{"id":643589,"date":"2024-09-10T00:00:00","date_gmt":"2024-09-10T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/10\/govt-is-looking-into-tax-options-to-apply-on-egx-capital-gains\/"},"modified":"2024-09-10T00:00:00","modified_gmt":"2024-09-10T00:00:00","slug":"govt-is-looking-into-tax-options-to-apply-on-egx-capital-gains","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/10\/govt-is-looking-into-tax-options-to-apply-on-egx-capital-gains\/","title":{"rendered":"Gov\u2019t is looking into tax options to apply on EGX capital gains"},"content":{"rendered":"

Good afternoon, all. <\/strong>We don\u2019t know about you, but we have already started counting down to the long weekend in observance of Prophet Mohammed\u2019s birthday. <\/p>\n

THE BIG STORY TODAY- <\/p>\n

#1- Amendments to the taxation of gains made from EGX transactions? <\/strong>The government is studying a number of tax options to apply on gains made from EGX transactions, that includes a 0.15% stamp tax, a senior government source told Enterprise. The new taxes are being explored amid challenges in implementing the capital gains tax<\/a>, which has faced delays on the back of difficulties in calculating cost ratios.<\/p>\n

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#2- Bisco Misr to welcome new majority shareholder: <\/strong>American cereal and snack maker Kellanova (FKA Kellogg Company) will sell its entire majority stake in Egypt\u2019s largest biscuit company, Bisco Misr, to UAE-based business conglomerate Hayel Saeed Anam Group<\/a>, according to a state<\/a>ment<\/a>(pdf)<\/a>. The transaction is expected to close by early 2025, the statement says without mentioning its value. <\/p>\n

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#3- Inflation picks up again after months of cooling:<\/strong> Annual urban inflation has accelerated to 26.2% in August after having fallen to 25.7% \u2014 its lowest level since December 2022<\/a> \u2014 in July, according to figures from state statistics agency Capmas. <\/p>\n

Food and beverage inflation continued to retreat on an annual basis:<\/strong> Food and beverage prices \u2014 the largest component of the basket of goods and services used to calculate headline inflation \u2014 continued to rise but at a softer rate of 29% y-o-y in August, down from 29.7% in July. On a m-o-m basis, however, food prices climbed by 1.8% in August \u2014 from 0.3% the month before \u2014 contributing to the 2.1% m-o-m rise in urban inflation.<\/p>\n

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THE BIG STORY ABROAD-<\/p>\n

It\u2019s a mixed bag in the international press this afternoon: <\/strong>The Financial Times<\/a> has coverage of Ukraine\u2019s mass drone attack on Moscow, while Bloomberg<\/a> is out with the latest in Gaza \u2014 Israel killed dozens in a series of airstrikes targeting the humanitarian zone of Mawasi in Gaza. Meanwhile, iPhone maker Apple has to settle EUR 13 bn in taxes to the Irish government after losing a 10-year court battle, CNBC<\/a> has the news. <\/p>\n

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