Cabinet approves three-year real estate tax holiday for some industries
No real estate tax for SMEs + strategic industries: The state will waive real estate tax for three years for small and micro businesses as well as strategic industries involved in national projects, according to a cabinet statement. Cabinet members approved the move in their final weekly meeting before the Eid break, saying the decision would support businesses struggling amid the current global economic conditions.
The tax holiday was first announced as part of the EGP 130 bn economic support package unveiled by the Madbouly government in the spring and is expected to cost the government some EGP 3.75 bn.
Also getting a nod: Cabinet also approved building six new technology universities in Giza, Alexandria, Port Said, Luxor, Assiut and Gharbiya governorates. The new facilities are set to open their doors in the next academic year.
Hello there, Air Sphinx: New budget airline Air Sphinx will begin operations this winter from airports in Hurghada, Sharm El Sheikh, Luxor, Sphinx interantioanl in Giza, and Cairo, the statement said. The carrier is a subsidiary of EgyptAir.