Back to the complete issue
Sunday, 17 July 2022

Cabinet approves three-year real estate tax holiday for some industries

No real estate tax for SMEs + strategic industries: The state will waive real estate tax for three years for small and micro businesses as well as strategic industries involved in national projects, according to a cabinet statement. Cabinet members approved the move in their final weekly meeting before the Eid break, saying the decision would support businesses struggling amid the current global economic conditions.

The tax holiday was first announced as part of the EGP 130 bn economic support package unveiled by the Madbouly government in the spring and is expected to cost the government some EGP 3.75 bn.

Also getting a nod: Cabinet also approved building six new technology universities in Giza, Alexandria, Port Said, Luxor, Assiut and Gharbiya governorates. The new facilities are set to open their doors in the next academic year.

Hello there, Air Sphinx: New budget airline Air Sphinx will begin operations this winter from airports in Hurghada, Sharm El Sheikh, Luxor, Sphinx interantioanl in Giza, and Cairo, the statement said. The carrier is a subsidiary of EgyptAir.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.