{"id":707372,"date":"2026-06-03T00:00:00","date_gmt":"2026-06-03T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?p=707372"},"modified":"2026-06-03T03:29:01","modified_gmt":"2026-06-03T03:29:01","slug":"instapay-fawry-in-line-for-vat-exemptions-under-new-draft-law","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2026\/06\/03\/instapay-fawry-in-line-for-vat-exemptions-under-new-draft-law\/","title":{"rendered":"InstaPay, Fawry in line for VAT exemptions under new draft law"},"content":{"rendered":"

Good morning, wonderful people and happy hump day.<\/strong> We have a meaty, debate-driven issue today, leading with news that the Industrial Development Authority (IDA) is asking parliament for an EGP 21 bn lifeline to service 17 industrial zones, but lawmakers are pushing back and demanding the authority self-finance instead.<\/p>\n

And something to cautiously watch<\/strong>, S&P DJI has launched a consultation to potentially demote Egyptian equities to frontier market status over lingering market accessibility concerns.<\/p>\n

\u2026 and something to optimistically watch<\/strong>, the local investment fund industry surged 30% in a single quarter to hit EGP 411 bn \u2014 and retail investors ask for regulated, lower-ticket exposure to cash, gold, and real estate.<\/p>\n

***<\/strong><\/p>\n

WISH THIS MORNING\u2019S ISSUE was a podcast? We\u2019ve got you. Tap or click here<\/a><\/strong> to listen to Morning Drive, a 10-minute version of today\u2019s issue crafted for you to enjoy with your morning coffee, while getting the kids ready for school, or while stomping around the house wondering where the [redacted] you left your [redacted] reading glasses.<\/strong><\/p>\n

***<\/strong><\/p>\n

Widening the net<\/p>\n

<\/a> InstaPay, Fawry, and a number of other banking and no<\/strong>n-banking finance services and investment funds are<\/strong> set to receive value-added tax (VAT) exemptions <\/strong>under the second tax facilitation package<\/a>. The package is now heading to the House for approval, according to a newly approved Cabinet draft law seen by EnterpriseAM. The package would also make leased administrative units subject to VAT at the standard rate \u2014 deductible as a business cost \u2014 except for educational, social, and health facilities.<\/p>\n

That\u2019s the backdrop to a strong tax revenue print:<\/strong> Receipts rose 29.3% y-o-y to EGP 2.2 tn in the first 10 months of the fiscal year (July\u2013April), driven by a sharp expansion of the corporate tax base and inflation-boosted consumption, according to the Finance Ministry\u2019s monthly financial performance report (pdf)<\/a>.<\/p>\n

The drivers:<\/strong> While VAT remains the largest overall contributor to state coffers (bringing in EGP 907 bn \u2014 up 22.7% y-o-y), income tax receipts drove the actual increase in revenues, rising by EGP 242.3 bn to reach EGP 818.5 bn. Corporate income tax collections jumped 45.6% y-o-y to EGP 453.1 bn, while revenues from taxes on treasury bills and bonds rose 20.6% to EGP 316.6 bn. The increase was driven by bringing more of the informal economy into the tax net and using advanced data analytics to slash tax leakages, a government official tells EnterpriseAM.<\/p>\n

Why it matters: <\/strong>Tax revenues fund roughly 80% of next year\u2019s budget and are the backbone of the country\u2019s fiscal consolidation. The strong performance helped narrow the overall deficit to 5.3% of GDP in 10M FY 2025\/26, down from 6.2% a year earlier.<\/p>\n

BUT-<\/strong> Debt servicing is devouring the tax gains.<\/strong> Despite the record collections, interest payments reached a staggering EGP 2.02 tn during the same period, nearly wiping out the tax revenues generated. To help bridge the widening expenditure gap, the government relied heavily on exceptional non-tax revenues, including a massive EGP 166.8 bn injection from the Alam El Roum project<\/a>.<\/p>\n

What\u2019s next:<\/strong> The Finance Ministry plans to raise its tax revenue target to EGP 3.5 tn in the next fiscal year, up from EGP 2.7 tn in the current one. A third package of tax facilitation measures is also being prepared, to be followed by a stricter tax enforcement package targeting non-compliant taxpayers, according to a government document reviewed by EnterpriseAM.<\/p>\n

\n

Grain ambitions<\/p>\n

<\/a> The Supply Ministry is in technical talks with Russian agricultural firms to establish a grain s<\/strong>torage and distribution hub in the Suez Canal Economic Zone (SCZone)<\/strong>, Supply Minister Sherif Farouk told Hapi<\/a>, adding that a Russian firm has already dispatched a technical delegation to evaluate one of the ministry\u2019s logistics zones, with feasibility studies on potential sites still underway.<\/p>\n

The talks are the latest move in a playbook the Madbouly government has been running with Russia, Ukraine, and Brazil<\/strong> \u2014 positioning Egyptian ports as a regional food supply-chain hub for the Middle East and Africa. The ambition is real, but so are the headwinds: as we examined yesterday<\/a>, grain storage and re-export is an ultra-low-margin, freight-sensitive business. Experts say processing capacity and value-added exports may be the more compelling play.<\/p>\n

