{"id":644750,"date":"2017-07-03T04:04:12","date_gmt":"2017-07-03T04:04:12","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/07\/03\/fuel-and-commodity-prices-in-light-of-hike-and-vat-increase-dominate-the-debate\/"},"modified":"2017-07-03T04:04:12","modified_gmt":"2017-07-03T04:04:12","slug":"fuel-and-commodity-prices-in-light-of-hike-and-vat-increase-dominate-the-debate","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/07\/03\/fuel-and-commodity-prices-in-light-of-hike-and-vat-increase-dominate-the-debate\/","title":{"rendered":"Fuel and commodity prices in light of hike and VAT increase dominate the debate"},"content":{"rendered":"

Fuel prices will not be rising again in FY2017-18, Finance Minister Amr El Garhy told Amr Adib on last night\u2019s Kol Youm<\/strong>. The phase-out of energy subsidies will continue on its gradual trajectory for the next three-five years, El Garhy added, explaining that the most recent hike was necessary to remedy the budget deficit and pay up the oil and electricity ministries\u2019 arrears.<\/p>\n

On the budget, El Garhy said that he expects tax revenues<\/strong> \u2014 which increased during FY2016-17 to EGP 450 bn from EGP 350 bn a year before \u2014 to rise to EGP 600 mn<\/strong> during the current fiscal year (watch<\/a>, runtime 20:25).<\/p>\n

The value-added tax (VAT) alone reeled in an extra c. EGP 50 bn for the state in FY2016-17, <\/strong>Vice Minister of Finance Amr El Monayer told Lamees Al Hadidi on Hona Al Asema<\/strong>. El Monayer also defended the fuel price hikes, explaining to Lamees that the lower- and mid-income classes are protected by social safety measures and income tax breaks across the different brackets (watch<\/a>, runtime 5:43)<\/p>\n

Lamees also hosted business leader and\u00a0MP Mohamed Elsewedy,<\/strong> who explained to the host that he doesn\u2019t expect commodity prices to rise sharply in response to the fuel hikes, especially since the state did not hike natural gas prices for industry. Elsewedy will be meeting with Supply Minister Ali El Moselhy to discuss ways to avoid any drastic shift in prices (watch<\/a>, runtime 49:40).<\/p>\n

El Moselhy rang Lamees to confirm that the state will not be increasing the prices of subsidized commodities<\/strong> in response to the fuel hike and increase in the VAT, explaining that subsidy card holders will be privy to larger quantities of goods such as oil, rice, and sugar with their larger EGP 50 monthly allowance (watch<\/a>, runtime 21 19).<\/p>\n

The head of the National Telecommunications Regulatory Authority<\/strong> Mohamed Ibrahim also confirmed to Lamees that the price of prepaid mobile phone cards will not be increasing in response to the 1 bps increase in the VAT (watch,<\/a> runtime 4:37).<\/p>\n

Over on Yahduth fi Misr, Sherif Amer hosted head Suez Canal Economic Zone head Mohab Memish, <\/strong>who talked about the canal\u2019s higher revenues in 2017, driven by higher traffic thanks to the new extension. Canal revenues are expected to double by 2023, Mamish said.<\/p>\n","protected":false},"excerpt":{"rendered":"

