Back to the complete issue
Tuesday, 20 September 2016

Finance Ministry and SCZone to hold meeting to discuss investor incentives and taxation

Officials from the Suez Canal Economic Zone (SCZone) and the Finance Ministry are scheduled to discuss taxes and incentives in the SCZone, Deputy Finance Minister Amr Al-Mounir told Al Borsa. He added that no “new” taxation policies regarding the zone are confirmed as of yet, and that the ministry is currently studying more effective ways to collect arrears. President Abdelfattah El Sisi had “agreed in principle” that taxes in the SCZone ought to be reviewed from 22.5%, SCZone chief Ahmed Darwish announced in July. Darwish told the newspaper that he had consistently called for pushing the tax rate down to 10% in order to attract investors. The ministry and SCZone also held meetings last month to bring back the tax incentives at special economic zones. As we reported yesterday, SCZone is going forward with plans announced to make companies pay electricity and water utilities bills in USD, a move is unpopular among foreign companies despite statements to the contrary by Darwish.

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 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; Etisalat Misr (tax ID: 235-071-579), the leading telecoms provider in Egypt; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.