Egypt Issues New Incentives In Time Of COVID-19

Egypt Issues New Incentives In Time Of COVID-19
Egypt has issued new incentives to boost the economy, including property tax relief, slashing taxes on EGX transactions, an export subsidy of EGP 1 bn, and cutting energy prices.
In a statement released March 17, the Egyptian government has issued a number of incentives to boost its economy and those include: postponing the outstanding property tax on factories and touristic institutions for three months to be paid afterwards on monthly installments for six months.
Local investors will see stamp duty reduced to E GP 0.50 from per EGP 1,000 until the implementation of a capital gains tax as of 2022. Stamp duty for foreign investors, too, has been reduced to EGP 1.25 from EGP 1.5 to per EGP 1,000.
Energy prices (gas and electricity) will be the same for the coming three to five years across sectors, aside from the oil and gas industry, which saw reductions in natural gas and electricity prices.
Throughout March and April, the Egyptian government is, also, to provide exporters with a “subsidy fund” of EGP 1 bn for arrears under approved initiatives with an additional 10% payment in June.
Egypt has also exempted immediate stock transactions from stamp duty, foreign investors from the capital gains tax, and delayed its implementation for investors to January 2022 in an aim to boost trading.
These decisions reflect Egypt’s continuous support of the investment climate across all sectors and its keenness to enhance business confidence across its markets at times of combatting the recent pandemic that has its major toll on markets worldwide.

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