\n

Data point <\/p>\n

<\/a> 7% \u2014 that\u2019s how much net foreign assets increased m-o-m in <\/strong>April. <\/strong>The figure jumped to USD 22.9 bn, resuming its upward trajectory following a dip in March<\/a>, according to CBE data (pdf)<\/a>. Assets contracted 22% m-o-m in March, breaking a nearly two-year appreciation streak due to capital outflows triggered by the war. The quick recovery signals that the initial geopolitical shock is fading, reviving expectations that the banking sector can move closer to the USD 29.5 bn peak seen in January.<\/p>\n

PSA <\/p>\n

WEATHER- <\/strong>It\u2019s another warm day in Cairo, with a high of 36\u00b0C and a low of 24\u00b0C, according to our favorite weather app. Expect the mercury to remain around 37\u00b0C for the rest of the week.<\/strong><\/p>\n

It\u2019s only a bit cooler in Alexandria<\/strong>, with a high of 30\u00b0C and a low of 22\u00b0C.<\/p>\n

\n

\n

<\/p>\n

Earning well is not the same as investing well \u2014 and for most mid-level executives and entrepreneurs, the gap between the two is wider than they\u2019d like to admit. The financial landscape has shifted. Regional markets are opening up, AI is rewriting how portfolios get managed, and Real Estate Investment Trusts (REITs) are entering the conversation.<\/p>\n

And the questions that used to feel straightforward \u2014 buy or rent, fund the startup or play it safe, finance the car now or wait it out \u2014 are harder to answer than ever.<\/p>\n

In Issue 2 of EnterpriseAM Money Matters, we get into the decisions that don\u2019t have easy answers, because at this stage, playing it safe is the riskiest move you can make.<\/p>\n

Tap or click here to subscribe to the Egypt edition<\/a>, delivered to your inbox today, 11 AM Egypt.<\/p>\n

\n

\n

\n

The big story abroad<\/p>\n

No single story is dominating the global front pages this morning <\/strong>\u2014 but among the stories making headlines: <\/p>\n

#1- SpaceX will reportedly raise USD 75 bn in its highly anticipated IPO<\/strong>, selling 555.6 mn shares at USD 135 a pop, unnamed sources told Reuters<\/a>. These figures put the firm\u2019s valuation at USD 1.75 tn. <\/p>\n

#2- Microsoft <\/strong>launched<\/a><\/strong> its own AI offerings<\/strong> at its Build conference to compete with proprietary models, including coding assistants and reasoning models, which would lower costs and reliance on OpenAI products. The tech giant also unveiled Project Solara, a family of prototype devices<\/a> designed to host AI agents that carry out complex tasks autonomously.<\/p>\n

#3- Investors seem bullish and unafraid: <\/strong>Concerns over inflation and elevated asset prices are trumped by optimistic sentiments, as financial markets currently exhibit \u201cmore greed than there is fear,\u201d Goldman Sachs CEO David Solomon said<\/a>. He added that so long as investors remain bullish, there is ample liquidity to absorb massive upcoming IPOs from companies like SpaceX, Anthropic, and OpenAI.<\/p>\n

#4- The UN <\/strong>General Assembly<\/strong> has elected<\/a><\/strong> its next head. <\/strong>Bangladeshi Foreign Minister Khalilur Rahman narrowly defeated Cyprus\u2019 Andreas Kakouris to secure the presidency of the UN General Assembly. <\/p>\n

AND- <\/strong>The latest war updates: <\/strong>Iran launched fresh attacks<\/a> on Kuwait and Bahrain last night \u2014 some failed en route and others were intercepted. In response, US forces launched \u201cself-defense\u201d strikes on Iran\u2019s Qeshm Island. <\/p>\n

<\/p>\n

*** It\u2019s Hardhat day \u2014 your weekly briefing of all things infrastructure in Egypt:<\/strong> EnterpriseAM\u2019s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education. <\/p>\n

In today\u2019s issue: <\/strong>We look at why our construction sector is surviving on paper but bleeding in practice \u2014 and what the industry is doing to hold on until the FDI-driven recovery arrives.<\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, wonderful people and happy hump day. We have a meaty, debate-driven issue today, leading with news that the Industrial Development Authority (IDA) is asking parliament for an EGP 21 bn lifeline to service 17 industrial zones, but lawmakers are pushing back and demanding the authority self-finance instead. And something to cautiously watch, S&P […]<\/p>\n","protected":false},"author":1,"featured_media":707373,"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":[12573],"tags":[72,565,69,132,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-707372","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today-10","tag-enterpriseam","tag-food-security","tag-tax","tag-trade","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"6ffccb2d-59e6-43a0-ae59-171878ff7870","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2025\/3\/2103.jpg","photo_position":"above","homepage_title":"","full_issue_title":"InstaPay, Fawry in line for VAT exemptions","related_issue":[707370],"teaser":""},"yoast_head":"\nInstaPay, Fawry in line for VAT exemptions under new draft law - 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\/2026\/06\/03\/instapay-fawry-in-line-for-vat-exemptions-under-new-draft-law\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"InstaPay, Fawry in line for VAT exemptions under new draft law\" \/>\n<meta property=\"og:description\" content=\"Good morning, wonderful people and happy hump day. 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