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Wednesday, 10 August 2022

No new sin tax on smokes, Egypt’s finance ministry says

The Finance Ministry has not imposed a new sin tax on cigarettes, but will begin to direct the proceeds from the old sin tax imposed in 2018 to the public treasury until amendments to the Universal Healthcare Act allow for them to be directed to the Universal Health Ins. Authority. (Statement)

MEANWHILE- Banque Misr plans to apply for a banking license in Kenya within three years of opening its representative office, according to a statement (pdf). The state-owned bank also said yesterday (pdf) that it launched last month BM Acceleration Program, a six-month startup accelerator that will provide entrepreneurs technical, financial and marketing support

Other things we’re keeping an eye on this morning:

  • The Public Enterprises Ministry will re-merge El Nasr Automotive and the Engineering Automotive Manufacturing Company as part of its bid to localize the EV industry. The two companies were separated more than 20 years ago. (Statement)
  • The Health Ministry plans to equip some paramedic teams with electric “ambulance scooters.” (Statement)

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