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Daily News Egypt
10 hours ago
- Business
- Daily News Egypt
Tax experts project EGP 15bn revenue boost following Old Rent Law ratification
The Egyptian Association of Tax Experts (EATE) expects state treasury revenues to rise by at least EGP 15bn in the first year following President Abdel Fattah Al-Sisi's ratification of Law No. 165/2025, commonly known as the Old Rent Law. Ashraf Abdel Ghany, tax accountant and founder of the EATE, said that, according to data from the Central Agency for Public Mobilization and Statistics (CAPMAS), Egypt has nearly 42 million housing units, comprising freehold, old rent, and new rent properties. Of these, 3.018 million units—covering apartments, houses, shops, and garages—fall under old rent contracts, representing about 7% of all housing units nationwide. Abdel Ghany noted that Law No. 49/1977 had exempted old rent units from all types of property taxes, both original and additional, and excluded their revenues from the general income tax base. However, under the newly ratified law, these exemptions will be abolished, meaning old rent units will now be subject to property tax, and their revenues will also be included in the general income tax base. The new law classifies old rent units into three categories. The first covers prime areas, where rental values will increase to 20 times the old rate, with a minimum rent of EGP 1,000. Most properties in this category are expected to be taxed. The second covers mid-range areas, where rents will rise to 10 times the old rate, with a minimum of EGP 400. About half of these units are expected to be subject to tax. The third category includes economic areas, where rents will also rise to 10 times the old rate, with a minimum of EGP 250. Properties in this category are not expected to be taxed. Abdel Ghany explained that the law mandates survey committees to determine the rental value for each area within three months of its enforcement. The valuation will be based on factors such as geographic location, property size, road and transport networks, and the availability of utilities and services. Once valuations are set, the property tax will be calculated at a rate of 10% of the net rental value, after deducting 30% as expenses for residential units and 32% for commercial and administrative units.
Al-Ahram Weekly
5 days ago
- Business
- Al-Ahram Weekly
Egypt trade deficit shrinks by approximately 18% in May - Economy
Egypt's trade deficit shrank by 17.8 percent year-on-year (YoY) in May to $3.4 billion compared to $4.2 billion in May 2024, according to data released by the Central Agency for Public Mobilization and Statistics (CAPMAS) on Tuesday. CAPMAS attributed this improvement to a moderate rise in exports and a simultaneous decline in imports, reflecting a shift in Egypt's external trade dynamics. The value of Egyptian exports rose to $4.25 billion in May, up from $4.1 billion in May 2024, a 4.6 percent increase YoY. The rise in exports was driven by the notable growth in key sectors, including a 53.5 percent hike in petroleum product exports, a 32.8 percent increase in ready-made garments, and a 21.7 percent uptick in pasta and other food preparations. However, exports of fresh fruits declined by four percent, fertilizers plummeted by 48 percent, and crude oil dropped by 48.3 percent YoY. Meanwhile, imports shrank to $7.7 billion in May, down from $8.21 billion in May 2024, a 6.7 percent decrease. The decline was driven by a significant reduction in the imports of petroleum products, which fell by 20.3 percent. Imports of iron and steel raw materials dropped by 34 percent, while those of primary plastic forms and iron and steel chemical products declined by 15.9 percent and 18.9 percent, respectively. Despite the overall decline, some import categories recorded sharp increases. Natural gas imports surged by 93 percent YoY, driven by rising domestic demand amid high summer energy consumption. Imports of pharmaceutical products rose by 19.1 percent, while those of passenger cars climbed by 14.5 percent compared to 2024. Egypt is working to enhance its trade balance by encouraging domestic production, expanding export markets, and rationalizing non-essential imports. The recent improvement in the trade deficit aligns with broader government efforts to reduce pressure on foreign currency reserves and support macroeconomic stability through a plan that aims to raise the country's exports to $115.8 billion annually by 2030. Egyptian exports hit over $40 billion in 2024, according to the Ministry of External Trade. CAPMAS is expected to release cumulative trade data for the first half of 2025 later this quarter. Follow us on: Facebook Instagram Whatsapp Short link:
Al-Ahram Weekly
6 days ago
- Business
- Al-Ahram Weekly
Egypt industrial exports surge to $17.6 bln in H1 2025 - Economy
