Are philosophical differences on the nature of investment incentives slowing down the new Investment Act? Deputy Finance Minister Amr El Monayer was quoted by Al Mal as objecting to new tax exemptions for investors, preferring instead a simple universal tax regime. Al Borsa, meanwhile, quotes him as saying that the ministry is studying how to implement tax incentives based on rebates and not exemptions. The draft investment act proposed by the Ministry of Investment would grant tax cuts to investors based in free zones and would offer special perks as a function of the project’s geographic location, size and how labor intensive it is. The law was discussed yesterday at a cabinet meeting should be finalized at the Council of Ministers level on 25 December, said Investment Minister Dalia Khorshid, according to Al Shorouk. Cabinet was due to have made that decision last week, according to media reports.