Sisi-Led Supreme Investment Council Issues Important DecisionsSource: www.export-egypt.com 11/2/2016, Location: Africa |
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 The Supreme Investment Council, chaired by President Abdel Fattah El Sisi, issued a number of important decisions to boost investment.
In its first full board meeting, the president okayed suggestions of handing out free infrastructured areas for investors who would build industrial projects in the southern Egyptian governorates. According to one decision, agricultural and industrial investment enterprises in this area of the country would be given five-year exemption of taxes. The same privilege would be also granted for the newly-established projects for export purposes, including strategic commodities. The council has also assented to a three-year exemption of taxes on dividends and capital gains made from trading stocks on the Egyptian stock market. The meeting decided a 35 percent discount would be given for people who pay off prices of lands set by the State Land Recovery Committee before end of December. The propitious decisions included tax reconciliation for owners of SMEs who failed to issue tax file numbers (TFNs) for their businesses. Under this decision, the owners can pay a symbolic lump sum installment per year to continue business activities until 2017. The installments would be set up during the coming two months. Under the decisions taken during the Supreme Investment Council’s first meeting which was chaired by President Abdel Fattah El Sisi, the owners of SMEs can take advantage of the Central Bank of Egypt (CBE) initiative that gives out 5 percent loans in addition to lands planned for similar purposes. According to subsequent regulations to be set by the trade minister, the Industrial Development Authority (IDA) would issue one-year temporary licences to give enterprises a chance to legalize their statuses. Also, the council announced 25 percent discount on prices of land plots in the new capital city, as well as the new cities of east Port Said, new Ismailia and Alamein. In the southern governorates, the decision set a 500-pound price per square meter for lands sold in the new cities of New Minia, New Sohag, New Assiut and New Beni Suif. The ministries and authorities concerned would report to the council on the implementation of these decisions before its next meeting. |
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