Egyptian Minister of Finance, Mohamed Maait has confirmed that a draft law revoking fee and tax exemptions for economic or investment activities by state-owned companies has been approved by the House of Representatives.
This comes after Prime Minister Mostafa Madbouly announced the draft law’s approval in a conference on Tuesday, adding that the government will bear the property tax for 20 industrial sectors.
The draft law will cancel all legal provisions granting preferential treatment to state-owned companies, the PM explained.
The bill, which was submitted in late June, is aligned with the government’s aim of bolstering the national economy and the decisions of the Supreme Council for Investment that confirm the State's commitment to implementing the "State Ownership Policy Document.”
The finance minister explained that the law is in line with presidential directives to stimulate the private sector's investments and its participation in the development of the economy and improve Egypt’s production and export capabilities.
Maait stressed that the ministry aims to provide new guarantees of tax justice among companies operating in the Egyptian market, he said, maintaining fair opportunities for all investment and economic activities, and intensifying efforts to support the competitiveness of the private sector.
Egypt is keen to encourage private investments in various sectors, utilizing the country’s promising development opportunities in order to improve the standard of living of citizens and developing the services provided to them, Maait explained, as well as creating new job opportunities.
In an official statement released in June, the state explained that the bill’s submission would support competition under a framework featuring impartiality and transparency.
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