Egypt to announce state’s tax policies document within 3 months

The Egyptian government will announce the state’s tax policies document for the upcoming five or 10 years within three months, Prime Minister Mostafa Madbouly said in a press conference on May 17th.

Minister of Finance Mohamed Maait has already mandated an international consultancy office to set the document, Madbouly added.

Madbouly also highlighted that the tourism sector has been added to the subsidized 11%-rate lending program, bringing the initiative’s value to EGP 160 billion.

The government also has approved in principle an interest installment of 10% for property developers for two years, to be applicable to investment projects in new cities whether the projects are in the real estate, agricultural, industrial, or tourism sectors, he noted.

As for the industrial sector, he said that Minister of Trade and Industry Ahmed Samir will be responsible for determining a number of industries in which investors will be exempted from customs duties and administrative.

The Cabinet has endorsed a draft law on initiating a number of exceptional incentives for the production of green hydrogen and its derivatives, he revealed.