Back to the complete issue
Thursday, 24 November 2022

Japan’s stunning win against Germany gets attention on the airwaves

Football continued to dominate proceedings on the airwaves last night — and expect this to continue all the way through to 18 December when the tournament ends.

Most of the talking heads focused on Germany’s shock defeat by Japan: Comparisons with Saudi Arabia’s stunning win against Argentina on Tuesday were made, and most of the hosts didn't try to hide their happiness at the German loss. Ala Mas’ouleety (watch, runtime: 4:04) and Al Hayah Al Youm (watch, runtime: 8:59) both recapped the game, while Masaa DMC dedicated airtime both to the Japanese fans cleaning seats after the game (watch, runtime: 9:28) and the German team’s pre-match silent protest against Fifa’s decision to ban the OneLove armbands. “I don’t understand why there’s an abnormal Western push for such a thing,” show host Ramy Radwan said, voicing opposition to LGBTQ rights (watch, runtime: 4:03).

MEANWHILE- Not many businesses have signed up to the government’s e-invoicing system: Only 150k companies have registered on the e-invoice system ahead of a 15 December deadline, Tax Authority Deputy Head Rasha Abd El Aal told Al Hayah Al Youm (watch, runtime: 11:25). Around 1 mn companies will be required to start issuing electronic invoices for B2B and B2C transactions via the government portal from the middle of next month.

What e-invoicing system? The government is working to digitize all B2B and B2C invoices, a move designed to give the government greater oversight over tax and reduce the size of the informal economy. The Tax Authority launched a pilot in late 2020 and has been gradually extending the system since then. All B2B and B2C invoices across the country are expected to be fully automated by December.

Almost 20k expats have registered on the government’s app to import cars to Egypt since it launched on 15 November, Tax Authority spokesperson Ali Galal told Masaa DMC (watch, runtime: 9:09). Some 1.7k people have obtained a payment order, with total orders estimated at USD 25.8 mn, Galal said, adding that USD 1.3 mn has been already transferred to a set up bank account by the government.

ICYMI- The government is trying to draw more foreign currency into Egypt by incentivizing expats to import cars. Expats will receive rebates on all customs and import taxes within five years provided they pay them up from in hard currency. The scheme has a four-month window, with expats allowed to import cars within a year of obtaining necessary approvals on USD payments. The government had originally said the scheme will pave the way for 300k-500k cars being imported, drawing USD 2.5 bn in foreign currency in the process, yet officials have recently backtracked on the ambitious targets.

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.