{"id":39657,"date":"2025-06-18T09:19:58","date_gmt":"2025-06-18T09:19:58","guid":{"rendered":"https:\/\/eces.org.eg\/?p=39657"},"modified":"2025-06-18T09:20:00","modified_gmt":"2025-06-18T09:20:00","slug":"tax-implications-of-treasury-bills-and-bonds-and-their-impact-on-egypts-budget-deficit","status":"publish","type":"post","link":"https:\/\/eces.org.eg\/en\/tax-implications-of-treasury-bills-and-bonds-and-their-impact-on-egypts-budget-deficit\/","title":{"rendered":"Tax Implications of Treasury Bills and Bonds and Their Impact on Egypt&#8217;s Budget Deficit"},"content":{"rendered":"\n<p><strong>Abstract<\/strong>:<\/p>\n\n\n\n<p>This working paper offers suggestions for addressing the negative impact of the tax treatment of treasury bills and bonds, which has increased the state&#8217;s budget deficit due to either the unfair withholding tax rate of 20% for investors who rely on leverage to finance their investments\u2014resulting in the Ministry of Finance bearing the tax burden\u2014or to violating international standard application in imposing and collecting taxes, which has opened the door wide for tax planning, both domestically and internationally.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Abstract: This working paper offers suggestions for addressing the negative impact of the tax treatment of treasury bills and bonds, which has increased the state&#8217;s budget deficit due to either the unfair withholding tax rate of 20% for investors who rely on leverage to finance their investments\u2014resulting in the Ministry of Finance bearing the tax [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":39660,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[65],"tags":[],"class_list":["post-39657","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-working-papers"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Tax Implications of Treasury Bills and Bonds and Their Impact on Egypt&#039;s Budget Deficit - ECES<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/eces.org.eg\/en\/tax-implications-of-treasury-bills-and-bonds-and-their-impact-on-egypts-budget-deficit\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tax Implications of Treasury Bills and Bonds and Their Impact on Egypt&#039;s Budget Deficit - ECES\" \/>\n<meta property=\"og:description\" content=\"Abstract: This working paper offers suggestions for addressing the negative impact of the tax treatment of treasury bills and bonds, which has increased the state&#8217;s budget deficit due to either the unfair withholding tax rate of 20% for investors who rely on leverage to finance their investments\u2014resulting in the Ministry of Finance bearing the tax [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/eces.org.eg\/en\/tax-implications-of-treasury-bills-and-bonds-and-their-impact-on-egypts-budget-deficit\/\" \/>\n<meta property=\"og:site_name\" content=\"ECES\" \/>\n<meta property=\"article:published_time\" content=\"2025-06-18T09:19:58+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-06-18T09:20:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/eces.org.eg\/wp-content\/uploads\/2025\/06\/W-P-Ar-240-scaled.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1648\" \/>\n\t<meta property=\"og:image:height\" content=\"2560\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"admin-eces-staging\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin-eces-staging\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/eces.org.eg\/en\/tax-implications-of-treasury-bills-and-bonds-and-their-impact-on-egypts-budget-deficit\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/eces.org.eg\/en\/tax-implications-of-treasury-bills-and-bonds-and-their-impact-on-egypts-budget-deficit\/\"},\"author\":{\"name\":\"admin-eces-staging\",\"@id\":\"https:\/\/eces.org.eg\/#\/schema\/person\/7981d9621302fef3e6e0a1f65d658135\"},\"headline\":\"Tax Implications of Treasury Bills and Bonds and Their Impact on Egypt&#8217;s Budget Deficit\",\"datePublished\":\"2025-06-18T09:19:58+00:00\",\"dateModified\":\"2025-06-18T09:20:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/eces.org.eg\/en\/tax-implications-of-treasury-bills-and-bonds-and-their-impact-on-egypts-budget-deficit\/\"},\"wordCount\":94,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/eces.org.eg\/#organization\"},\"articleSection\":[\"Working