Egypt's industrial exports have surged by 9.9 percent to an estimated $17.6 billion in the first half of 2025, Minister of Industry and Transport Kamel El-Wazir announced on Monday. This figure is up from the $16 billion in exports recorded during the same period in 2024, Minister El-Wazir said during the sixth Egyptians Abroad Conference in Cairo. El-Wazir added that the increase was a direct result of the country's prioritizing of its industrial sector, according to a cabinet statement. He highlighted the government's strategy focusing on the establishment of specialized industrial cities, such as the Leather City in Rubiki and the Margham Plastic Industries Complex. These are part of a wider initiative to build 16 new industrial complexes across 15 governorates, El-Wazir clarified, adding that the plan is designed to strengthen local manufacturing, bolster supply chains, and create new jobs. Furthermore, he highlighted other key achievements, including the allocation of over 2,000 land plots for industry and the issuance of nearly 2,000 building permits. He noted that the government has supported over 6,000 factories, ensuring that none were forced to close, the statement added. The minister detailed new financing initiatives and legislative reforms aimed at attracting investment. He explained that 5,773 new factories have been granted operating licenses, creating more than 230,000 jobs, and that 987 previously stalled factories have been brought back into operation. This focus on industrial exports is part of an ambitious government plan to boost annual exports to $115.8 billion by 2030 and reduce the import bill. According to the Central Agency for Public Mobilization and Statistics (CAPMAS), Egypt's total exports reached $44.846 billion in 2024, up from $42.553 billion in 2023. Imports also increased, reaching $94.69 billion in 2024, compared to $84.22 billion in 2023, according to media reports. Follow us on: Facebook Instagram Whatsapp Short link:
CairoScene
03-08-2025
- Business
- CairoScene
Platform Launched to Track Local Development Data in Egypt
A national platform has been introduced to monitor development across Egypt's governorates, using official data and international benchmarks tied to Vision 2030. Aug 03, 2025 A new digital platform has been launched to monitor local development progress across Egypt's 27 governorates. Designed as an interactive dashboard, the tool presents regularly updated data to support evidence-based planning at both the national and regional levels. The initiative tracks performance against 17 long-term development goals that align with Egypt's Vision 2030 strategy. The platform relies on official national data sources, including the Central Agency for Public Mobilization and Statistics (CAPMAS), and uses internationally recognised methodologies to assess progress. Each governorate is evaluated according to three criteria: the performance gap between current indicators and 2030 targets, the required annual rate of improvement, and national rankings. It was stated that governorates are key players in Egypt's development planning process, and the platform is expected to help improve resource allocation and ensure more balanced growth across regions. The system also builds on earlier SDG localisation reports produced in collaboration with the UN Population Fund and the UN Development Programme.
See - Sada Elbalad
27-07-2025
- Business
- See - Sada Elbalad
Egypt's Trade Deficit Narrows to Lowest in Six Years as Exports Surge
Taarek Refaat Egypt's non-oil trade deficit fell sharply in the first half of 2025, reaching its lowest level in six years at $14.3 billion, down nearly 18% year-over-year, according to Bloomberg. The improvement was largely driven by a surge in goods exports, which rose by 22% to $24.5 billion between January and June. Imports during the same period also increased, but only marginally, up 3% to $38.8 billion. In the same period last year, the trade deficit stood at $17.4 billion. The biggest contributor to Egypt's export growth was the building materials and metals sector, which accounted for 30% of total goods exports — approximately $7.5 billion. Other major contributors included: Chemicals and fertilizers: $4.5 billion (18%) Food industries: $3.3 billion (13%) Engineering products: $3.1 billion (12%) Agricultural exports: $2.9 billion (12%) Ready-made garments: $1.6 billion (6.5%) The government aims to increase total exports to $145 billion by 2030, with $118 billion coming from industrial exports. UAE Leads as Top Export Destination Five countries accounted for nearly 40% of Egypt's total exports in the first half of 2025: United Arab Emirates – $3.7 billion (up 163% YoY) Turkey – $1.6 billion Saudi Arabia – $1.4 billion (down 14%) United States – $1.43 billion Italy – $1.37 billion The rise in non-oil exports helped offset declining Suez Canal revenues, which have been impacted by disruptions in Red Sea shipping caused by Houthi attacks. In 2024, Egypt's total exports grew 5.4% to $44.8 billion, of which $39.4 billion were non-oil exports, according to the Central Agency for Public Mobilization and Statistics. Despite the positive trend, Minister of Investment and Foreign Trade Hassan El-Khatib acknowledged in January that Egypt's exports still represent only 10% of GDP, one of the lowest ratios globally. The government's target is to raise this figure to 20–30%, while maintaining import levels at around 20% of GDP, a rate El-Khatib called 'moderate.' As part of its new export support framework, Egypt plans to link incentives to annual increases of 5% in local content, maintaining a minimum threshold of 35% local input for eligibility. The government has also nearly doubled its export support budget, allocating EGP 45 billion ($975 million) for fiscal year 2025–2026, compared to EGP 23 billion the previous year. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Sports Get to Know 2025 WWE Evolution Results News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" Arts & Culture Hawass Foundation Launches 1st Course to Teach Ancient Egyptian Language
