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Tuesday, 11 April 2017

What we’re tracking this week

Extra T-bill sales this week: Egypt will hold several treasury bill sales this week to compensate for auctions originally scheduled to take place during next week’s Easter holiday, when banks will be closed, Reuters reports. The auctions will include 182-day and 364-day bills on Wednesday and 91-day and 273-day bills on Thursday as well as three- and seven-year bonds also on Thursday.

Speaking of the holiday: Sunday and Monday are national holidays in observance of Easter and Sham El Neseem. That’s followed by national holidays for Sinai Liberation Day (Tuesday, 25 April) and Labour Day (Monday, 1 May).

Egypt’s registry of exporters is on the WTO delegation’s agenda this week: Import restrictions imposed last year under the Exporters Registry Act that troubled some of Egypt’s trading partners, among them the EU and that weirdo in Ankara, are among the issues that the World Trade Organization (WTO) delegation intends to discuss with authorities during a three-day visit set to take place this week, sources close to the matter confirm to Al Borsa.

Tax Authority to decide on further VAT rebates for IOCs end of the week: The Tax Authority intends to make a final decision by the end of this week on offering rebates and exemptions on the value-added tax to international oil companies’ contractors and equipment suppliers, authority chief Sherif Samy said on Monday, Al Mal reports. IOCs themselves are exempt from the tax under the terms of their agreements with Egypt, but are presently exposed to VAT on non-production services they purchase.

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