Egypt introducing amendments to mineral wealth law

Egyptian Investment Minister Sahar Nasr announced on Monday new amendments to the mineral wealth law no. 198/2014.

The new amendments, according to Nasr, includes legislative reforms that aim to facilitate investment activities that fall under this law.

“Projects in the mineral wealth sector will be allowed to make use of all the incentives provided in articles 10, 11, 12 and 13 in the investment law," Nasr revealed, adding that these incentives include a subtract from taxable net profits of up to 50 percent of the investment costs if these projects are established in the most needy areas on the investment map.

The minister added that the perks also include the faster issuing of licenses in an integrated development system where the developer is responsible for development, improvement, promotion and maintenance activities in the zone. In addition, the zone’s board of directors will manage the zone and draw up its action plan and its rules of doing business, while the zone’s executive office is responsible for issuing licenses to establish each project.