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Friday, 05 June 2020

Egypt considers proposals by businessmen to alleviate negative impact of coronavirus on economy: Minister

The proposals include postponing tax return submissions for enterprises by two months and suspending real estate taxes for factories

Doaa A.Moneim , Monday 6 Apr 2020
Mait
Minister of Finance Mohamed Mait (Photo: Ahram)
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A number of Egyptian businessmen have submitted to the finance ministry several proposals on how to lessen the negative impact of the coronavirus outbreak on the economy, Finance Minister Mohamed Maait said.

Maait said in a statement on Monday that the proposals are under consideration, adding that some of these proposals would require legislative amendments, and so the ministry will submit them to the Prime Minister Mostafa Madbouly.

The proposals were made during a video conference between Maait and a number of Egyptian businessmen, including the chairman of the Federation of Egyptian Industries and the head of the Egyptian Businessmen’s Association.

The proposals include postponing tax return submissions for enterprises by two months and suspending real estate taxes for factories, Maait said, adding that the ministry has already prepared a number of amendments to the real estate tax law, which are now being discussed in parliament.

Maait also exempted export companies from providing the tax position certificate required for the disbursal of their dues from government bodies and the Export Development Fund until June, and exporters’ dues will be disbursed over three tranches of up to EGP 5 million.

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