Egypt gives exporters EGP 600 mn in tax breaks to settle overdue subsidies

FinMin gives exporters EGP 600 mn in tax breaks to settle overdue subsidies: The Finance Ministry has settled EGP 600 mn in overdue export subsidies in the past three months via providing tax breaks, Vice Finance Minister Ahmed Kouchouk said. The ministry received some 60 requests from companies looking to write off the overdue amounts against their taxes, 37 of which have already been processed.

Background: Exporters are owed bns of overdue subsidies under promises made by the Export Subsidy Fund since 2012. The government began settling these payments under its new EGP 6 bn export subsidy framework in September, under which it promised to speed up the payments for larger companies that commit to new investments.