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Thursday, 3 September 2020

FinMin mulls exempting sheet metal from development fees

The Finance Ministry is considering exempting importers from the 10% development fee on imports of sheet metal following a request from the Chamber of Engineering Industries of the Federation of Egyptian Industries (FEI), the local press reports. Manufacturers are currently exempt from paying the fee, but during a meeting with FinMin officials last week chamber president Mohamed El Mohandes called for extending this to importers because they provide factories with large quantities of steel sheets that they cannot import themselves. The FEI’s Chamber of Metallurgical Industries, however, is opposed to the proposal, warning that exempting importers from the fees will likely harm domestic manufacturers.

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