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Monday, 5 December 2016

BY THE NUMBERS

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Pharos Holding - http://www.pharosholding.com/

EGP / USD CBE market average: Buy 17.59 | Sell 18.04
EGP / USD at CIB: Buy 17.5 | Sell 17.75
EGP / USD at NBE: Buy 17.5 | Sell 17.75

EGX30 (Sunday): 11,631.41 (+0.72%)
Turnover: EGP 1.296 bn (198% above the 90-day average)
EGX 30 year-to-date: +66.02%

Foreigners: Net Long | EGP + 19.4 mn
Regional: Net Short | EGP – 4.9 mn
Domestic: Net Short | EGP – 14.5 mn

Retail: 78.9% of total trades | 78.1% of buyers | 79.7% of sellers
Institutions: 21.1% of total trades | 21.9% of buyers | 20.3% of sellers

Foreign: 6.9% of total | 7.6% of buyers | 6.2% of sellers
Regional: 12.8% of total | 12.6% of buyers | 12.9% of sellers
Domestic: 80.3% of total | 79.8% of buyers | 80.9% of sellers

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PHAROS VIEW

The curious case of the Egyptian income tax policy

The House of Representatives is considering amending income tax brackets, but Finance Minister Amr El Garhy was clear on the importance of maintaining tax policy stability. The House is considering amendments that include modifying tax brackets to include a 25% tax rate on annual income above EGP505k, which was previously cited at 30%. The income tax brackets have been revisited every year since 2012.

Egypt’s corporate tax rate stands slightly above average versus key regional peers like Turkey and Saudi Arabia. However, assessing the efficiency of the tax system in terms of how easy businesses can pay their taxes provides another less appealing ranking for Egypt. Therefore, we believe that improving the ease of doing business in Egypt shall remain a key priority. Given the magnitude of the informal sector, Egypt can still raise more tax revenues without raising the tax rate.Tap here for the full note.

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WTI: USD 51.19 (-0.95%)
Brent: USD 53.96 (-0.92%)
Natural Gas (Nymex, futures prices) USD 3.47 MMBtu, (+1.11, January 2017 contract)
Gold: USD 1,176.90 / troy ounce (-0.08%)<br
TASI: 7,130.3 (+0.5%) (YTD: +3.2%)
ADX: 4,261.9 (-1.1%) (YTD: -1.1%)
DFM: 3,417.1 (+1.7%) (YTD: +8.4%)
KSE Weighted Index: 369.0 (-0.2%) (YTD: -3.3%)
QE: 10,010.3 (+1.0%) (YTD: -4.0%)
MSM: 5,610.0 (+0.4%) (YTD: +3.8%)
BB: 1,175.9 (-0.2%) (YTD: -3.3%)

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.