Latest in Tag: tax Highlight
Latest in Tag: tax
Ruling marks end of challenging period for OCI, says CEO Nassef Sawiris in exclusive statement to Daily News Egypt
Mostafa Abdel Qader, chairman of Egypt’s Tax Authority, requested that tax exemptions that Egypt has granted for decades be eliminated, stressing that Egypt has not reaped benefits from them and that they are a “type of intellectual colonisation”. “The imposition of taxes on dividends and capital gains represent a bigger step towards achieving greater justice,” …
Sector growth remains despite rise in prices of cement, concrete and steel
Egyptian government has previously announced a 1.6% estimate increase in tax revenues during the current fiscal year
Investment Minister Ashraf Salman declined to comment on the reason behind Sawiris visiting the investment ministry or the form of the new settlement
New presidential decree amends law governing military retirement
We continue to be committed to investing in Egypt, construction tycoon said.
President also issues tax on capital gains on stock market
Ministry of Finance expects tax revenue increases of EGP 6bn or 1.6% due to amendments to real estate and income tax laws, as well as new taxes on stock dividends and distributions
Installments will be based on each company’s circumstances
Using replacement value method would reduce property tax for Cairene hotels by 90%, says deputy chairman
Proposed property tax raises concerns over “double taxation”, Alia Al-Mahdi says
Government scraps “added” tax to provide excess liquidity to traders and to facilitate transactions. Estimated proceeds of the stock market and wealth tax is EGP 10bn
Dimian estimates that proceeds to the treasury from the new tax will range from EGP 5 – EGP 6bn, but this will be linked to market performance.
Responding to losses, Egyptian Exchange suspends trading for 30 minutes
FEDCOC head says claim tax will “destroy the investment climate”; government remains determined to implement it
The Egyptian Tax Authority warned 13 public and private/public petroleum companies that they face an administrative freeze, and it has refused to accept their tax returns to date. This follows the Ministry of Finance having refused to settle the companies’ tax debt, which is estimated at EGP 3bn owed to the Tax Authority, according to …
Telecom Egypt, Ezz Steel, and Cemex Egypt among top tax paying companies
Necessary measures to combat tax evasion will be taken, finance minister says
Reuters – Orascom Construction has been cleared by an Egyptian public prosecutor of all tax evasion claims related to the sale of a building seven years ago to French peer Lafarge in Egypt, Orascom’s Dutch parent OCI said on Tuesday. Orascom, a subsidiary of chemicals and engineering company OCI, asked the prosecutor to clear the company’s name following …
Reuters – Orascom Construction Industries has suspended payment of a 31 December instalment of an EGP 7.1bn ($1.02bn) tax settlement with Egypt’s government, its Amsterdam-listed parent company OCI NV said on Wednesday. The settlement was agreed last April, when Islamist President Mohamed Morsi was still in office, and related to claims the company had failed …
The government will tackle a different tax system after revitalising the economy, says Minister of Finance
Approximately 20,000 cases of tax disputes have been awaiting court verdicts since 2003, with taxes valued at EGP 40bn
The new law published today in the Official Gazette allows reconciliation in accordance to Law No. 159 of 1997 concerned with reconciliation in tax disputes listed in front of courts
The government relinquished these funds for the benefit of citizens, and it is expected that the largest part of this amount will go towards local consumption and increase demand.
The government pledges to pay EGP 2.5bn due to contractors before December 2013
Economics professor advocates reconciliation and state settlement with businessmen in corruption cases
The law, which taxes funds set aside by banks to cover potential losses caused by defaulting debtors, was being reviewed by the Central Bank.
The IMF expected Egypt’s GDP to grow 2% over the next year as opposed to 2.2% in 2012
SCC: Certain clauses in the law do not set out criteria to govern authorities’ actions