Hi Egyptian Tax Authority is now connected;;;;

Hi Egyptian Tax Authority is now connected;;;;

The authority cooperated with E-Finance to launch website to better serve tax community;;;;

The Egyptian Tax Authority announced developing its online services in cooperation with E-Finance company by developing a website to provide services through electronic means.

Head of the Egyptian Tax Authority Mustafa Abdul Kader announced that the website www.eta.gov.eg had been launched successfully. 

VISIT SITE HERE

The website aims to develop the performance of the authority and provide comprehensive services for clients who deal with the tax system.

The vision behind the website was drawn by both the tax authority and the Ministry of Finance to cater to financiers or researchers. 

Abdul Kader said that the authority employees were trained to deal with the technology and provide the new portal and update it with data, laws, regulations, decisions and instructions to be in constant communication with the tax community.

E-Finance Chairman, Ibrahim Sarhan stated that the company as a national one aims to help the government with its e-projects with its high-tech infrastructure as well as its secure encrypted network. E-Finance's shareholders include the National Investment Bank, the National Bank of Egypt and Banque Misr.

The move comes in line with the anticipated Economic Conference due to take place in March in Egypt. The government aims t attract investments and to achieve that developing the tax authority services was necessary.

Hi Let’s talk Micro finance in Egypt!.

Hi Let’s talk Micro finance in Egypt!.

With the new microfinance law issued this week, Egypt Business Directory looks at the microfinance landscape in Egypt.

The new law was issued last Thursday, according to the Egyptian Financial Supervisory Authority (EFSA), and aims at regulating microcredit provided by non-bank financiers, putting them under the authority of EFSA. This concerns mainly companies and non-governmental organizations, whereas banks will continue to respond to the Central Bank of Egypt.

This aims at strengthening the regulatory framework and practices, in order to attract investors, according to the head of EFSA Sherif Samy.

Whereas the law might help resolve issues that had arisen earlier, regulatory framework and practices are not Egypt’s biggest problem in the microfinance sector.

The Economist Intelligence Unit released a report last year entitled “Global microscope on the microfinance business environment 2013”, which evaluated 55 countries according to the regulatory framework and practices, supporting institutional framework (transparency and client protection) and stability (in terms of political situation).

Egypt advanced from the 50th to the 49th rank compared to a year earlier; however, the main burden facing microfinance is political instability, which delays regulatory reforms.

Breaking down the rank, Egypt came in 41st in terms of regulatory framework and practices, while scoring 46th in supporting the institutional framework. The country came in last in the stability evaluation.

Hence, the country mainly needs to work on its institutional framework and be concerned with political stability, as well as address its “weak dispute-resolution mechanisms”, according to the report. 

In an attempt to raise awareness about the new law issued last week and give an outlook on what will happen in 2015, EFSA joined forces with conference organizer IQPC to host “Microfinance Egypt” – an event that will take place from the 20th – 21st of January 2015. The conference will include panel discussions, showcases and workshops. For more information on the event, please click here. 

In general, Microfinancial Institutions (MFIs) do not routinely disclose interest rates, and the participation in credit bureaus in Egypt is higher than Yemen, which prevents multiple borrowing.

Who regulates microfinance in Egypt?

The Central Bank of Egypt, the Ministry of Social Solidarity, and the Egyptian Financial Supervisory Authority.

Who provides microfinance services? 

Four banks and over 400 non-governmental organization-microfinance institutions (NGO-MFIs), according to the Economist report.

What is the main burden?

The Economist Intelligence Unit pinpoints political instability – in reference to the removal of former president Mohamed Morsi and the new draft NGO Law.