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Monday, 14 November 2022

THIS EVENING: Cabinet issues rules and regs for expat car import scheme + Climate X is happening at the GEM

Good afternoon, wonderful people. We have a relatively calm day on the local news front, after COP27 took a mandatory day off yesterday.

THE BIG STORY TODAY

Cabinet is out with the rules and regulations for the expat car import scheme: The cabinet has published a detailed list of the rules, regulations and criteria for Egyptian expats looking to import new cars and get a rebate in exchange for upfront FX. The criteria details the taxes and fees that expats must pay — customs fees, VAT, schedule tax, and development fees — and where to pay them. The rules also clarify that expats need only carry a residency permit abroad or a non-Egyptian passport to become eligible, though they must have a valid bank account in the country of residence that has been open for at least three months.

enterprise

Our Enterprise Climate X Forum is happening at the brand new Grand Egyptian Museum: We’re happy to announce that the Enterprise Climate X Forum is taking place at the Grand Egyptian Museum on Tuesday, 6 December 2022. We can think of no better place to discuss the world’s most important industry than in a world-class museum that stands as a testament to our nation’s ability to persevere (and innovate) for seven millennia.

What’s the Enterprise Climate X Forum? It’s our first industry-specific conference, where CEOs, top execs, investors, bankers and development finance folks have the chance to talk about how to build a climate-centered business — and how to make sure your business continues to have access to the funds it needs to grow. You can learn more on our conference website here.

Some of the biggest names in business and finance are on board — are you? If you’re a C-suite exec, business owner, climate professional, DFI staff, investor or banker, please email us at climatexrsvp@enterprisemea.com to signal your interest, letting us know your name, title and where you work.

Who’s on board? The Enterprise Climate X Forum is taking place with the generous support of our friends, including:

  • Banking partners: HSBC | Mashreq | Attijariwafa Bank
  • Telecom partner: Etisalat by e&
  • Event partners: Hassan Allam Utilities | Infinity

THE BIG STORY ABROAD

US President Joe Biden and Chinese President Xi Jinping’s meeting in Bali is leading the conversation in the international business press this afternoon. The two heads of state signaled their intention to reset — or at least improve — relations between Washington and Beijing, with Xi saying, “we need to find the right direction for the bilateral relationship going forward and elevate the relationship.” The story is on the front pages of Reuters, CNBC, the Wall Street Journal, the Financial Times, and Bloomberg.

ALSO- Amazon’s Jeff Bezos plans to give away the majority of his USD 124 bn wealth during his life, the bulk of which he plans to donate to fighting climate change and addressing “social and political divisions,” Bezos and his partner Lauren Sánchez told CNN in an exclusive interview.


** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

  • The Madbouly government’s state ownership policy document could go into effect at the end of this year, Vice Minister of Finance Ahmed Kouchouk told the Senate yesterday.
  • Final contracts for the 10 GW Masdar-Infinity-Hassan Allam wind farm announced last week at COP27 could be signed before the end of the year, according to Hesham El Gamal, general manager at Infinity.
  • EIB could invest in water projects in Egypt: The European Investment Bank (EIB) plans to commit USD 1.5 bn in new financing to Egypt, primarily focusing on water treatment, said the bank’s VP, Gelsomina Vigliotti.

🗓 CIRCLE YOUR CALENDAR-

PSA #2- If you’re self-employed, you have to register in the Tax Authority’s e-invoice system by 15 December. This includes self-employed doctors, engineers, lawyers, and artists, the Egyptian Tax Authority said in a statement. Only e-invoices will be considered for VAT deduction or refunds as of 1 April, 2023.

What e-invoicing system? In late 2020, the Tax Authority launched a pilot program for B2B e-invoicing with 134 companies, before expanding the system to all large taxpayers in July 2021. All B2B and B2C invoices across the country should be fully automated by December. We have a primer on the system, its purpose, the timeline of implementation along with a list of phase one companies here.

PSA #3- Good news for Upper Egypt startups: Applications for a Uplift4UpperEgypt — startup program run by Orascom’s Gemini Enterprises Africa, in partnership with the Sawiris Foundation, aimed at businesses in Upper Egypt, will open on 17 November, according to Al Mal.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

☀️ TOMORROW’S WEATHER- Expect a daytime high of 24°C tomorrow and a nighttime low of 14°C, according to our favorite weather app.

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