{"id":544690,"date":"2022-03-16T04:00:15","date_gmt":"2022-03-16T04:00:15","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/16\/tax-incentives-announced-for-green-emerging-investments\/"},"modified":"2022-03-16T04:00:15","modified_gmt":"2022-03-16T04:00:15","slug":"tax-incentives-announced-for-green-emerging-investments","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/16\/tax-incentives-announced-for-green-emerging-investments\/","title":{"rendered":"Tax incentives announced for green + emerging investments"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a> <strong>Gov\u2019t announces tax breaks to boost green economy + other emerging sectors: <\/strong>The government has widened the number of companies eligible for tax incentives under the <a href=\"https:\/\/bit.ly\/3tdaGAc\">Investment Act<\/a> as it looks to stimulate investment into strategic areas of the economy. Companies working on a wider range of renewable energy and manufacturing projects will now be able to <strong>deduct 30-50% of their investment costs from their tax bills<\/strong> under a decision announced yesterday by Prime Minister Moustafa Madbouly, cabinet said in <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/359176672919426\">a statement<\/a>. Certain activities in the education and sports sectors have also been added to the legislation.<\/p>\n<p><strong>Who\u2019s eligible? <\/strong>Companies working on the following projects will now benefit from the tax incentives in the 2017 legislation:<\/p>\n<ul>\n<li>green hydrogen and green ammonia production, storage and export;<\/li>\n<li>the manufacture of plastics-alternatives;<\/li>\n<li>establishing schools, technical education colleges, and universities;<\/li>\n<li>setting up sports facilities.<\/li>\n<\/ul>\n<p><strong>What incentives will they get?<\/strong> Companies who invest in specific sectors and areas of the country see tax breaks calculated on the amount invested in the project. The legislation also hands companies a flat 2% customs rate on machinery imported for the project, and a five-year exemption from stamp duty and notary fees on certain expenses.<\/p>\n<p><strong>You also need to be in specific areas of the country to get the most benefit: <\/strong>Projects in priority development areas such as the Suez Canal Economic Zone, the new capital and Upper Egypt receive 50% of their investment dedicated from their tax bills, while investment into \u201csector B\u201d areas receive the 30% deduction. Sector B projects must be either labor-intensive, SMEs, powered by renewables, or export-oriented, according to the law.<\/p>\n<p><strong>Further incentives will be on offer for companies working in other sectors:<\/strong> Companies investing in the green economy, AI, research and innovation, workforce upskilling, and localizing industry will be granted other incentives, the statement said, without providing further details.<\/p>\n<p><strong>Cabinet ministers approved the tax breaks <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ae23b8fb-b6ae-4d6c-846a-880e5605e5e2\">last week<\/a><\/strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ae23b8fb-b6ae-4d6c-846a-880e5605e5e2\">,<\/a> as part of a wider package of incentives put forward by the General Authority of Investment and Freezones.<\/p>\n<p><strong>OTHER INVESTMENT NEWS-<\/strong><\/p>\n<p><strong>Lamar is looking to invest EGP 500 mn over the next three years: <\/strong><a href=\"https:\/\/www.lamaregypt.com\/en\">Alexandria<\/a><a href=\"https:\/\/www.lamaregypt.com\/en\"><\/a><a href=\"https:\/\/www.lamaregypt.com\/en\">Agricultural Company (Lamar)<\/a> is looking to invest at least EGP 500 mn over the coming three years to expand production and strengthen its transport fleet, CFO Youssef Talaat told <a href=\"https:\/\/www.asharqbusiness.com\/article\/34971\">Bloomberg Asharq<\/a>. The firm also plans to build new factories within three to five years, he added. The dairy and juice maker invested EGP 250 mn last year, Talaat said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gov\u2019t announces tax breaks to boost green economy + other emerging sectors: The government has widened the number of companies eligible for tax incentives under the Investment Act as it looks to stimulate investment into strategic areas of the economy. Companies working on a wider range of renewable energy and manufacturing projects will now be [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":544691,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7272],"tags":[72,1130,1377,125,1378,69],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-544690","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment-watch","tag-enterpriseam","tag-green-energy","tag-investment-act","tag-investment-watch","tag-lamar","tag-tax","wpautop","entry"],"acf":{"mongo_id":"35c214ad-e38d-410d-ba79-5d20949e274b","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/3\/204.jpg","photo_position":"above","related_issue":[544680],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Tax incentives announced for green + emerging investments - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/16\/tax-incentives-announced-for-green-emerging-investments\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tax incentives announced for green + emerging investments\" \/>\n<meta property=\"og:description\" content=\"Gov\u2019t announces tax breaks to boost green economy + other emerging sectors: The government has widened the number of companies eligible for tax incentives under the Investment Act as it looks to stimulate investment into strategic areas of the economy. 