logo

OPEN// Sisi greets Egyptians, Arab, Islamic nations on new Hijri year

Middle East3 days ago

CAIRO, June 26 (MENA) - President Abdel Fattah El Sisi greeted the Egyptian people as well as the Arab and Islamic nations on the new Hijri year 1447.
On his Facebook page, the president wrote that Prophet Muhammad's migration will remain an eternal symbol of diligence, patience, and sacrifice.
The president added that the prophet's migration is guideline for the drive of building an advanced nation that enjoys peace and stability.
He concluded by wishing all to enjoy prosperity and welfare in the new year.
Thursday, June 26, marks the first day of Muharram, the first month of the Islamic calendar. (MENA)
M N E/

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Egypt extends condolences to Sudan following deadly gold mine collapse - Foreign Affairs
Egypt extends condolences to Sudan following deadly gold mine collapse - Foreign Affairs

Al-Ahram Weekly

timean hour ago

  • Al-Ahram Weekly

Egypt extends condolences to Sudan following deadly gold mine collapse - Foreign Affairs

Egypt has extended its heartfelt condolences to Sudan following a tragic gold mine collapse in eastern Sudan that resulted in dozens of fatalities, according to an official statement by the Ministry of Foreign Affairs on Sunday. The statement added that the Egyptian government reaffirmed its full solidarity with Sudan during this difficult time, emphasising its support for the Sudanese government and people in facing the aftermath of the disaster. Egypt also expressed the most profound sympathies to the families of the victims, wishing a speedy recovery for the injured, read the statement. At least 11 people have been killed following the collapse of a gold mine in northeastern Sudan, local media reported on Sunday. According to the Sudanese media, the incident occurred on Saturday in the Howaid Desert, located in Nile River State. Witnesses said large volumes of sand and rock gave way, burying miners at an informal site known for unregulated and unsafe mining practices. Follow us on: Facebook Instagram Whatsapp Short link:

Egyptian Parliament approves 12% annual hike in cigarette prices
Egyptian Parliament approves 12% annual hike in cigarette prices

Daily News Egypt

timean hour ago

  • Daily News Egypt

Egyptian Parliament approves 12% annual hike in cigarette prices

The Egyptian House of Representatives, in a general session on Sunday chaired by Speaker Hanafy Gebaly, approved a government-submitted draft law amending select provisions of the Value Added Tax Law (Law No. 67 of 2016). The amendment aims to strengthen state revenues and promote tax and social equity. Under the new legislation, both the minimum and maximum retail price thresholds for cigarettes will increase by 12% annually over three years, starting on 5 November 2025. The rate of increase may be adjusted downward based on changes in production costs. This measure is part of broader government efforts to expand the tax base and raise public revenues amid ongoing financial pressures. Specifically, the amendments raise the maximum retail price for local cigarettes sold for less than EGP 38.88 to EGP 48. Cigarettes priced between EGP 38.88 and EGP 56.44 will now fall within a new range of EGP 48 to EGP 69. For imported cigarette brands previously priced up to EGP 56.44, the cap will also be raised to EGP 69. These price thresholds are set to increase annually by 12% through 2028. In addition, the law introduces a significant change to the taxation of alcoholic beverages, shifting from a percentage-based system to a fixed-rate structure. Taxes will now be levied based on alcohol content, with an annual increase of 15% for three consecutive years..

Key Amendments to Egypt's VAT Law: New Taxes on Cigarettes, Media Services, and Crude Oil
Key Amendments to Egypt's VAT Law: New Taxes on Cigarettes, Media Services, and Crude Oil

See - Sada Elbalad

timean hour ago

  • See - Sada Elbalad

Key Amendments to Egypt's VAT Law: New Taxes on Cigarettes, Media Services, and Crude Oil

Taarek Refaat The Egyptian government has submitted a draft law proposing significant amendments to the Value Added Tax (VAT), aiming to enhance state revenues and promote fiscal and social justice. A central element of the proposal is a 12% annual increase in the minimum and maximum retail prices of cigarettes for three consecutive years, starting November 2025. This increase may be adjusted downward depending on production costs. Additionally, the draft law introduces a new taxation system on alcoholic beverages, shifting from a percentage-based tax to a fixed-rate system with progressive tax rates tied to alcohol content, increasing annually by 15% over three years. The draft law also expands VAT coverage by subjecting news agencies and certain advertising services to tax, eliminating their previous exemptions, to further develop state resources. Another notable change is the imposition of a 10% VAT on crude oil, removing the prior tax exemption to boost public revenues. Details on Cigarettes Pricing and Taxation The amendments revise the VAT schedule to allow for an increase in the fixed tax category and the price limits on locally produced cigarettes that currently sell for up to EGP 38.88, raising the maximum retail price to EGP 48. Cigarettes priced between EGP 38.88 and EGP 56.44 will see their price range adjusted to between EGP 48 and EGP 69. Similarly, locally produced or imported cigarettes priced above EGP 56.44 will have a maximum price set at EGP 69. The annual 12% increase on these price limits will commence on November 5, 2025, continuing for three years. The government reserves the right to adjust this annual increase based on the actual production cost, as assessed and proposed by the Minister of Finance and approved by the Cabinet. Changes to Alcohol Taxation The draft law replaces the percentage-based VAT on alcoholic drinks with a fixed tax system that imposes higher rates depending on alcohol concentration. This move aligns with World Health Organization standards and aims to protect public health. The tax rates will increase by 15% annually for three years, starting one year after the law's enactment, then reduce to a 12% annual increase. Expanded VAT Coverage and Other Adjustments The proposal also includes: Subjecting commercial trademarks, similar to those of retail stores, to VAT to ensure tax equity. Taxing certain media services and advertising agencies that were previously exempt. Subjecting crude oil to a 10% VAT, removing the exemption previously granted to this commodity. Excluding contracting and construction activities from the fixed VAT schedule and applying the general VAT rate instead, enabling input tax deductions and reducing costs for businesses. These amendments reflect the government's commitment to enhancing financial resources, ensuring fairness in the tax system, and supporting Egypt's fiscal stability through targeted reforms. 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 China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer 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 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

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store