The government has announced new measures to fight the negative impact imposed on businesses by the coronavirus, these measures were announced yesterday by the Egyptian parliament’s budget and planning committee.
First thing approved was the amendments to the real estate tax law, which will help relieve some industries from the burdens threatening their businesses.
“These amendments were approved by the cabinet and aim to relieve industries and businesses of some of the tax burdens to help them weather the economic storm of the coronavirus.” Minister of Finance Mohamed Maait Said.
The amendment to the real estate tax states that the land owned by businesses and industries will be relieved from the tax, if these lands are used for industrial and production activities.
The value of the tax will later be estimated by the finance minister, who who will also determine how long will they be in place.
“Upon a report to be submitted by the finance minister, the cabinet will decide whether industries using their affiliated lands in industrial, strategic and service activities are eligible for real estate tax exemptions,” said the government report regarding the amended law.
Government-drafted amendments to the income tax law has also been approved by the committee, which will ensure social justice especially for those with low-income and state employees.
Moreover, the committee has also approved a new budgetary allocation estimated at EGP 10 billion, the budget goes towards fighting the negative economic impact imposed by the coronavirus.
“This additional allocation aims to help the day and seasonal laborers who were very negatively affected by the precautionary measures taken to contain the coronavirus, not to mention that it also aims to push the wheels of production in many sectors,” said Maait.