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Ministers approved the incentives last week, after they were put forward by General Authority of Investment and Freezones (GAFI)\u2026","rel":"","context":"In &quot;Investment Watch&quot;","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/3\/144.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":550309,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/23\/cabinet-to-introduce-investment-incentives-for-fx-backed-industrial-projects\/","url_meta":{"origin":544690,"position":1},"title":"Cabinet to introduce investment incentives for FX-backed industrial projects","author":"enterpriseam admin","date":"23 October 2022","format":false,"excerpt":"Tax breaks for FX: Companies that use hard currency to fund at least half of the investment cost of industrial projects in Egypt could be handed generous tax breaks under plans greenlit by ministers last week, cabinet said in a statement Thursday. Under proposed amendments to the 2017 Investment Act,\u2026","rel":"","context":"In &quot;Cabinet watch&quot;","block_context":{"text":"Cabinet watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation\/cabinet-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/302.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":589629,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/06\/grandfathered-incentives-great-but-what-we-want-are-details-on-the-end-of-tax-breaks-for-state-entities\/","url_meta":{"origin":544690,"position":2},"title":"Grandfathered incentives? Great. But what we want are details on the end of tax breaks for state entities.","author":"enterpriseam admin","date":"6 July 2023","format":false,"excerpt":"Grandfathered investment incentives are great, but we\u2019re looking for more on which state entities will lose their preferential tax treatment","rel":"","context":"In &quot;LEGISLATION WATCH&quot;","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/7\/159.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577212,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/14\/fx-for-tax-cuts-plan-earns-senate-approval\/","url_meta":{"origin":544690,"position":3},"title":"FX-for-tax cuts plan earns Senate approval","author":"enterpriseam admin","date":"14 November 2022","format":false,"excerpt":"Senators approve FX-for-tax cuts incentives: The Senate has approved legalamendments that would grant income tax breaks to investors who use FX to finance at least half of the cost of their projects. Under the proposed amendments to the 2017 Investment Act, companies would receive a tax cut of up to\u2026","rel":"","context":"In &quot;LEGISLATION WATCH&quot;","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/219.jpeg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544777,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/21\/edf-renewables-among-six-consortiums-eyeing-usd-1-bn-sczone-green-ammonia-plant\/","url_meta":{"origin":544690,"position":4},"title":"EDF Renewables among six consortiums eyeing USD 1 bn SCZone green ammonia plant","author":"enterpriseam admin","date":"21 March 2022","format":false,"excerpt":"Another green ammonia plant in the SCZone? France\u2019s EDF Renewables and Egypt\u2019s ZeroWaste are together one of six international consortiums currently in talks with the Suez Canal Economic Zone (SCZone) to establish a USD 1 bn green ammonia plant that would produce green fuel for ships, SCZone head Yehia Zaki\u2026","rel":"","context":"In &quot;Green economy&quot;","block_context":{"text":"Green economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/green-economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/3\/270.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":586881,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/18\/draft-incentives-to-boost-green-hydrogen-industry-have-seen-the-light-of-day\/","url_meta":{"origin":544690,"position":5},"title":"Draft incentives to boost green hydrogen industry have seen the light of day","author":"enterpriseam admin","date":"18 May 2023","format":false,"excerpt":"A range of tax breaks are on offer for green hydrogen projects that meet certain conditions","rel":"","context":"In &quot;Cabinet watch&quot;","block_context":{"text":"Cabinet watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation\/cabinet-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/5\/1027.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/544690","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=544690"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/544690\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/544680"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/544691"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=544690"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=544690"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=544690"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=544690"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=544690"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}