Fuel prices will not be rising again in FY2017-18, Finance Minister Amr El Garhy told Amr Adib on last night\u2019s Kol Youm. The phase-out of energy subsidies will continue on its gradual trajectory for the next three-five years, El Garhy added, explaining that the most recent hike was necessary to remedy the budget deficit and […]<\/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":[9281],"tags":[2379,72],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-644750","post","type-post","status-publish","format-standard","hentry","category-enterprise-last-nights-talk-shows","tag-enterprise-last-nights-talk-shows","tag-enterpriseam","wpautop","entry"],"acf":{"mongo_id":"d7c6be7f-ad54-4e32-b1d3-7b9677ccf0e7","order":"0","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[644744],"teaser":"","voice_url":""},"yoast_head":"\nFuel and commodity prices in light of hike and VAT increase dominate the debate - 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\/07\/03\/fuel-and-commodity-prices-in-light-of-hike-and-vat-increase-dominate-the-debate\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fuel and commodity prices in light of hike and VAT increase dominate the debate\" \/>\n<meta property=\"og:description\" content=\"Fuel prices will not be rising again in FY2017-18, Finance Minister Amr El Garhy told Amr Adib on last night\u2019s Kol Youm. 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The budget deficit narrowed to 10.9% in FY2016-17 from 12.5% a year before \u201cwithout any help from Arab neighbors,\u201d Finance Minister Amr El Garhy told Masaa DMC\u2019s Osama Kamal in\u2026","rel":"","context":"In "Enterprise+: Last Night\u2019s Talk Shows"","block_context":{"text":"Enterprise+: Last Night\u2019s Talk Shows","link":"https:\/\/enterpriseam.com\/egypt\/category\/enterprise-last-nights-talk-shows\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":640907,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/09\/07\/tax-revenues-for-fy2016-17-exceed-targets-for-the-first-time-ever-by-c-33\/","url_meta":{"origin":644750,"position":1},"title":"Tax revenues for FY2016-17 exceed targets for the first time ever by c. 33%","author":"enterpriseam admin","date":"7 September 2017","format":false,"excerpt":"Tax revenues for FY2016-17 exceed targets for the first time ever by around a third: Egypt exceeded its targeted tax revenues for the first time ever in FY2016-17 by as much as 33%, Finance Minister Amr El Garhy said on Wednesday, confirming what Vice Minister of Finance Amr El Monayer\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":650243,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/03\/20\/amr-el-garhy-interviewed-on-the-fy17-18-budget-lamees-also-ropes-in-former-mobinil-ceo-alex-shalaby-healthcare-act-could-be-law-after-six-months-of-passing-the-bill\/","url_meta":{"origin":644750,"position":2},"title":"Amr El Garhy interviewed on the FY17-18 budget; Lamees also ropes in former Mobinil CEO Alex Shalaby; Healthcare Act could be law after six months of passing the bill","author":"enterpriseam admin","date":"20 March 2017","format":false,"excerpt":"The airwaves last night had us singing some Etta James in the shower this morning after a stellar return to form by Lamees El Hadidi. We await the joys of a more humorous take on the economy when Amr Adib returns from his recuperation. Lamees had a lengthy phone call\u2026","rel":"","context":"In "Enterprise+: Last Night\u2019s Talk Shows"","block_context":{"text":"Enterprise+: Last Night\u2019s Talk Shows","link":"https:\/\/enterpriseam.com\/egypt\/category\/enterprise-last-nights-talk-shows\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":645061,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/07\/11\/el-garhys-interview-on-hona-al-asema\/","url_meta":{"origin":644750,"position":3},"title":"El Garhy\u2019s interview on Hona Al Asema","author":"enterpriseam admin","date":"11 July 2017","format":false,"excerpt":"Finance Minister Amr El Garhy\u2019s interview with Lamees Al Hadidi was the only thing to stand out in another tepid night in the airwaves. The second USD 1.25 bn disbursement of the IMF\u2019s USD 12 bn extended facility will be checked into state coffers within the week, Finance Minister Amr\u2026","rel":"","context":"In "Enterprise+: Last Night\u2019s Talk Shows"","block_context":{"text":"Enterprise+: Last Night\u2019s Talk Shows","link":"https:\/\/enterpriseam.com\/egypt\/category\/enterprise-last-nights-talk-shows\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":642474,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/08\/15\/tax-revenues-for-fy2016-17-exceeded-targets-for-the-first-time-ever\/","url_meta":{"origin":644750,"position":4},"title":"Tax revenues for FY2016-17 exceeded targets for the first time ever","author":"enterpriseam admin","date":"15 August 2017","format":false,"excerpt":"Tax revenues for FY2016-17 exceeded targets for the first time ever, Vice Minister of Finance Amr El Monayer said, according to AMAY. El Monayer stopped short of specifying a figure, saying an announcement on that will come sometime this week. The last fiscal year was the first for Egypt\u2019s value-added\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":652645,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/01\/16\/budget-deficit-records-5-1-of-gdp-in-1h2016-17\/","url_meta":{"origin":644750,"position":5},"title":"Budget deficit records 5.1% of GDP in 1H2016-17","author":"enterpriseam admin","date":"16 January 2017","format":false,"excerpt":"Egypt\u2019s budget deficit shrank to 5.1% of GDP in the first half of FY2016-17, registering EGP 174 bn,down from 6.1% of GDP a year earlier, Finance Ministry Amr El Garhy announced at a press conference yesterday, according to a report by Al Masry Al Youm. 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