Hotels and other businesses in the tourism industry will be getting a three-month extension of their tax deadline, also without any penalties or late fees, Invest-Gate reports
This comes as part of the government’s plan to alleviate the impact of the virus outbreak on the tourism industry, Presidential Spokesman Bassam Rady noted in an April 6 statement.
All tourist establishments will also get a full six-month holiday on their real estate taxes, Rady added in the statement.
In December 2019, the Central Bank of Egypt (CBE) announced an extensive financing plan to boost the tourism sector with EGP 50 bn instead of EGP 5 bn.
According to the CBE, the plan comprises of freeing the companies from paying compound interest if they joined the market before 2011, while waiving part of their debts and helping renovate hotels. The move also includes the renewal and extension of the current tourism initiative to December 31, 2020.