President Abdel Fattah El Sisi has directed the government to grant targeted industrial projects a new package of incentives, as per the regulations set by the Cabinet.
Sisi made the directives during a meeting with Prime Minister Mostafa Madbouli and Minister of Trade and Industry Ahmed Samir on Sunday, to follow up the progress made in implementing a national strategy for industrial development, as well as the State’s vision for boosting the sector’s GDP contributions, according to a statement by Presidential Spokesman Ahmed Fahmy.
The incentives include a five-year exemption from all taxes, except VAT, for the companies involved in strategic industries. Such an exemption may be extended for another five years for certain industries, provided that the projects achieve their set targets.
Under the new package, companies can also get back 50 per cent of the land value they paid, upon the condition of completing the project within half of the completion period.
The package also includes increasing chances of obtaining the government “Golden License”, which shortens all the regulatory requirements in a one-step approval that reduces time and effort, for projects aimed at entrenching local manufacturing.
Source: State Information Service Egypt