No increase in prices of cigarettes and oils after increasing VAT to 14%: El Monayer
Increasing VAT by 1% will have limited impact, 57 categories of goods and services to remain exempted
Ahmed Farahat
112 Articles
Latest by Ahmed Farahat
Egypt’s GDP reaches EGP 2.5tn in 9 months of FY 2016/2017
Tourism sector grows by 80% while consumption contribution declined to 3%
Finance Ministry plans to expand tax segments on cigarettes to more than EGP 30
A trend to impose EGP 1.125 on luxurious and medium cigarettes
JTI asks to expand tax segments, instead of overall increase
Bulk of production inputs are imported from abroad: Ismail
Finance Ministry considers increasing cigarette prices by EGP 0.5-2
We have submitted a proposal to increase the tax on imported hookah tobacco by 175% next fiscal year, says Imbaby
Amendments to Companies Law to be presented to cabinet on Thursday: Nasr
Sahar Nasr, the Minister of Investment and International Cooperation, said that the amendments to the Companies Law are set to be discussed in the cabinet on Thursday, in order to send the draft to the parliament’s economic committee. The law would regulate the establishment and operation of companies in Egypt. Nasr said that the ministry …
We prepare draft laws to implement the new social security package: El-Garhy
Total cost of the package amounts to EGP 46bn, with no impact on budget deficit, says Moeit
Egypt to receive 2nd tranche of IMF loan by June: El-Garhy
Egypt to issue international treasury bonds by end of May or beginning of June, says Minister of Finance
Government intends to offer international bonds worth $4bn next fiscal year: Moiet
We did not issue the $1bn worth of Sukuk due to legislation problems: Moiet
Export subsidies in coming FY to be kept at $2.6bn
Allocations for health budget amount to EGP 103bn, scientific research at EGP 31bn
The government targets collecting foreign financing of $9bn next year
External liabilities on Egypt are expected to exceed $10bn during the next FY
The government aims to raise FDI to $10bn next year: Nasr
Parliament finished 78 articles of investment law, says MP
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
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