Papers\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/eces.org.eg\/en\/tax-implications-of-treasury-bills-and-bonds-and-their-impact-on-egypts-budget-deficit\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/eces.org.eg\/en\/tax-implications-of-treasury-bills-and-bonds-and-their-impact-on-egypts-budget-deficit\/\",\"url\":\"https:\/\/eces.org.eg\/en\/tax-implications-of-treasury-bills-and-bonds-and-their-impact-on-egypts-budget-deficit\/\",\"name\":\"Tax Implications of Treasury Bills and Bonds and Their Impact on Egypt's Budget Deficit - ECES\",\"isPartOf\":{\"@id\":\"https:\/\/eces.org.eg\/#website\"},\"datePublished\":\"2025-06-18T09:19:58+00:00\",\"dateModified\":\"2025-06-18T09:20:00+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/eces.org.eg\/en\/tax-implications-of-treasury-bills-and-bonds-and-their-impact-on-egypts-budget-deficit\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/eces.org.eg\/en\/tax-implications-of-treasury-bills-and-bonds-and-their-impact-on-egypts-budget-deficit\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/eces.org.eg\/en\/tax-implications-of-treasury-bills-and-bonds-and-their-impact-on-egypts-budget-deficit\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/eces.org.eg\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Tax Implications of Treasury Bills and Bonds and Their Impact on Egypt&#8217;s Budget Deficit\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/eces.org.eg\/#website\",\"url\":\"https:\/\/eces.org.eg\/\",\"name\":\"ECES\",\"description\":\"The Egyptian Center For Economic Studies\",\"publisher\":{\"@id\":\"https:\/\/eces.org.eg\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/eces.org.eg\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/eces.org.eg\/#organization\",\"name\":\"ECES\",\"url\":\"https:\/\/eces.org.eg\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/eces.org.eg\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/eces.org.eg\/wp-content\/uploads\/2022\/12\/eces-logo-blue-text-beside.png\",\"contentUrl\":\"https:\/\/eces.org.eg\/wp-content\/uploads\/2022\/12\/eces-logo-blue-text-beside.png\",\"width\":1794,\"height\":324,\"caption\":\"ECES\"},\"image\":{\"@id\":\"https:\/\/eces.org.eg\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/eces.org.eg\/#\/schema\/person\/7981d9621302fef3e6e0a1f65d658135\",\"name\":\"admin-eces-staging\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/eces.org.eg\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/53bfa8ab3f374bc6d5f1b8efd03ab8a47e7162e412c1b93b788f5fe73e2927fd?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/53bfa8ab3f374bc6d5f1b8efd03ab8a47e7162e412c1b93b788f5fe73e2927fd?s=96&d=mm&r=g\",\"caption\":\"admin-eces-staging\"},\"sameAs\":[\"https:\/\/eces.org.eg\"],\"url\":\"https:\/\/eces.org.eg\/en\/author\/admin-eces-staging\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Tax Implications of Treasury Bills and Bonds and Their Impact on Egypt's Budget Deficit - ECES","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/eces.org.eg\/en\/tax-implications-of-treasury-bills-and-bonds-and-their-impact-on-egypts-budget-deficit\/","og_locale":"en_US","og_type":"article","og_title":"Tax Implications of Treasury Bills and Bonds and Their Impact on Egypt's Budget Deficit - ECES","og_description":"Abstract: This working paper offers suggestions for addressing the negative impact of the tax treatment of treasury bills and bonds, which has increased the state&#8217;s budget deficit due to either the unfair withholding tax rate of 20% for investors who rely on leverage to finance their investments\u2014resulting in the Ministry of Finance bearing the tax [&hellip;]","og_url":"https:\/\/eces.org.eg\/en\/tax-implications-of-treasury-bills-and-bonds-and-their-impact-on-egypts-budget-deficit\/","og_site_name":"ECES","article_published_time":"2025-06-18T09:19:58+00:00","article_modified_time":"2025-06-18T09:20:00+00:00","og_image":[{"width":1648,"height":2560,"url":"https:\/\/eces.org.eg\/wp-content\/uploads\/2025\/06\/W-P-Ar-240-scaled.png","type":"image\/png"}],"author":"admin-eces-staging","twitter_card":"summary_large_image","twitter_misc":{"Written by":"admin-eces-staging","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/eces.org.eg\/en\/tax-implications-of-treasury-bills-and-bonds-and-their-impact-on-egypts-budget-deficit\/#article","isPartOf":{"@id":"https:\/\/eces.org.eg\/en\/tax-implications-of-treasury-bills-and-bonds-and-their-impact-on-egypts-budget-deficit\/"},"author":{"name":"admin-eces-staging","@id":"https:\/\/eces.org.eg\/#\/schema\/person\/7981d9621302fef3e6e0a1f65d658135"},"headline":"Tax