The government aims to raise FDI to $10bn next year: Nasr
Parliament finished 78 articles of investment law, says MP
Ahmed Farahat
102 Articles
Latest by Ahmed Farahat
Automotive strategy does not violate partnership agreement: government source
A government source said that the Automotive Development Strategy Directives bill that is now being discussed in parliament will not impact the Egyptian-European partnership agreement, which is expected to make all imports of European cars customs-exempted by 2019. The source added that the text of the draft law imposes an additional tax on imported cars …
AFREXIMBANK plans to increase its capital to $400m during 2017
The African Export–Import Bank (AFREXIMBANK) aims to increase its capital by $300-400m in 2017. The bank’s Manager, Banking Operations, Heba Aboul Ezz, noted that the bank’s capital was at $1.63bn in December 2016. She said that Egypt is a key partner in the bank, along with Egyptian banks, including the National Bank of Egypt, Banque …
PricewaterhouseCoopers, MCK, Ernst & Young are competing to develop a strategy to restructure Ministry of Petroleum
The ministry is intending to exit from non-oil companies, and increase the spaces offered for exploration
EGP 10m grant from AFDB for developing Ashwa’yat
AFDB study to finance 5 renewable energy projects
Egypt to receive 2nd tranche of AFDB loan within two weeks: AFDB
The government also called for AFDB to finance a sewage plant in Abu Rawash
Finance Ministry presents tax reform plan of 2017
We are working to add amendments to the tax law to postpone capital gains and approve investment incentives in tax law: El-Mounir
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No one can say for certain at what value the Egyptian pound will stabilise against the US dollar: El-Araby
Subsidies will continue to be provided even after the economic reform programme has been completed
The government will not issue new bonds in FY2016/17: Ministry of Finance
Deputy minister of finance for monetary policies Ahmed Kojak said that the ministry is not going to issue any other treasury bonds in the current fiscal year (FY) 2016/2017. He stated that the financial gap of the current FY is already covered, adding that the gap of the next FY 2017/2018 is also nearly covered, …
Government raises GDP estimate to EGP 3.4tn following flotation
Egypt’s economy will grow by 4% during this FY, says Planning Minister
Finance Ministry fixes value of customs US dollar at EGP 18.5 until end of February
The Ministry of Finance decided to maintain the price of the US dollar used at customs at EGP 18.5 until the end of February, applicable to all imports. Magdy Abdel Aziz, head of the Egyptian Customs Authority, said that the new price will be effective on Tuesday at all ports. He pointed out that the …
Finance Minister announces terms of IMF loan agreement
Agreement includes passing bankruptcy law, and canceling fuel subsidies in 3-5 years
Egypt must achieve 7% growth rate to keep up with population growth: Meit
Increase of petroleum prices, liberalisation of exchange rate, and increase of supply goods allocations are responsible for the deficit increase
Egypt approves publishing details of $12bn loan next week: IMF
A technical delegation from the fund is in Egypt to follow up on the implementation of the economic reform programme this week, says government sources
ADES to register in London Stock Exchange, Hermes possible IPO manager
Baker McKenzie and White & Case are legal advisers
Hilton, Movenpick, IDBE, October for Real Estate Development submit requests to end tax disputes
Government sources said that the Ministry of Finance is preparing to hold the first session of the Supreme Committee for Resolving Tax Disputes
Orascom Telecom sells MENA Submarine Cable Systems to Bharti Airtel
The deal is part of Orascom’s exit strategy from non-core investments
Alexandria, Damietta, Red Sea ports pay EGP 439m in taxes
A number of public sector companies and bodies affiliated to the state paid more than EGP 951m in taxes for fiscal year (FY) 2015/2016. The companies submitted their tax declaration during the past period after the end of the specified time, ending on 31 April of each year, based on the fact that their fiscal …
Finance Ministry targets to finish 75,000 disputes by applying arbitration law
Sources told Daily News Egypt that 25 tax committees were formed for tax disputes
$500m investments in government debt tools, EGX since pound flotation: Deputy Finance Minister
Launch of international bonds to be determined by end of this week; promotion to start in January, says Finance Minister
Ministry of Finance discusses stabilising dollar rate at customs
Companies that rely on imported materials have been struggling under increased production costs
French investments in Egypt amount to €3.6bn: ambassador
Recently issued economic measures are a positive step to attract new foreign investment
Mahlab calls on French companies to invest in Egypt
Ibrahim Mahlab, the president’s assistant for national projects and former acting prime minister, called on French investors to invest in Egypt on Monday. Mahlab held a speech during a conference organised by the French-language newspaper Al-Ahram Hebdo, in which he said the government has taken a number of steps aimed at reforming Egypt’s business …
Customs on imported cars increase by 66% after flotation
Customs charges on imported cars increased by 66% on Friday following the flotation of the Egyptian pound. This decision was made on Thursday when customs recorded a 52% increase calculated according to the price of the US dollar against the Egyptian pound in the free market, which will be reviewed on a daily basis. The …
The implications of VAT on the automotive sector
In a seminar for Daily News Egypt, leaders in the automotive sector and tax authority were questioned about what the implications of the value-added tax are on the industry
Train of tax reform stops in the middle of the trip
Intense focus on the issues associated with the programme presented to the IMF at the expense of the rest of aspects
Government able to achieve targeted budget deficit: El-Garhy
We have not studied cancelling the tax on treasury bills and bonds yet, but all ideas will be discussed.
Cost of government debt threatens economic reform programmes
The government successfully controls the subsidies and salaries bills, but fails to handle the interest on government debt
Planning Ministry to submit economic plan to parliament in April: deputy minister
Implementing Egypt Vision 2030 is necessary, but not sufficient
Tax dispute law excludes evasion cases: deputy finance minister
Sub-committees will have the power to end disputes, while the ministry will monitor their performance through follow-up reports, says Amr Al-Mounir