Egyptian Finance Minister Mohamed Maait has confirmed that the House of Representatives has approved the draft law to remove all fee and tax exemptions for economic or investment activities by state companies.In a conference on Tuesday, Prime Minister Mostafa Madbouly stated that the government will bear the property tax for 20 industrial sectors. The PM disclosed this after announcing that the bill on canceling all legal provisions granting preferential treatment to state-owned companies was approved by the House of Representatives.The bill, which was submitted in late June, is in line 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.”Maait explained that this is reflective of presidential mandates directed to stimulating investments and further encouraging the private sector’s contributions towards the economy, which will strengthen Egypt’s production and export capabilities.  The finance 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. (ICE IL CAIRO)

Fonte notizia: https://www.businesstodayegypt.com/Article/1/2773/FinMin-affirms-House-of-Representatives%E2%80%99-a