logo
Members of Congress call on Trump to evacuate Americans from Israel

Members of Congress call on Trump to evacuate Americans from Israel

Basant Ahmed
Forty-five bipartisan members of the US House of Representatives urged President Donald Trump and Secretary of State Marco Rubio to evacuate Americans from Israel amid ongoing tensions with Iran.
In this context, the American website "The Intercept" highlighted the continued exchange of strikes between Israel and Iran for the sixth consecutive day on Wednesday, amid escalating talk of a direct American role in the Israeli aggression against Iran.
This raises an important question about whether Trump needs congressional approval before taking any military action that would plunge Washington into a war against Tehran.
read more
Gold prices rise, 21 Karat at EGP 3685
NATO's Role in Israeli-Palestinian Conflict
US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria
Shoukry Meets Director-General of FAO
Lavrov: confrontation bet. nuclear powers must be avoided
News
Iran Summons French Ambassador over Foreign Minister Remarks
News
Aboul Gheit Condemns Israeli Escalation in West Bank
News
Greek PM: Athens Plays Key Role in Improving Energy Security in Region
News
One Person Injured in Explosion at Ukrainian Embassy in Madrid
News
China Launches Largest Ever Aircraft Carrier
Sports
Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer
Lifestyle
Get to Know 2025 Eid Al Adha Prayer Times in Egypt
Business
Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War
Arts & Culture
Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies
News
Flights suspended at Port Sudan Airport after Drone Attacks
Videos & Features
Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream
News
Shell Unveils Cost-Cutting, LNG Growth Plan
Technology
50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean
News
3 Killed in Shooting Attack in Thailand

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

House approves tax exemptions for UAE sovereign fund
House approves tax exemptions for UAE sovereign fund

Mada

timean hour ago

  • Mada

House approves tax exemptions for UAE sovereign fund

To pave the way for more Emirati investments and secure the capital return on those already made in Egypt, the House of Representatives approved on Sunday a supplementary protocol to the Egyptian-United Arab Emirates tax agreement, granting the Emirati sovereign wealth fund a tax exemption in Egypt. The annex, issued by presidential decree earlier this year, recognizes Egypt's Sovereign Fund and UAE's Abu Dhabi Development Holding Company (ADQ) as 'government institutions' and consequently allows both funds to benefit 'from the tax exemptions stipulated in the agreement.' Upon their approved recognition in the agreement as government bodies, both funds are subject to Article 24, which grants tax exemptions on income generated by the government as well as its affiliated bodies, according to a joint report issued by the House planning and budgeting and Arab affairs committees and reviewed by Mada Masr. The agreement with the UAE, aimed at enhancing investment and trade relations between both countries, was initially approved by President Abdel Fattah al-Sisi in November 2019, under the Presidential Decree 558 of 2020. Emirati investments are crucial for Egypt at a time when the country's economy is deeply affected by Israel's aggression on Gaza and more recent attacks on Iran. Last year alone, ADQ, the Gulf country's largest sovereign fund, invested US$35 billion through the Ras al-Hikma development project in the North Coast. Half of the mega deal's proceeds were allocated at the time to easing the country's growing public debt. ADQ also acquired stakes in three state-owned petroleum companies for $800 million in November last year. Under Article 24's second section, the term 'government' includes 'the government, its agencies and institutions […] as well as any other institution or body mutually agreed upon from time to time by the governments of the two contracting states.' In the past, Egypt signed 60 similar agreements with other countries, some dating as far back as the 1970s, a Finance Ministry official told Mada Masr on condition of anonymity. These agreements are periodically reviewed and re-negotiated by both parties, the official said. When amendments are limited to one or two provisions, they said, they are issued in the form of a protocol and appended to the original agreement. In this case, the protocol was necessary because the original tax agreement was finalized in 2017, before either the Egyptian or Emirati sovereign wealth funds were established. Agreements to avoid double taxation typically require that the benefitting entities be explicitly named. According to the official, the supplementary protocol was added after it became clear during ADQ's financial dealings that the fund was not listed among the beneficiaries of the agreement, as it had not been named or specified in the original text. The exemptions outlined in Article 24 include taxes on three types of income: dividends, capital gain, and interest, a source in the House Planning and Budgeting Committee told Mada Masr. The interest exemption applies to all forms of government lending instruments, such as bonds, sukuks and deposits, among others. Upon the maturity of the financial instrument, the lender or investor receives the principal amount along with interest — or what is considered profit — from which the Finance Ministry deducts a 20 percent tax, as stipulated in the Income Tax Law, which applies to both Egyptians and non-Egyptians. While the government continues to offer incentives, including tax exemptions, to encourage Emirati investment in the domestic economy, it has been less forthcoming with other international entities. In November 2023, Euroclear, a platform for settling securities transactions that Egypt had hoped to join, requested a tax exemption on treasury bills and bonds as a condition for granting access to the government's debt market. The Egyptian government has yet to respond to the request.

Trump Calls for De-escalation Btw Israel & Iran, Highlights U.S. Military Strength
Trump Calls for De-escalation Btw Israel & Iran, Highlights U.S. Military Strength

See - Sada Elbalad

timean hour ago

  • See - Sada Elbalad

Trump Calls for De-escalation Btw Israel & Iran, Highlights U.S. Military Strength

Nada Mustafa U.S. President Donald Trump expressed his preference for de-escalation between Israel and Iran, stating, 'We have stealth aircraft and the best weapons in the world.' Trump added that he discussed the Iran issue with a senior Pakistani military official, noting, 'The Chief of Staff agrees with me and is closely monitoring the developments between Israel and Iran.' read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean News 3 Killed in Shooting Attack in Thailand

Israeli Forces Arrest 60 Palestinians from West Bank
Israeli Forces Arrest 60 Palestinians from West Bank

See - Sada Elbalad

timean hour ago

  • See - Sada Elbalad

Israeli Forces Arrest 60 Palestinians from West Bank

Basant Ahmed Since yesterday evening until Wednesday morning, the Israeli occupation forces launched an arrest campaign that targeted at least 60 Palestinians from the West Bank. The occupation forces continue tto escalate arrests and field investigations at an increasing pace, with at least 160 arrests in the West Bank since the beginning of this week, some of whom were later released. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean News 3 Killed in Shooting Attack in Thailand

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store