{"id":654324,"date":"2024-10-31T00:00:00","date_gmt":"2024-10-31T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/31\/cabinet-approves-changes-to-debt-management-committee-and-setting-up-an-energy-planning-committee-tax-facilities\/"},"modified":"2024-10-31T00:00:00","modified_gmt":"2024-10-31T00:00:00","slug":"cabinet-approves-changes-to-debt-management-committee-and-setting-up-an-energy-planning-committee-tax-facilities","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/31\/cabinet-approves-changes-to-debt-management-committee-and-setting-up-an-energy-planning-committee-tax-facilities\/","title":{"rendered":"Cabinet approves changes to debt management committee and setting up an energy planning committee + tax facilities"},"content":{"rendered":"

Cabinet greenlighted a number of decisions during its <\/strong>weekly meeting<\/a><\/strong>, which covered education, tax facilities, and energy. <\/p>\n

(Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n

#1- Debt management committee gets a facelift:<\/strong> Cabinet approved a draft decision from Prime Minister Moustafa Madbouly changing up the government committee in charge of managing debt and external borrowing. The changes will the committee solely focused on managing external debt and tasked with setting an annual maximum borrowing limit based on financial sustainability standards. The committee will also be responsible for discussing solutions to bridge the FX financing gap and implementing a rigorous governance system, similar to that used for concessional loans.<\/p>\n

The personnel involved:<\/strong> The revamped committee will be headed up by the prime minister, and includes the ministers of finance, investments, and planning, CBE governor, as well as a representative from the General Intelligence Service and another one from the Administrative Control Authority.<\/p>\n

#2- A new energy committee:<\/strong> The cabinet approved the establishment of a new committee \u2014 dubbed the Energy Planning Unit \u2014 that will be responsible for proposing strategies, policies, and plans for implementing energy solutions, as well as providing technical advice to the Supreme Council of Energy, preparing its agenda, and following up on its decisions. The committee will also prepare technical reports on energy projects and their efficiency.<\/p>\n

The details:<\/strong> The committee will meet at least once every two weeks and will submit its recommendations to the Supreme Council of Energy for approval. The head of the unit will be appointed by Madbouly for a renewable three-year term and will include representatives from 15 ministries and government agencies, alongside three energy planning experts nominated by the head of the unit.<\/p>\n

#3- Foundation year gets approval:<\/strong> The cabinet approved draft amendments to the law governing private and national universities that introduce the foundation year system. The amendments allow high school students who wish to enter a specific college without meeting admissions criteria to join a foundation year beginning academic year 2024-25. The foundation year will be available for candidates whose final grades are within 5% of the minimum qualifying score for admission and will take into account the student\u2019s qualifications and the college\u2019s capacity.<\/p>\n

Foundation year?<\/strong> During this bridge year students can complete foundation courses through university-administered tests to receive bonus points that go toward their overall scores \u2014 the move allows students to enroll in colleges that they couldn't get into with their high school scores alone. <\/p>\n

DIG DEEPER- We took a look at how the education sector is preparing for the foundation <\/strong>year system<\/strong> in a Blackboard<\/a> published last month. <\/p>\n

AND- <\/strong>The cabinet greenlit three of the long list of tax facilities that were announced<\/a> earlier this month: <\/p>\n

#1- Unified Tax Procedures Law amendments:<\/strong> The cabinet approved a draft law amending the Unified Tax Procedures Law, which set out guidelines for tax reconciliation. The finance minister can now settle violations not subject to tax dues in exchange for legally stipulated compensation, while Income Tax Law violations can be settled in exchange for 12.5% of the amount not deducted, withheld, collected, or remitted.<\/p>\n

#2- Resolution of existing tax disputes:<\/strong> The cabinet approved a draft law to settle the status of taxpayers and end existing tax disputes \u2014 part of its wider drive to ease the burden on taxpayers and unify and improve tax services. <\/p>\n

Remember:<\/strong> Cabinet spokesperson Mohamed El Homsani previously said<\/a> that all tax disputes predating the announcement will be settled as part of wider efforts to build trust with taxpayers.<\/p>\n

#3- Additional tax incentives for businesses with an annual turnover of no more than <\/strong>EGP 15 mn:<\/strong> The government provided further details on its incentives for businesses with an annual turnover of up to EGP 15 mn, including exemption from development fees, stamp duties, and registration fees. The government will also grant eligible businesses additional exemptions that will apply to capital gains and dividend distributions, among others. The amendments will take effect starting January 2025.<\/p>\n","protected":false},"excerpt":{"rendered":"

