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Today's Economy News ... Minister of Planning: Poverty rates decreased to 28.5%


Today, Tuesday 5-25-2021, witnessed a number of economic events that were monitored on the pages of the seventh day, among them the following:



Financial: Increasing the stay of goods in customs warehouses from 6 to 9 months

Mohamed Maait, Minister of Finance, responded to the comments made by the business community on the draft executive regulations for the new customs law, and decided to re-launch the draft of this regulation for community dialogue again for a period of a week, starting today, taking into account the proposals and observations of customs dealers, directing the publication of the new draft of this regulation. On the website of the Ministry of Finance: www.mof.gov.eg and the website of the Customs Authority: www.customs.gov.eg, in order to come up with a consensual formula that contributes to stimulating investment, expanding the export base and enhancing the competitiveness of Egyptian products in global markets.


The Minister affirmed his keenness to establish bridges of trust with the business community; As an authentic partner in the unprecedented developmental movement that Egypt is witnessing; In a way that contributes to strengthening the structure of the national economy, in a way that is reflected in improving the standard of living of citizens and improving the services provided to them, explaining that responding to the remarks of those dealing with customs in the draft of this regulation is a real process translation of the community dialogue mechanism that the Ministry of Finance adopted in proposing draft laws and new regulations. In the context of the serious endeavor to develop and automate work systems according to the latest international experiences and practices, to deepen the pillars of transparency, national partnership, and to strengthen governance.


Taxes: The Small Enterprises Law is an important step in eliminating the informal economy

 


Reda Abdel Qader, Head of the Egyptian Tax Authority, emphasized that the Medium, Small and Micro Enterprises Law is an important step towards controlling the tax community and integrating the informal economy into the formal economy system through the package of benefits and incentives provided by this law. Ministers, Resolution No. 654 of 2021 regarding the executive regulations of the Small, Medium and Small Enterprises Development Law No. 152 of 2020.


Abdel Qader added that the executive regulations include all the details related to licenses to start these projects, and the required requirements. The regulations also include rules for organizing facilitation of financing for these projects, the state’s plan for concessional financing, and reconciling the status of medium, small and micro enterprises operating in the field of the informal economy, in addition to Determine the tax and non-tax incentives for projects, the basis for the tax treatment, and the incentives established for companies and enterprises that support small and micro enterprises and entrepreneurship.


Customs: The mandatory application will be launched in the seaports on the first of next July

 

The Customs Authority, in cooperation with the Egyptian Company for Electronic Commerce Technology (MTS), prepared a number of explanatory videos, as part of the media campaign directed by Dr. Mohamed Maait, Minister of Finance; To introduce the "ACI" system of pre-registration of shipments, calling on importers and their agents from customs brokers to expedite the joining of this new system, which will be compulsorily operated in sea ports on the first of next July; In a way that contributes to reducing the time of customs clearance, so that ports are only gates for transit and not places for storage.


A statement by the Ministry of Finance stated that Egypt is one of the first countries in the region to apply the customs system "ACI", in line with the developed international regulations in the field of cross-border trade, as it is based on processing shipments data during the "pre-shipment" stage in the country of export, as stated Contributes to simplifying procedures, reducing the number of documents, and eliminating what is known in the media as "the alcoholic importer", that unknown person who is the culprit in cases of goods of unknown origin or prohibited from entering the country, and violating and criminal shipments, and then customs ports get rid of the neglected and stagnant goods.


Minister of Planning: Poverty rates decreased to 28.5% in 2021/2022

Hala Al-Saeed, Minister of Planning and Economic Development, held several meetings yesterday with representatives of the International Monetary Fund (IMF) mission via video conference, to discuss a number of important issues, as one of the meetings discussed the results of the income and spending survey and the labor force survey.


In the presence of Ahmed Kamali, Deputy Minister of Planning and Economic Development, Jamil Helmy, Assistant Minister for Follow-up Affairs of the Sustainable Development Plan, Nadi Masoud, Economic Advisor to the Minister, Reham Rizk, Director of the Modeling Unit at the Ministry, with the participation of Ahmed Kojak, Deputy Minister of Finance, and with the participation of Sally Rifat, Deputy Governor of the Central Bank for the Markets Sector, Smart Ibrahim, Deputy Governor for the Market Sector, Yasmine Abbas, Deputy Governor for the Markets Sector, representatives of the Central Bank, and with the participation of Heba Al-Laithi, Advisor to the Head of the Public Mobilization and Statistics Authority for Community Protection, Awatif Imam, Advisor to the Head of the Agency, Abdul Hamid Sharaf al-Din, Advisor to the Head of the Agency, representatives of the Public Mobilization and Statistics Authority.


