Investment Ministry looks at three-year extension for tax discount program

The Investment Ministry is mulling a three-year extension to the seven-year tax discount scheme introduced under the Investment Act, Minister Sahar Nasr said, according to Al Mal. If enacted, the changes would give new projects 10-year tax discounts from their date of operation. The scheme gives new investments in “underdeveloped” areas tax breaks of up to 50%, and up to 30% in other areas.