Cairo – Mubasher: The Egyptian government announced a number of measures to support the economy amid the rising concerns over the spread of the novel coronavirus (COVID-19).

Energy prices for factories

The most populous Arab nation slashed the price of natural gas for the industrial sector to $4.50 per 1 million British thermal units (MMBtu), the prime minister Mostafa Madbouly said in a statement late on Tuesday.

In addition, the price of electricity per kilowatt hour (kWh) was also reduced by EGP 0.10 for medium, high, and ultra-high voltages, Madbouly added.

Electricity prices for industrial purposes will be fixed for the coming three to five years, he pointed out.

Stamp taxes

Moreover, stamp taxes on transactions on the Egyptian Exchange (EGX) will be reduced to 0.125% from 0.15% for non-residents and to 0.05% from 0.15% for residents.

Capital gain taxes on bourse transactions will be applied on 1 January 2022 and non-residents will be exempt.

Additionally, taxes on dividends from listed companies was lowered by 50% to 5%.

Real estate taxes

Furthermore, the government also announced that factories and tourism facilities will be given a three-month grace period for real estate tax payment.

They will be allowed to repay current due real estate taxes in monthly installments over the coming six months.

Source: Mubasher

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