ArabFinance: Factories are allegedly going to have a temporary real estate tax exemption, under a decision by Finance Minister Mohamed Maait, Amwal al Ghad cited Egyptian Federation of Investors Associations Secretary Sobhi Nasr on November 1st.

Nasr claimed that Maait would cancel administrative distraint of industrial facilities which fail to pay property tax, according to the news portal.

The decision still requires a formal sign-off from the Cabinet to come into effect, Nasr added.

The Egyptian parliament approved, last April, amendments to the real estate tax law, including a relief to businesses of some tax burdens imposed on their affiliated lands.

Copyright © 2020 Arab Finance Brokerage Company All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.