Implications of Treasury Bills and Bonds and Their Impact on Egypt&#8217;s Budget Deficit","datePublished":"2025-06-18T09:19:58+00:00","dateModified":"2025-06-18T09:20:00+00:00","mainEntityOfPage":{"@id":"https:\/\/eces.org.eg\/en\/tax-implications-of-treasury-bills-and-bonds-and-their-impact-on-egypts-budget-deficit\/"},"wordCount":94,"commentCount":0,"publisher":{"@id":"https:\/\/eces.org.eg\/#organization"},"articleSection":["Working Papers"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/eces.org.eg\/en\/tax-implications-of-treasury-bills-and-bonds-and-their-impact-on-egypts-budget-deficit\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/eces.org.eg\/en\/tax-implications-of-treasury-bills-and-bonds-and-their-impact-on-egypts-budget-deficit\/","url":"https:\/\/eces.org.eg\/en\/tax-implications-of-treasury-bills-and-bonds-and-their-impact-on-egypts-budget-deficit\/","name":"Tax Implications of Treasury Bills and Bonds and Their Impact on Egypt's Budget Deficit - ECES","isPartOf":{"@id":"https:\/\/eces.org.eg\/#website"},"datePublished":"2025-06-18T09:19:58+00:00","dateModified":"2025-06-18T09:20:00+00:00","breadcrumb":{"@id":"https:\/\/eces.org.eg\/en\/tax-implications-of-treasury-bills-and-bonds-and-their-impact-on-egypts-budget-deficit\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/eces.org.eg\/en\/tax-implications-of-treasury-bills-and-bonds-and-their-impact-on-egypts-budget-deficit\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/eces.org.eg\/en\/tax-implications-of-treasury-bills-and-bonds-and-their-impact-on-egypts-budget-deficit\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/eces.org.eg\/"},{"@type":"ListItem","position":2,"name":"Tax Implications of Treasury Bills and Bonds and Their Impact on Egypt&#8217;s Budget Deficit"}]},{"@type":"WebSite","@id":"https:\/\/eces.org.eg\/#website","url":"https:\/\/eces.org.eg\/","name":"ECES","description":"The Egyptian Center For Economic Studies","publisher":{"@id":"https:\/\/eces.org.eg\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/eces.org.eg\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/eces.org.eg\/#organization","name":"ECES","url":"https:\/\/eces.org.eg\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/eces.org.eg\/#\/schema\/logo\/image\/","url":"https:\/\/eces.org.eg\/wp-content\/uploads\/2022\/12\/eces-logo-blue-text-beside.png","contentUrl":"https:\/\/eces.org.eg\/wp-content\/uploads\/2022\/12\/eces-logo-blue-text-beside.png","width":1794,"height":324,"caption":"ECES"},"image":{"@id":"https:\/\/eces.org.eg\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/eces.org.eg\/#\/schema\/person\/7981d9621302fef3e6e0a1f65d658135","name":"admin-eces-staging","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/eces.org.eg\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/53bfa8ab3f374bc6d5f1b8efd03ab8a47e7162e412c1b93b788f5fe73e2927fd?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/53bfa8ab3f374bc6d5f1b8efd03ab8a47e7162e412c1b93b788f5fe73e2927fd?s=96&d=mm&r=g","caption":"admin-eces-staging"},"sameAs":["https:\/\/eces.org.eg"],"url":"https:\/\/eces.org.eg\/en\/author\/admin-eces-staging\/"}]}},"_links":{"self":[{"href":"https:\/\/eces.org.eg\/en\/wp-json\/wp\/v2\/posts\/39657","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/eces.org.eg\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/eces.org.eg\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/eces.org.eg\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/eces.org.eg\/en\/wp-json\/wp\/v2\/comments?post=39657"}],"version-history":[{"count":4,"href":"https:\/\/eces.org.eg\/en\/wp-json\/wp\/v2\/posts\/39657\/revisions"}],"predecessor-version":[{"id":39673,"href":"https:\/\/eces.org.eg\/en\/wp-json\/wp\/v2\/posts\/39657\/revisions\/39673"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/eces.org.eg\/en\/wp-json\/wp\/v2\/media\/39660"}],"wp:attachment":[{"href":"https:\/\/eces.org.eg\/en\/wp-json\/wp\/v2\/media?parent=39657"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/eces.org.eg\/en\/wp-json\/wp\/v2\/categories?post=39657"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/eces.org.eg\/en\/wp-json\/wp\/v2\/tags?post=39657"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}