CAIRO - 17 July 2022: The House of Representatives approved a new law to bypass 65 percent of fines, delay interest and additional tax on arrears of taxes, customs and real estate tax, provided that the original tax is paid before the end of next August, according to Finance Minister Mohamed Maait. “The door will be opened for filing tax disputes after the end of the Eid al-Adha holiday, and until the end of December of this year; this will help alleviate the burdens on the productive sectors in light of the negative repercussions of the war in Europe,” the Finance Minister said. “The recent amendments to the value-added tax law include exemptions that stimulate industry, including suspending the tax payment on machinery and equipment imported from abroad for use in industrial production for a period of one year from the date of their release and dropping them as soon as production begins,” according to the Minister of Finance. This is to encourage investment in economic zones of a special nature by not charging the goods or services imported for these projects with value-added tax, according to the Minister of Finance. The minister pointed out that the recent adjustments in the customs tariff also include reducing the “import tax” on more than 150 types of production inputs and requirements to stimulate the national industry.

Source: Egypt Today July 17, 2022 16:47 UTC