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Monday, 13 July 2020

FinMin exempts imported steel products from 10% development fee

FinMin exempts imported steel products from new development fees: Imported finished steel products will be exempted from newly-imposed development fee after the Finance Ministry yesterday approved a request from the Federation of Egyptian Industries’ (FEI) taxes and customs committee, Al Masry Al Youm reports. The FEI had been lobbying against the introduction of the 10% fee, arguing that it would increase pressure on domestic industry and hurt its competitiveness.

Background: The House Planning and Budgeting Committee approved in May a series of new “development fees” on a wide range of products from mobile phones, concerts, sporting team contracts and even pet food. The levy was proposed by the Finance Ministry as a way to help it plug the widening fiscal deficit caused by the covid-19 pandemic.

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