Telecom Egypt launches "WE Access" service to support small and medium enterprises

Telecom Egypt, the first integrated operator of communications and information technology services in Egypt, announced the launch of the "WE Access" service to support small and medium enterprises in developing their business and promoting the digital transformation process, by helping companies connect office and branch locations easily and with the highest degree of control and data security. In addition to providing data analysis services that greatly assist in marketing business support and development.


The new service provides comprehensive technical solutions for small and medium businesses, and provides additional data security by providing a smart private wireless network (SMART Wi-Fi) for employees and a public network for visitors, and it also gives companies the ability to manage more than 250 people on each hotspot with the potential to save thousands. From points of contact, in addition to that, the service provides detailed, accurate reports that allow making decisions based on data, and gives the company the ability to interact with customers and understand their behavioral trends, which contributes to increasing revenues, improving operational efficiency and reducing costs.


A study to establish a direct trade hub between Egypt and Bahrain to meet the needs of the Gulf markets

 

Nevin Jameh, Minister of Trade and Industry, affirmed the government's keenness to strengthen economic cooperation between Egypt and the Kingdom of Bahrain with the aim of increasing the rates of intra-trade and joint investments between the two sides during the next stage, noting the importance of translating the distinguished relations between His Excellency President Abdel Fattah Al-Sisi and His Majesty King Hamad bin Isa Al Khalifa For concrete cooperation projects that serve the interests of the two brotherly peoples.


This came during the expanded meeting held by the Minister with the delegation of the Bahrain Chamber of Commerce and Industry headed by Samir Abdullah Nass, President of the Chamber and Chairman of the Federation of Chambers of Commerce of the Gulf Cooperation Council. The meeting was attended by Dr. Khaled Hanafi, Secretary General of the Federation of Arab Chambers, Hatem Al Ashry, Adviser to the Minister for Institutional Communication, and Dr. Alaa Ezz, Secretary General of the Federation Arab rooms.


Reducing the cost of credit inquiry for customers of installment companies to 5 pounds

Dr. Islam Azzam, Vice President of the General Authority for Financial Supervision, announced the reduction of the cost of the credit information service for consumer finance clients, in a way that contributes to increasing the purchasing power of the community, after holding successive meetings with officials of the Egyptian Credit Inquiry Company to agree on setting a specific mechanism to reduce the financial burdens it bears. Practitioners of the activity against the cost of the required credit report on the customer.


The Egyptian Company for Credit Inquiry, I-Score, agreed to grant a discount of up to 50% in the cost of the credit report for the customer, to become 30 pounds for corporate customers and 15 pounds for an individual, and this discount will benefit the segment of consumer finance practitioners in service activities such as educational, medical, travel and tourism services, etc. and paid cards .



Currency rates today, Tuesday, 5-25-2021 in Egypt

Some Arab and foreign currencies rose today, Tuesday 5-25-2021, except for the "dollar and the Saudi riyal", which witnessed stability against the Egyptian pound in banks operating in Egypt, as the euro exchange rate rose against the Egyptian pound today, according to the latest updates of the National Bank of Egypt to record 19.05 pounds To buy, 19.23 pounds for sale, compared to its price yesterday was 18.98 pounds to buy, 19.15 pounds for sale.


Dollar price today

 

The price of the dollar stabilized today against the Egyptian pound, according to the latest updates of the National Bank of Egypt, at a price of 15.60 pounds for purchase and 15.70 pounds for sale.


The price of the European euro today

 

The euro’s exchange rate rose against the Egyptian pound today, according to the latest updates of the National Bank of Egypt, to record 19.05 pounds for purchase, 19.23 pounds for sale, compared to yesterday's price of 18.98 pounds for purchase, 19.15 pounds for sale.


The price of the British pound today

According to the latest updates of the National Bank of Egypt, the exchange rate of the pound sterling against the Egyptian pound rose to 22.07 pounds for purchase, 22.29 pounds for sale, compared to yesterday's price of 22.05 pounds for purchase, 22.24 pounds for sale.


The price of the Saudi riyal today

 

According to the latest data of the National Bank of Egypt, the exchange rate of the Saudi riyal against the Egyptian pound has stabilized at 4.15 pounds for purchase and 4.18 pounds for sale.


The Kuwaiti dinar price today

The Kuwaiti dinar exchange rate rose against the Egyptian pound today, according to the latest National Bank of Egypt data, to record 49.09 pounds for purchase, and 52.22 pounds for sale, compared to yesterday's price of 49.08 pounds for purchase, and 52.20 pounds for sale.

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