Property Tax Exemption Granted to Factories for a 3-Year Duration
Decree No. 61 of 2022
Decision No. 61 of 2022 On August 30, 2022, the Minister of Finance, Mohamed Maait, issued Decision No. 61 of 2022, which stipulated that the General Treasury of the State shall bear the value of property tax due on properties established for the purpose of conducting certain industrial activities for a period of three years starting from January 1, 2022.
The list of industrial activities for which property tax is to be borne includes approximately 19 industrial activities, with an expected total cost of 3.3 billion Egyptian pounds. These activities encompass the textile industry, engineering industries, mining industries, metallurgical industries, leather industry, wood and furniture industry, automotive industry, paper and printing, building materials, ceramics and chinaware, thermal insulation industries, electronics and electrical industries, manufacturing industries, cement industry, iron, ceramics, pharmaceutical industries, medical industries, chemical industries, food industries, and plant and animal production.
The decision specified that for the state treasury to bear the property tax for these sectors, each of the aforementioned activities must be registered within the official economy of the state, and the built properties for which the tax is borne must be actively used in practicing this activity.
The decision specified that for the state treasury to bear the property tax for these sectors, each of the aforementioned activities must be registered within the official economy of the state, and the built properties for which the tax is borne must be actively used in practicing this activity.
To conclude, this article aims to continue to enact new financial packages of tax exemptions to address the crises that have affected economic activity due to the negative consequences of the COVID-19 pandemic and the subsequent challenges of the Russian-Ukrainian crisis. This aims to maximize the state’s productive capacities, enhance the competitiveness of Egyptian exports, and support the industrial sector, ultimately promoting economic activity and achieving sustainable development.
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