Egypt's FEC, TRAIN partner to support food exporters    Spot Gold, futures slips on Thursday, July 17th    Egypt's EHA, Huawei discuss enhanced digital health    Egypt expresses condolences to Iraq over fire tragedy    Egypt, Oman discuss environmental cooperation    Egypt's Environment Minister attends AMCEN conference in Nairobi    At London 'Egypt Day', Finance Minister outlines pro-investment policies    Sukari Gold Mine showcases successful public–private partnership: Minister of Petroleum    Egypt's FRA chief vows to reform business environment to boost investor confidence    Egyptian, Belarusian officials discuss drug registration, market access    Syria says it will defend its territory after Israeli strikes in Suwayda    Pakistan names Qatari royal as brand ambassador after 'Killer Mountain' climb    Health Ministry denies claims of meningitis-related deaths among siblings    Sri Lanka's expat remittances up in June '25    EU–US trade talks enter 'decisive phase', German politician says    Egypt's Health Min. discusses drug localisation with Sandoz    Needle-spiking attacks in France prompt government warning, public fear    Foreign, housing ministers discuss Egypt's role in African development push    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt, France FMs review Gaza ceasefire efforts, reconstruction    CIB finances Giza Pyramids Sound and Light Show redevelopment with EGP 963m loan    Greco-Roman tombs with hieroglyphic inscriptions discovered in Aswan    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Egypt's investment council announces new economic incentives, administrative reforms
Published in Daily News Egypt on 16 - 05 - 2023

Egypt's Supreme Council for Investments announces a package of incentives and administrative reforms in a bid to boost investments in the country.
This came during the council's first meeting after the reconstitution on Tuesday. The meeting was chaired by President Abdel Fattah Al-Sisi, and attended by Prime Minister Mostafa Madbouly, Central Bank of Egypt Governor Hassan Abdalla, as well as ministers, officials and representatives of the private sector who are members of the Council.
The Supreme Council for Investments approved a decision to set a specific time limit for all approvals of 10 working days, and for one time upon incorporation, which adds more confidence in the investment climate in Egypt.
Also, it directed the General Authority for Investment and Free Zones (GAFI), in cooperation with all concerned authorities, to establish a "unified electronic platform for the establishment, operation and liquidation of projects.
The council also directed GAFI to approve amendments to the electronic signature law and refer it to Parliament, in a way that reduces bureaucratic barriers and simplifies procedures.
A draft decision was approved to study the amendment of some articles of the executive regulations of Egypt's Investment Law to allow licensing of industrial projects based on natural gas as one of the production inputs, to operate under the free zones system.
The Ministry of Justice has been tasked with preparing a set of legislative amendments necessary to overcome restrictions related to land ownership and to facilitate foreign ownership of real estate.
Moreover, the council agreed to expand the issuance of the golden license and not limit it to companies working on strategic or national projects. They also agreed to amend the articles regulating the golden license to ensure that companies established before the investment law of 2017 may be granted the golden license.
The decisions also included assigning the Cabinet to study transferring the affiliation of the utility sector's regulatory bodies, in a way that guarantees their independence.
This aims to enhance the separation between ownership and management in a number of state sectors.
Furthermore, the council issued a decision to amend some legal articles that grant preferential treatment to state-owned companies and entities, to level the playing field in the Egyptian market.
A draft decision was approved to issue a law establishing a unit in the Cabinet that collects data on state-owned companies, and its decisions are binding on restructuring, whether by selling or transferring affiliation from one party to another.
To address the difficulty of importing production requirements, a draft decision was approved to amend Law No. 7 of 2017; to allow the foreign investor to be registered in the importers register, for a period of 10 years.
A draft decision has been approved to ensure that no party may issue general regulatory decisions that add financial or procedural burdens related to the establishment or operation of projects that are subject to the provisions of the Investment Law.
The decision also forbids any entity to impose fees or charges for services on them, or amend them, except after taking the opinion of the GAFI's Board of Directors, the approval of Cabinet, and the Supreme Council of Investments.
A draft decision was also approved directing the Ministry of Finance to create a clearing system between investors' dues and their tax or other burdens for the benefit of government agencies, with a time limit (45 days) that guarantees the speedy refund of value-added tax and speeding up procedures.
Within the framework of efforts to create a stable tax legislative environment, a draft decision was approved to accelerate the release of Egypt's tax policy document for the next five years.
This decision aims to ensure clarity and eliminate the instability of tax legislation, the multiplicity of agencies entrusted with it, and the imposition of additional fees from various agencies.
The decisions also included a draft decision to assign the Ministry of Justice to finalize the amendments to the profit transfer law for holding companies and subsidiaries, in a way that ensures the reduction of tax burdens and the avoidance of double taxation.
It also included the adoption of a package of incentives in support of a number of sectors and projects, with regard to export and customs fee and standardised pricing strategy.
This includes agricultural, industrial, and energy sectors with regard to green hydrogen production, in addition to the housing sector, real estate developers and investment projects in new cities, as well as the transportation sector.


Clic here to read the story from its source.