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Thursday, 22 October 2020

SCZone investor incentives could be ready by next month

LEGISLATION WATCH- SCZone investment incentives could be ready by next month: A package of economic and regulatory incentives being prepared by the Suez Canal Economic Zone (SCZone) and the government to attract investors will be ready in a month, SCZone head Yehia Zaki said during a general assembly meeting with Prime Minister Moustafa Madbouly yesterday. Zaki had earlier this year alluded to a mixture of non-tax incentives and customs breaks, but no specifics have been announced thus far. IT, logistics, solar energy and agriculture are among the industries that Zaki said would be high on the authority’s list of priorities during the meeting. Legislation that would codify the new incentives were expected to reach the House of Representatives by July but have since seen delays. The authority did however release customs rules and procedures for companies operating in the zone earlier this month.

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