\/p>\n

El Sisi also reportedly sat down for an interview with Fox News yesterday<\/strong>, according to the President\u2019s schedule which ran in Ahram Online<\/a>. The talk had yet to air as of dispatch time.<\/p>\n

The Euromoney Egypt Conference<\/strong><\/a> 2017 wraps up today<\/strong>. Trade and Industry Minister Tarek Kabil is scheduled to attend early today, and yesterday saw Finance Minister Amr El Garhy and EGX boss Mohamed Farid address the audience. (We have more on El Garhy in Speed Round, below).<\/p>\n

Reminder- We\u2019re heading into a long Thursday-Saturday weekend<\/strong> in observance of the Islamic New Year.<\/p>\n

*** TAKE OUR READER SURVEY and tell us how you feel about business (and Egypt)<\/strong>this morning.<\/strong><\/a> It\u2019s the largest quarterly survey of senior execs doing business here and of the folks who invest in them, and it won\u2019t take more than a couple of minutes to complete unless you\u2019d like to leave us a note at the end (optional, but it would be cool if you did). We\u2019ll have the results ready for you next week.<\/p>\n","protected":false},"excerpt":{"rendered":"

From bad reporting to good policy: Last week, Al Masry Al Youm inaccurately reported that central bank governor Tarek Amer had said he reached an agreement to give SMEs tax-exempt status. Turns out, what Amer was really suggesting a form of tax amnesty for SMEs owing back-taxes. Good idea. But looking back at it, we […]<\/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-641327","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":"d5d74260-f9a2-435c-9899-dc342587e540","order":"0","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[641325],"teaser":"","voice_url":""},"yoast_head":"\nWhat we\u2019re tracking on 19 September 2017 - 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\/2017\/09\/19\/what-were-tracking-on-19-september-2017\/\" \/>\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 19 September 2017\" \/>\n<meta property=\"og:description\" content=\"From bad reporting to good policy: Last week, Al Masry Al Youm inaccurately reported that central bank governor Tarek Amer had said he reached an agreement to give SMEs tax-exempt status. 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The current 76-article draft provides a legal framework to\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\/2\/1149.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":594777,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/08\/egyptian-smes-act-to-include-tax-and-non-tax-incentives-says-finmin\/","url_meta":{"origin":641327,"position":2},"title":"Egyptian SMEs Act to include tax and non-tax incentives, says FinMin","author":"enterpriseam admin","date":"8 September 2019","format":false,"excerpt":"LEGISLATION WATCH- The SMEs Act will include tax and non-tax incentives to support the sector and encourage small businesses to go legit, the Finance Ministry said in a statement (pdf). If passed, the incentives would include exemptions from the stamp tax as well as the fees to register contracts to\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":627798,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/06\/12\/exclusive-smes-could-get-a-massive-tax-break-if-they-join-the-formal-economy\/","url_meta":{"origin":641327,"position":3},"title":"EXCLUSIVE- SMEs could get a massive tax break if they join the formal economy","author":"enterpriseam admin","date":"12 June 2018","format":false,"excerpt":"EXCLUSIVE- SMEs could get a massive tax break if they join the formal economy: A Finance Ministry committee tasked with drafting a new SMEs Act has proposed that small businesses earning more than EGP 1 mn a year (and less than a ceiling that has yet to be determined) pay\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":601048,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/18\/egypt-plans-to-offer-85-tax-exemption-to-incentivize-smes-to-go-legit\/","url_meta":{"origin":641327,"position":4},"title":"Egypt plans to offer 85% tax exemption to incentivize SMEs to go legit","author":"enterpriseam admin","date":"18 February 2019","format":false,"excerpt":"EXCLUSIVE- More on tax exemptions to encourage small businesses to go legit: The government is mulling exempting small and medium enterprises from up to 85% of their (already low) tax burden for a period of three years in an attempt to incentivize businesses in the informal economy to go legit\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":643844,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/16\/smes-are-in-line-for-a-whole-lotta-tax-incentives\/","url_meta":{"origin":641327,"position":5},"title":"SMEs are in line for a whole lotta tax incentives","author":"enterpriseam admin","date":"16 September 2024","format":false,"excerpt":"Good afternoon, everyone. We\u2019re still settling into the groove of things after the long weekend. THE BIG STORY TODAY- A whole lotta tax incentives for SMEs: Between fewer labor income tax settlements and setting a flat tax rate for businesses whose annual turnover doesn\u2019t exceed the EGP 15 mn mark,\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","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\/2024\/9\/1189.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\/641327","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=641327"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/641327\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/641325"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=641327"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=641327"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=641327"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=641327"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=641327"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}