Gareth Bale set to miss Madrid's game against Espanyol    Greece to expel Libyan ambassador over Turkey-Libya accord    UN office: Iranian forces were 'shooting to kill' protesters    Activist Thunberg completes intercontinental dash to Madrid climate summit    WHO decries "collective failure" as measles kills 140,000    Allegri in no rush to return to management    Live score: Egypt's Ahly v Sudan's Al-Hilal (African Champions League)    Egypt, Italy foreign ministers discuss bilateral ties, regional issues    Egypt's exports of jewelry, precious stones hit $1.6 bln in 10 months: ECBM    Egypt hopes to make new capital the largest investment hub – official    The monster that created Michelangelo's sins    First flight attendant with Down syndrome leads crew on International Day of Disabled Persons    Egypt's PM meets Al-Futtaim group CEO, asserts gov't support for real investments    Loneliness is unwanted friend    Things to do to receive 2020 feeling better    European shares climb ahead of data and OPEC meeting; Moncler up 11%    Mohamed Salah, Zamalek's Hamed represent Egypt in shortlists for CAF awards    Legal experts tell Congress that Trump's actions are impeachable    Get to know top 5 things about cyber insurance    Rate of HIV infections in Egypt around 0.02% – minister    Egypt launches new mobile app to follow up national projects    Oil steadies after price jump, investors wait on OPEC meetings    Adam Sandler threatens to make ‘so bad' movie if he doesn't win Oscar    Lebanese c.bank instructs banks to cap interest rates on deposits    Egypt's Tahrir Square among top Reuters photos of a decade    Ahly labour to Egypt Cup win over second-division Beni Suef    In charge of the news    Gearing up for the World Youth Forum    Michelangelo and company    
Don't miss Miami Theatre's new theatrical production Rasayal Ala'oshaq    Lionel Messi claims record sixth Ballon d'Or award    Shaaban Abdel Rahim, passed away aged 62 years    Tencent bullish on future games industry growth in Middle East    Lebanese parliament committee to approve 2020 budget by year-end: Head    Egypt names 16 new governors ahead of anticipated Cabinet reshuffle    Egypt's MPs back potential return of information minister post in expected reshuffle    Court sentences six to death, 41 to lifetime imprisonment violence related case    Trump says he would release Mideast peace plan after Israeli elections    ACWA Power compares 3 bids to supply production units for Luxor power station    What do you know about gold alloying?    NBE announces EGP 2.5m prizes for handball youth teams for their world achievements    Jennifer Lopez evokes Egyptian outrage post her North Coast performance    Al-Sisi honours Egypt's scholars on Science Day    IS claims responsibility for suicide bombing killing 63 in Afghan wedding    Political parties gear up for parliamentary, senate, local elections    Unprecedented Glory: Egypt win Men's U-19 World Handball Championship    12th National Egyptian Theatre Festival fuel up public theatre art scene    Ministry of Environment has a plan for "black clouds season"    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.





Industry committee agent in parliament submits draft law to remove detergents from table tax
Published in Daily News Egypt on 18 - 07 - 2018

The second agent of the industry committee within the parliament, Mohamed Zakaria Mohy El-Dein, said that he submitted a draft law to eliminate detergents from table taxes over the upcoming period.
He added that the draft law aims to reduce burdens on manufacturers with the harm they have seen from being subject to the table tax.
By removing these products from the table tax, estimated to be 5%, these products would be subject to the value added tax (VAT).
Mohey El-Dein said that the draft law will be studied once 60 MPs sign it from the committees of industry and planning and budget.
A member in the planning and budget committee in the parliament said that excluding detergents from the tax over the upcoming period is not possible with the Finance Ministry targeting EGP 770bn, as VAT and table tax represent EGP 320bn of them.
"The Finance Ministry will look into the issue based on the report submitted to it from the industry committee in a way that does not affect financial tax resources this fiscal year," he added.
Mohamed Fekry Abdelshafie, the head of the detergents division in the chemical industries chamber, said that removing the detergents from table tax and making them subject to the regular 14% will contribute to reducing the cost on factories, and hence on consumers.
He added that including detergents among regular goods allows deducting the tax on production inputs from the total tax, unlike including them within the table goods, which do not allow deduction and increase the tax to 19%, and hence increase the cost for factories.
He explained that once the draft law is approved, this would contribute to bringing back balance to the market, reduce costs, and increase the demand on the products of companies working in the official sector after the price increase led to factories of a much poorer quality to acquire a share of the market.
He noted that the detergents sector is highly connected to global petroleum prices, because the chemical materials that are part of the production requirements are produced from petroleum derivatives.


Clic here to read the story from its source.