Efforts to Improve Investment Climate

The Cabinet of Ministers of Egypt approved a bill to abolish tax incentives for government bodies in investment and economic activities. The council said in a statement that this approval comes as part of the state’s efforts to improve the investment climate, support private sector participation in various economic activities, and dedicate and consolidate a distinct approach to ensuring fair opportunities for various investments and economic activity in financial transactions organized for them.

Support for Fair Competition

The bill also aims to support competition within the framework of neutrality, transparency, and a free market economy. The council believes that this will create a healthy investment and competitive environment that encourages investors to invest more, which will contribute to the development of the national economy and improve its performance.

Equality Between Private and Public Institutions

The articles of the bill guarantee equality between the private sector and all public institutions, institutions, bodies, enterprises, companies, or companies that contribute to its property in carrying out investment or economic activities. This will be done by applying the general principle provided for in the Law on Taxes and Duties laws for both communities without discrimination, and the abolition of all exceptions Taxes or fees, whether exempt in whole or in part, and contained in any of the laws or regulations.

Exceptions for National Security and Service Activities

The bill does not affect international agreements in force in the Arab Republic of Egypt and the exceptions provided for works and tasks related to the requirements of the protection of the state and the protection of national security, as well as exceptions provided for the activities of providing services. Execution of these agreements will be in accordance with the laws that were concluded during the period of its validity.