To make it easier to provide investment incentives for industrial projects, the Egyptian Cabinet today, Thursday, announced its adoption of a draught law to change some clauses of the Investment Law established by Law No. 72 of 2017.
The draught law stated that «the company or the establishment is established within a maximum period of three years from the date of the implementation of the executive regulations for this law, and it is also permissible to extend this period for other periods that do not exceed the total of nine years; This is by a decision of the Council of Ministers, based on the proposal of the competent minister.» The Council of Ministers made this statement in a statement.
According to the announcement, a new article has been added to grant investment projects in the industries and regions decided upon by the Council of Ministers, as well as their expansion, an investment incentive that does not exceed 55% of the value of the tax on income earned from the activity in the investment project, as well as its expansions, subject to the conditions. The CEO of the Authority, which specialises in The General Investment and Free Zones, or who delegated it to issue the necessary
Additionally, the draught law mandates that the Ministry of Finance must spend this investment incentive within 45 days of the time frame set forth for submitting the annual tax declaration; otherwise, it will be worthless in exchange for a delay. The investment incentive is calculated using the credit and deduction announced by the central bank on January 1st. The date of the incentive entitlement with the exclusion of fractures of the month and the pound, and it is required to grant the incentive that the investment project, or its expansion, according to the conditions, is required in its financing until the start of the start of foreign exchange from abroad by at least 50% of
Additionally, the draught law mandates that the Ministry of Finance must spend this investment incentive within 45 days of the time frame set forth for submitting the annual tax declaration; otherwise, it will be worthless in exchange for a delay. The investment incentive is calculated using the credit and deduction announced by the central bank on January 1st. The investment project, or its enlargement, according to the rules, is required in its financing until the commencement of the start of foreign exchange from abroad by at least 50% of the date of the incentive entitlement, with the exclusion of fractures of the month and the pound.
A law giving investment incentives for industrial projects was approved by the Egyptian cabinet.
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