{"id":569018,"date":"2020-02-11T04:23:39","date_gmt":"2020-02-11T04:23:39","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/11\/egypt-may-exempt-state-affiliated-strategic-factories-from-property-tax\/"},"modified":"2020-02-11T04:23:39","modified_gmt":"2020-02-11T04:23:39","slug":"egypt-may-exempt-state-affiliated-strategic-factories-from-property-tax","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/11\/egypt-may-exempt-state-affiliated-strategic-factories-from-property-tax\/","title":{"rendered":"Egypt may exempt state-affiliated, strategic factories from property tax"},"content":{"rendered":"

<\/a> EXCLUSIVE-<\/strong> Gov\u2019t mulling whether to give property tax exemptions to <\/strong>state-affiliated factories and private-sector companies in a handful of \u201cstrategic\u201d industries: <\/strong>After draft cabinet-approved amendments to the Real Estate Tax Act pass the House of Representatives, the government could move to exempt factories in which it holds shares from paying taxes on industrial land in a bid to boost profitability, government sources told Enterprise. Authorities might also do the same for \u201cstrategic industries,\u201d such as oil and gas and steel, after the changes become law. Cabinet approved the changes last month<\/a>. They would, if passed, exempt idle land from property tax and grant the government the power exempt land used in strategic industries and sectors. The move would set aside a recent agreement<\/a> between the Finance Ministry and the Federation of Egyptian Industries that uses the size of land plots as part of the tax calculation.<\/p>\n

State-affiliated companies would need to seek cabinet approval for exemptions, while private companies would apply to a Finance Ministry committee<\/strong>, both on a case-by-case basis, the sources said.<\/p>\n

Idle factories and those facing financial difficulties would likely also get exemptions<\/strong>, with a presidential decree expected soon to waive part or all of the property taxes accrued during the period of inactivity, according to the sources. Those factories, many of which either shut down or struggled to recover post-2011, currently benefit from a debt relief initiative<\/a> recently launched by the Central Bank of Egypt (CBE).<\/p>\n

Oil and gas, hotels would be unaffected:<\/strong> The tax calculation agreement with the FEI, which is also in effect for the oil, gas, and mining<\/a> and hotel<\/a> industries, currently sees the latter group paying real estate taxes on installments, which will not change, say the sources. Oil and gas asset owners, meanwhile, are still adamant they should stick to the formula and are lobbying for their right to exemption, they added.<\/p>\n

Maait says industry remains a priority area for gov\u2019t: <\/strong>The Finance Ministry is studying several initiatives to boost local industry besides the proposed legislative changes, Minister Mohamed Maait told Enterprise. Maait declined to discuss those initiatives or the workings of the proposed changes, noting only that deciding which sectors will be identified as priority or strategic industries would depend on the executive regulations, which will be issued after the legal amendments are ratified by President Abdel Fattah El Sisi.<\/p>\n

Taxation and debt relief are still key priorities for industry lobby groups: <\/strong>The Egyptian Federation of Investors Association is set to meet with Maait later today to discuss all matters tax reduction and debt relief for factories as amid the Real Estate Tax Act changes, reports Youm7<\/a>. This came after the union petitioned the government to abolish all forms of real estate tax on factories.<\/p>\n","protected":false},"excerpt":{"rendered":"

EXCLUSIVE- Gov\u2019t mulling whether to give property tax exemptions to state-affiliated factories and private-sector companies in a handful of \u201cstrategic\u201d industries: After draft cabinet-approved amendments to the Real Estate Tax Act pass the House of Representatives, the government could move to exempt factories in which it holds shares from paying taxes on industrial land in […]<\/p>\n","protected":false},"author":1,"featured_media":569019,"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":[8572],"tags":[72,276,955,131,277,91,4567,2380,69],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-569018","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-enterpriseam","tag-finance-ministry","tag-hospitality","tag-manufacturing","tag-mohamed-maait","tag-oil-and-gas","tag-real-estate-tax-act","tag-speed-round","tag-tax","wpautop","entry"],"acf":{"mongo_id":"6e09a4f1-4662-4712-9fa5-de284ccfab83","is_powered_by":true,"section_story_id":"7d516919-c014-4ca0-80eb-af55172d83bd","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/2\/145.jpg","photo_position":"above","related_issue":[569008],"teaser":"","voice_url":""},"yoast_head":"\nEgypt may exempt state-affiliated, strategic factories from property tax - 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Industry could be getting a leg up from the government if the Madbouly Cabinet agrees to accept a proposal being drafted by the Trade Ministry and exempt factories from the real estate tax. The statement does not provide\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":567464,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/23\/cabinet-approves-partial-property-tax-exemption-for-factories\/","url_meta":{"origin":569018,"position":1},"title":"Cabinet approves partial property tax exemption for factories","author":"enterpriseam admin","date":"23 January 2020","format":false,"excerpt":"CABINET WATCH- Cabinet approves partial property tax exemption for factories: The Madbouly Cabinet approved draft amendments to the Real Estate Tax Act that exempts idle land from property tax, according to a cabinet statement. The amendments also grant the cabinet the power to exempt land used by strategic industries and\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/682.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":568587,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/28\/investors-call-on-the-government-to-scrap-real-estate-tax-on-factories\/","url_meta":{"origin":569018,"position":2},"title":"Investors call on the government to scrap real estate tax on factories","author":"enterpriseam admin","date":"28 January 2020","format":false,"excerpt":"Investors call for an end to real estate tax on factories: The Investors Union has petitioned the government to abolish the real estate tax on the factories, less than a week after the cabinet decided to introduce new tax exemptions, the local press reports. Samir Aref, head of the Tenth\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/718.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":575904,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/03\/are-egypts-factories-getting-closer-to-a-temporary-real-estate-tax-break\/","url_meta":{"origin":569018,"position":3},"title":"Are Egypt\u2019s factories getting closer to a temporary real estate tax break?","author":"enterpriseam admin","date":"3 November 2020","format":false,"excerpt":"Are factories getting closer to a temporary real estate tax break? That\u2019s what Egyptian Federation of Investors Association Secretary Sobhi Nasr claims, telling Amwal Al Ghad that Finance Minister Mohamed Maait agreed to temporarily exempt factories from paying the property tax. The apparent decision, which still requires a formal sign-off\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":575717,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/25\/investors-to-work-with-finmin-on-real-estate-tax-exemptions\/","url_meta":{"origin":569018,"position":4},"title":"Investors to work with FinMin on real estate tax exemptions","author":"enterpriseam admin","date":"25 October 2020","format":false,"excerpt":"Business leaders and lobby groups are now part of a joint committee with the Finance Ministry set up to address investor concerns, including the implementation of the Real Estate Tax Act, the ministry said in a statement on Friday. The committee \u2014 which brings together the Investors Union and Federation\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/10\/256.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":568334,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/27\/no-real-estate-tax-exemption-for-industry-but-maybe-a-rate-cut\/","url_meta":{"origin":569018,"position":5},"title":"No real estate tax exemption for industry, but maybe a rate cut","author":"enterpriseam admin","date":"27 December 2020","format":false,"excerpt":"Factories will not be getting the real estate tax exemption they have been vying for, but could instead see a significant reduction in their property tax dues under a new draft bill the finance and trade and industry ministries have drafted, the local press reports, citing unnamed government sources. The\u2026","rel":"","context":"In "LEGISLATION WATCH"","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/12\/437.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\/569018","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=569018"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/569018\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/569008"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/569019"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=569018"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=569018"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=569018"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=569018"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=569018"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}