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Daily News Egypt
18 hours ago
- Business
- Daily News Egypt
ETA poised to back Chinese firms' expansion in Egypt: Chief
Rasha Abdel-Aal, Chair of the Egyptian Tax Authority (ETA), affirmed the authority's commitment to enhancing economic cooperation with countries around the world in a manner that fosters new investments into Egypt's business climate. She underscored that Chinese companies are among Egypt's most significant partners and confirmed ETA's full readiness to provide all necessary support for their expansion and continued growth. Abdel-Aal proposed the formation of a permanent joint committee between the ETA and the Chinese Chamber of Commerce to further strengthen this partnership and deepen economic collaboration. She noted that recent tax facilitation measures—enacted through Laws 5, 6, and 7 of 2025—have contributed to creating an ideal and investor-friendly tax environment. These laws represent a strategic shift in Egypt's taxation approach, resolving longstanding disputes and marking a new phase in business-state relations based on certainty, development, and mutual trust. She added that a simplified, integrated tax framework has also been introduced for small and micro-enterprises with annual revenues below EGP 20m. Abdel-Aal highlighted additional institutional reforms, including the establishment of an Advance Rulings Unit that offers precise advisory services for investors planning to enter the Egyptian market, supporting feasibility studies with accurate, up-to-date data. A dedicated Complaints Unit has been launched to swiftly handle taxpayer grievances. Meanwhile, the Investor Support Unit has been upgraded, and new mechanisms for Central Clearing and VAT refunds have been rolled out—reducing the average processing time for VAT refunds to just 22 days from the date of application. Ashraf El-Zayat, Head of the Audit Sector at the ETA, explained that Law 5 of 2025 supports economic formalisation by exempting past liabilities, allowing businesses to treat their date of registration with the ETA as the official start of operations. The law also permits the submission or amendment of tax returns for the period from 2020 to the date of enactment without incurring penalties or fines. Speaking during the ETA's meeting with the Chinese Chamber of Commerce, El-Zayat also elaborated on the simplified tax framework for small and micro-enterprises earning under EGP 20 million annually. The law introduces a streamlined tax rate, beginning at 0.4% for annual revenues under EGP 500,000 and rising to a maximum of 1.5% for those earning between EGP 10m and under EGP 20m. It also provides partner taxpayers with free technical support and electronic point-of-sale (POS) systems. Saeed Fouad, Advisor to the ETA Chair, stated that the authority has released comprehensive guides to unify auditing standards nationwide and prevent arbitrary assessments. Additional reference materials have been published to inform investors of their rights, responsibilities, tax benefits, and incentives—contributing to increased transparency and awareness of Egypt's tax framework. These guides are available in multiple languages on ETA's official website, Fouad noted, adding that preparations are underway to launch the authority's first official English-language website. This initiative, he said, will lay the groundwork for future multilingual expansions aimed at promoting Egypt's tax culture on a global scale. 'We value our trade ties with Egypt, which serve as a model for development across the Global South—particularly in the Suez Canal Economic Zone,' said Chang Wei-Tsai, President of the Chinese Chamber of Commerce in Egypt. 'We extend our sincere appreciation to the ETA for their ongoing cooperation and strong support for Chinese enterprises operating in Egypt.' Tsai added that the Chamber has become a vital link facilitating trade between China and Egypt, contributing to the creation of over 100,000 jobs for Egyptian citizens. He also expressed interest in expanding partnerships in clean energy—particularly solar, wind, and hydropower—supporting Egypt's transition to a green economy.
Yahoo
21-04-2025
- Business
- Yahoo
Amid economic uncertainty local floral, fashion businesses persist
HONOLULU (KHON2) — The Chinese Chamber of Commerce celebrated its 75th Narcissus Festival anniversary, providing a spotlight to two industries that may be feeling the effects of tariffs: fashion and florals. The Chamber's Blossoms and Couture show highlighted talent in both fields, with many vendors at the event relying on raw materials from Asia. Their reliance on overseas materials creates a hazy future, which leaves some business owners like Naomi Shishido unsure of the sustainability of their products. Tariffs on imports raise cost of cut flowers in Hawaii 'I haven't gone [to Japan] this year, since this new president. I haven't gone back,' Shishido said. 'I have so much inventory now. As soon as that runs out, I don't know what's going to happen.' Despite the economic uncertainty, leaders in the industry such as Barinna Poon of the Hong Kong Business Association are looking forward to good-faith negotiations between the states and China. 'There's no certainty, but I think China and U.S. are such big economic leaders that eventually they will come to the table,' Poon said. In the meantime, the Chinese Chamber of Commerce is working to uplift and create opportunities for local businesses who may see tough times in their forecasts.'We're trying to be there for the Chinatown businesses, the local businesses that will be impacted by these uncertain times,' said Michael Young of the Chinese Chamber of Commerce. 'So we want to be a resource for them, providing information and guidance to the support they need.' Boosts like their event combining fashion and florals is one way the Chamber is able to uplift local businesses and creatives, who have already had to endure difficult times. For fashion designer Anne Namba, she has persisted for 30 years through inflation, recessions, COVID and the regular ups and downs of the local economy. While Namba's doors have stayed open through many turbulent times, she is not sure how her business will face the threat of tariffs. 'I do get a lot of my goods coming from Korea, China, Japan. So I don't know yet,' Namba said. Download the free KHON2 app for iOS or Android to stay informed on the latest news Floral designers were able to showcase their artistry with wearable tropicals at the event, with the flowers donated by Watanabe Floral. Despite the stunning flowers found in the islands, Hawaiʻi's floriculture industry is showing an almost 50% decline in total sales over the past several years. Despite the decline in the local floriculture industry, designers from the mainland are impressed with Hawaiʻi's flora, giving some encouragement to local growers. 'All of the tropical flowers we love to have are here,' said Lily Chan, a floral designer from San Francisco. 'Sometimes it's more expensive to ship to the Bay Area, but all of the tropical flowers we love are here.' The Chamber hopes that by offering events like the floral fashion event, as well as new markets and encouraging innovation, local businesses will be able to have a tariff buffer, allowing them to thrive. 'We're carrying on, being creative and positive, and going to do what we always do,' Namba said. 'So we'll see.' Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
