Cabinet studying SCZone tax incentives package -Zaki: The cabinet is studying new tax incentives for investors in the Suez Canal Economic Zone (SCZone), zone chairman Yehia Zaki told the local press yesterday. Officials from the SCZone have been studying such incentives for years now after President Abdelfattah El Sisi “agreed in principle” that taxes in the SCZone ought to be reviewed from 22.5%.

New agreements in the pipeline: Zaki also said that the SCZone will sign agreements soon to build 2-3 factories for manufacturing components for the auto industry. Another agreement will be signed this quarter with Mercedes-Benz — which is preparing to assemble cars in Egypt again — to establish a car storage facility before the end of 1Q2020.

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