In a statement released by the Ministry of Finance on Tuesday, Maait said the step would also help create more job opportunities in parallel with offering “simplified” tax treatment for these projects.
He also emphasised that the state is pressing ahead with efforts to support the industry sector by all possible means to turn global crises into supportive development opportunities for the Egyptian economy.
Furthermore, the state seeks to enhance its production capabilities in various sectors, achieve food security, promote exports, and improve the competitiveness of Egyptian products in international market, according to the statement.
The country has recently introduced several tax and customs incentives to deepen domestic manufacturing and industrial development — especially in the fields of agriculture and industry — in order to achieve self-sufficiency in food and strategic commodities and curb imported inflation.
Additionally, the recent amendments in the Customs Tariff Law also included reducing the import duty on more than 150 types of production requirements and inputs to stimulate the national industry.
Maait also announced that the country’s House of Representatives — the country’s lower chamber of Parliament — approved a new law to reduce up to 65 percent of fines and delay interest charged on taxes, customs, and real estate taxes not paid by the original due date.
However, this reduction will be provided on condition that the original taxes are paid before the end of August.
He added that applications for resolving tax disputes will be made available after the Eid El-Adha holiday until the end of December.
“This will help alleviate the burdens on the manufacturing sectors in light of the negative repercussions of the war in Europe,” the minister said.
Furthermore, the country will shoulder an estimated cost of EGP 3.3 billion resulting from a decision of exempting the industrial sector from paying real estate taxes for three years starting January 2022.
He also highlighted the recent allocation of EGP 3 billion as part of huge financial incentives announced lately to bolster the automotive industry in Egypt, especially to encourage the transition to the use of gas and electricity as of the new FY.
The decision, Maait explained, is one of many steps the country is taking to implement its strategy for localising industry and maintaining the wheel of local production.