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Thursday, 14 May 2020

Cabinet approves bill waiving late fees on taxes

CABINET WATCH- Cabinet approves bill waiving late fees on income, real estate taxes, others: The Madbouly cabinet greenlit in a meeting on Wednesday a bill that would waive a portion of interest payments and late fees on income tax, VAT, customs tax, real estate tax, social insurance fees, and other state dues, provided the taxes owed are cleared. The bill would waive 90% of the fees if the taxes are paid within 60 days after the bill passes, 70% if paid within the next 60 days, and 50% for the following 60 days.

Ministers also decided on Wednesday to:

  • Approve an amendment for issuing commercial licenses to natural gas-based industry projects, especially in fertilizers and petrochemicals, to operate in no-customs zones.
  • Waive purchasing fees on medicines and PPE used to combat covid-19 supplied by the Egyptian Drug Authority.
  • Allocate EGP 339 mn to the Transport Ministry’s Egyptian Maintenance Company to carry out roadworks across 12 governorates.

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