El-Sisi directs new incentives package to back local strategic industries
Updated 8/28/2023 7:36:00 AM
Arab Finance: Egyptian President Abdel Fattah El-Sisi has directed the government to issue a package of incentives to support the local strategic industrial projects, as per a presidential statement on August 27th.
The package includes exemption from all kinds of taxes, excluding value-added tax, for five years, on the condition that the projects are executed and operated within a maximum of three years, depending on their size.
Additionally, some of these projects may be exempted from taxes for another five-year period, provided that they meet specific targets in accordance with the volume of foreign investments and controls set by the cabinet.
The projects’ owners can also get back up to 50% of the land’s value if the projects are implemented within half of the timeframe agreed on.
The president also directed the cabinet to expand the scope of granting golden licenses to include all the projects that target deepening local industrialization.
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