108 Articles
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 …
Total cost of the package amounts to EGP 46bn, with no impact on budget deficit, says Moeit
Egypt to issue international treasury bonds by end of May or beginning of June, says Minister of Finance
We did not issue the $1bn worth of Sukuk due to legislation problems: Moiet
Allocations for health budget amount to EGP 103bn, scientific research at EGP 31bn
External liabilities on Egypt are expected to exceed $10bn during the next FY
Parliament finished 78 articles of investment law, says MP
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 …
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 …
The ministry is intending to exit from non-oil companies, and increase the spaces offered for exploration
AFDB study to finance 5 renewable energy projects
The government also called for AFDB to finance a sewage plant in Abu Rawash
We are working to add amendments to the tax law to postpone capital gains and approve investment incentives in tax law: El-Mounir
Subsidies will continue to be provided even after the economic reform programme has been completed
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, …
Egypt’s economy will grow by 4% during this FY, says Planning Minister
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 …
Agreement includes passing bankruptcy law, and canceling fuel subsidies in 3-5 years
Increase of petroleum prices, liberalisation of exchange rate, and increase of supply goods allocations are responsible for the deficit increase
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
Baker McKenzie and White & Case are legal advisers
Government sources said that the Ministry of Finance is preparing to hold the first session of the Supreme Committee for Resolving Tax Disputes
The deal is part of Orascom’s exit strategy from non-core investments
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 …
Sources told Daily News Egypt that 25 tax committees were formed for tax disputes
Launch of international bonds to be determined by end of this week; promotion to start in January, says Finance Minister
Companies that rely on imported materials have been struggling under increased production costs
Recently issued economic measures are a positive step to attract new foreign investment
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 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 …