ArabFinance: The Egyptian Prime Minister, Moustafa Madbouly, announced a decision stating factories and tourism places can now postpone the repayment of the due real estate tax.

All companies operating in the industrial and tourism sectors will receive a three-month delay for repaying their real estate taxes, as part of the country’s effort to boost local economy amid the outbreak of the new coronavirus (COVID-19), the Cabinet stated.

They will be also allowed to repay existing real estate tax liabilities through monthly installments for the coming six months.

Madbouly has urged the Parliament to approve the law for small and medium-sized enterprises (SMEs) and amend the real estate tax law to activate the incentives' packages for SMEs.

This move is similar to the one revealed by the Central Bank of Egypt (CBE) regarding debt repayment.

In addition, the CBE announced a new initiative for non-performing loans (NPLs) to raise the purchasing power.

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