Egyptian Senate passes amendments to Investment Law

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The Egyptian Senate gave final approval for a draft law amending some provisions of Investment Law no. 72 of 2017 extending the term of incentives stipulated in Article 11 thereof, Youm7 reported on November 13th.

The new amendment includes a new article providing investment projects that practice one of the industrial activities determined by the said law a cash investment incentive between 15% and 55% of the applicable tax on income generated through the project’s direct activities or the activities of expansions thereof.

The Ministry of Finance shall disperse the investment incentive within 45 days of the deadline for the submittal of tax reports.

To receive the investment incentive, 50% of the project’s financing shall depend on foreign currency. The project shall be working for six years prior to the application of the law.