Sisi Directs Gov't to Issue Incentives Including Tax Breaks to Back Strategic IndustriesSource: www.export-egypt.com 8/27/2023, Location: Africa |
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Egypt’s President Abdel-Fattah El-Sisi directed the government to implement a package of incentives, including tax exemptions, to support projects in strategic industries.
The Cabinet will issue a detailed decree specifying these industries, Egyptian Presidential Spokesman Ahmed Fahmy said in a statement. As per El-Sisi’s directives, these projects will be exempted from all taxes except the value-added tax (VAT) for up to five years, the spokesman noted. The exemption will be applied only to projects that are implemented and begin operations within a maximum period of three years, based on their size. Tax break extension Some of these projects may be granted additional five-year tax exemptions, provided they achieve specific foreign investment targets and adhere to controls set by the Cabinet. These projects can also claim compensation for up to 50 percent of the value of their land plots, provided they are implemented within half of the specified period. Meanwhile, El-Sisi ordered that “golden licenses” be granted to all projects aiming to boost local industrialization. The golden license, activated in September 2022 as per El-Sisi’s directives, allows investors to acquire or lease land and operate enterprises on it without additional government approvals. Egypt has been working to expand industry localization in many fields and decrease imports to mitigate the effects of the ongoing global economic crisis and the country's severe foreign currency crunch. Last week, El-Sisi emphasised the need for a "very ambitious plan" for the industrial economy to reduce foreign currency expenditure on imported products by producing domestic substitutes. |
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