Egypt exempts bonds offered abroad from taxes, fees

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Wed, 11 Nov 2020 - 03:25 GMT

FILE PHOTO- Ministers partake in a Cabinet meeting

FILE PHOTO- Ministers partake in a Cabinet meeting

CAIRO – 11 November 2020: The Egyptian Cabinet approved Wednesday a draft law to exempt bonds that are offered for subscription abroad from all taxes and fees.

 

The decision states that “an exception to the provisions of Law No. 182 of 2020, to cancel the exemption on the returns of treasury bills and bonds, or capital gains resulting from dealing in these bills and bonds from the income tax. The proceeds of the bonds that are issued in the name of the government of Egypt and are offered for subscription in the global financial markets, guaranteed by the public treasury, are exempt from all taxes and fees throughout its term.”

 

This came during the weekly meeting of the Egyptian Cabinet headed by Mostafa Madbouly, where he discussed many important files and issues.

 

The Cabinet also approved the issuance of a license for the building of the Hermes Relief Center - the Qanater facility in Giza, owned by the Ministry of Social Solidarity, which is implemented under the supervision of the executive body for the renewal of the Islamic Cairo and El-Fatimia neighborhoods.

 

It also approved the President's decision to amend some provisions of Presidential Decree No. 147 of 2007 to establish a private university named "Delta University for Science and Technology", by adding a new clause to Article Three by adding the College of Energy Engineering to the university’s colleges, within the framework of keenness to reduce alienation.

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