Gov\u2019t debt management committee will be tasked with setting an annual cap for our external borrowing<\/p>\n","protected":false},"author":1,"featured_media":654325,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","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":[7306],"tags":[282,73,93,72,1350,281,69],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-654324","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cabinet-watch","tag-cabinet-watch","tag-education","tag-energy","tag-enterpriseam","tag-madbouly-cabinet","tag-moustafa-madbouly","tag-tax","wpautop","entry"],"acf":{"mongo_id":"ba5b5b0c-2ce7-4f84-97e8-bbd14ba4d4d5","order":"5","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/10\/2802.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt is getting an energy planning committee","related_issue":[654316],"teaser":"Gov\u2019t debt management committee will be tasked with setting an annual cap for our external borrowing","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/10\/.374ae508-b09e-41b4-a9e1-60c8d2a3a631.mp3"},"yoast_head":"\nCabinet approves changes to debt management committee and setting up an energy planning committee + tax facilities - 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Prime Minister Moustafa Madbouly had requested the financing in July of last year\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":577899,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/08\/last-nights-talk-shows-madbouly-has-a-plan-to-solve-fx-woes\/","url_meta":{"origin":654324,"position":1},"title":"Last Night\u2019s Talk Shows: Madbouly has a plan to solve FX woes","author":"enterpriseam admin","date":"8 December 2022","format":false,"excerpt":"It was a slow night on talk shows yesterday \u2014 sans Lamees Hadidi and Amr Adib","rel":"","context":"In "LAST NIGHT\u2019S TALK SHOWS"","block_context":{"text":"LAST NIGHT\u2019S TALK SHOWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/last-nights-talk-shows\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/159.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":593684,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/07\/committee-to-study-tax-authority-independence\/","url_meta":{"origin":654324,"position":2},"title":"Committee to study Tax Authority independence","author":"enterpriseam admin","date":"7 October 2019","format":false,"excerpt":"Prime Minister Moustafa Madbouly has ordered that a committee be formed to study the restructuring of the Tax Authority into an entity independent from the Finance Ministry, Al Masry Al Youm reported. The move would place the authority under the supervision of the cabinet and include administrative and staffing changes\u2026","rel":"","context":"In "Egypt Politics + Economics"","block_context":{"text":"Egypt Politics + Economics","link":"https:\/\/enterpriseam.com\/egypt\/category\/egypt-politics-economics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":599889,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/14\/egypts-parliament-committee-gives-nod-to-proposed-amendments-to-income-tax-act\/","url_meta":{"origin":654324,"position":3},"title":"Egypt\u2019s parliament committee gives nod to proposed amendments to Income Tax Act","author":"enterpriseam admin","date":"14 January 2019","format":false,"excerpt":"LEGISLATION WATCH- Proposed changes to how banks are taxed get committee-level approval in the House: The House Planning and Budget Committee has given a nod to government-proposed amendments to the Income Tax Act that would change how banks and corporations account for income from investments in government debt, Al Mal\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":560147,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/17\/cabinet-is-getting-its-three-year-priorities-in-order\/","url_meta":{"origin":654324,"position":4},"title":"Cabinet is getting its three-year priorities in order","author":"enterpriseam admin","date":"17 February 2021","format":false,"excerpt":"A three-year state budget and fiscal policy priority framework will be on the House of Representatives\u2019 agenda when cabinet submits the FY2021-2022 state budget at the end of March, Prime Minister Moustafa Madbouly said at a meeting with parliamentary committee heads yesterday, Al Mal reports. The budget framework will outline\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/2\/248.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546728,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/26\/next-years-budget-remains-tentative-madbouly-tells-mps\/","url_meta":{"origin":654324,"position":5},"title":"Next year\u2019s budget remains \u201ctentative,\u201d Madbouly tells MPs","author":"enterpriseam admin","date":"26 May 2022","format":false,"excerpt":"Gov\u2019t responds to MP reservations about budget allocations: MPs now reviewing the draft FY 2022-2023 state budget should view the spending plan as \u201ctentative\u201d as global conditions continue to shift the goalposts, Prime Minister Moustafa Madbouly said in a meeting with the chairs of the House of Representatives\u2019 25 committees\u2026","rel":"","context":"In "BUDGET WATCH"","block_context":{"text":"BUDGET WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/budget-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/5\/344.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\/654324","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=654324"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/654324\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/654316"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/654325"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=654324"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=654324"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=654324"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=654324"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=654324"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}