Egypt’s Business digest July 2

 

Egypt’s Value Added Tax (VAT) bill, which is will be discussed by the Parliament after celebration of Eid al-Fitr, includes articles stipulates that the VAT will applied on all online services provided domestically and from abroad, including the social media adds, an anonymous official at the Ministry of Finance told Youm7 Saturday.

 

Egypt’s Ministry of Finance, via the Central Bank of Egypt, will auction Treasury Bills (T.bills) estimated at 9.7 billion EGP (around $1.1 billion) Sunday. The T-bills are to be offered in two installments; the first valued at 4.7 billion EGP with 91-day term, while the second worth 5 billion EGP with a 266-day term, Youm7 reported Saturday.

 

The Finance Ministry plans to put forward treasury bills and bonds worth 97.750 billion EGP in July, state news agency MENA reported on Friday.

 

 

Holding Co. For Maritime & Land Transport Chairperson Mohamed Youssef announced that the company’s net losses reached 156.6 million EGP (about $17.6 million) in 2015, Youm7 reported Saturday. He noted that the company has framed a general budget for the affiliated companies that suffer losses via pumping new investments.

 

The value of Egypt’s electricity sector arrears were estimated at 45 billion EGP, an anonymous official at the Egyptian Ministry of Petroleum told Youm7 Saturday. The arrears accumulated because the Ministry of Petroleum sells the electricity sector the subsidized gas and fuel for price higher than its purchase, he added.

 

 

Central Bank of Egypt (CBE) held Saturday the value of the Egyptian pound steady against the U.S. dollar; value of the pound preserved at 8.8571 against the U.S. dollar for purchase in the banks, which will sell the dollar to clients at 8.8800 EGP, Youm7 reported.