Egyptian gov’t disburses 30% of exporters’ dues with minimum of LE 50M

CAIRO – 7 April 2020: "Some 30 percent of the exporters ’dues will be disbursed to the Export Support Fund, with a minimum of LE 5 million,' according to Minister of Finance Mohamed Ma’it.

Ma’it added in a statement on Tuesday that the exporting companies will be excluded from submitting a certificate of tax position to pay their dues with the Export Support and Development Fund until the end of June 2020.

He added that all the exporters ’dues will be disbursed to the Export Support and Development Fund on three segments each of 10 percent per segment, starting from July 2019 and reaching LE 5 million. That comes in support of exporters and companies in current crisis.

Ma’it stressed the government's keenness to take all thenecessary measures to support the industrial sector and the Egyptian exports amid the repercussions of the global crisis of the spread of the coronavirus.

The minister pointed out that coordination has been made with the Ministry of Trade and Industry to expedite the completion of disbursing the first payment at 20 percent of the dues of the exporting companies, without being bound by the condition of submitting a certificate of tax status from the tax office affiliated with it. He stated that there is no debt payable as a condition for disbursing the dues.