23rd of April 2020
Ministry of finance declares measures to support economy during COVID-19
Keywords: COVID-19
The Ministry of Finance declares that it will introduce a package of measures to support the economy during the COVID-19 crisis (for example, it will introduce a decrease in gas and electricity, delay the payment of mortgage tax, decrease income tax for lower tranches, reduce the fees for services on securities trade).
The stimulus package essentially includes the following:
1- Extending for 3 months the due date of real estate tax for factories and touristic institutions. Companies will also be allowed to pay old real estate tax in installments until September 2020.
2- Specifying EGP100 billion to counter covid-19.
3- Subsidizing gas for industrial sector.
4- Cancelling all administrative freezing on assets in exchange for 10%.
5- Supporting electricity for medium, high and extra voltage.
6- Availing EGP1 billion to exporters in March and April.
7- Lowering income tax.
8- Lowering clearance services by 20% (with maximum EGP5000).
9- Reducing the fees for services on securities exchange to 0.125% (from 0.15%) for foreign investors and 0.05% (down from 0.15%) for local investors.
10- Reducing the fees for services on securities exchange for small and medium companies by 17% (with maximum EGP1000).
11- Eliminating fees for electronic tax filing by natural taxpayers.
12- The subscription in investor protection trust (for securities exchange) is reduced by 50%.
13- The subscription of companies working in formation and management of securities becomes 5 in 1000 (with maximum EGP1000).
The Ministry of Finance declares that it will introduce a package of measures to support the economy during the COVID-19 crisis (for example, it will introduce a decrease in gas and electricity, delay the payment of mortgage tax, decrease income tax for lower tranches, reduce the fees for services on securities trade).
The stimulus package essentially includes the following:
1- Extending for 3 months the due date of real estate tax for factories and touristic institutions. Companies will also be allowed to pay old real estate tax in installments until September 2020.
2- Specifying EGP100 billion to counter covid-19.
3- Subsidizing gas for industrial sector.
4- Cancelling all administrative freezing on assets in exchange for 10%.
5- Supporting electricity for medium, high and extra voltage.
6- Availing EGP1 billion to exporters in March and April.
7- Lowering income tax.
8- Lowering clearance services by 20% (with maximum EGP5000).
9- Reducing the fees for services on securities exchange to 0.125% (from 0.15%) for foreign investors and 0.05% (down from 0.15%) for local investors.
10- Reducing the fees for services on securities exchange for small and medium companies by 17% (with maximum EGP1000).
11- Eliminating fees for electronic tax filing by natural taxpayers.
12- The subscription in investor protection trust (for securities exchange) is reduced by 50%.
13- The subscription of companies working in formation and management of securities becomes 5 in 1000 (with maximum EGP1000).
Ministry of finance declares measures to support economy during COVID-19
23rd of April 2020
Keywords: COVID-19
The Ministry of Finance declares that it will introduce a package of measures to support the economy during the COVID-19 crisis (for example, it will introduce a decrease in gas and electricity, delay the payment of mortgage tax, decrease income tax for lower tranches, reduce the fees for services on securities trade).
The stimulus package essentially includes the following:
1- Extending for 3 months the due date of real estate tax for factories and touristic institutions. Companies will also be allowed to pay old real estate tax in installments until September 2020.
2- Specifying EGP100 billion to counter covid-19.
3- Subsidizing gas for industrial sector.
4- Cancelling all administrative freezing on assets in exchange for 10%.
5- Supporting electricity for medium, high and extra voltage.
6- Availing EGP1 billion to exporters in March and April.
7- Lowering income tax.
8- Lowering clearance services by 20% (with maximum EGP5000).
9- Reducing the fees for services on securities exchange to 0.125% (from 0.15%) for foreign investors and 0.05% (down from 0.15%) for local investors.
10- Reducing the fees for services on securities exchange for small and medium companies by 17% (with maximum EGP1000).
11- Eliminating fees for electronic tax filing by natural taxpayers.
12- The subscription in investor protection trust (for securities exchange) is reduced by 50%.
13- The subscription of companies working in formation and management of securities becomes 5 in 1000 (with maximum EGP1000).
The Ministry of Finance declares that it will introduce a package of measures to support the economy during the COVID-19 crisis (for example, it will introduce a decrease in gas and electricity, delay the payment of mortgage tax, decrease income tax for lower tranches, reduce the fees for services on securities trade).
The stimulus package essentially includes the following:
1- Extending for 3 months the due date of real estate tax for factories and touristic institutions. Companies will also be allowed to pay old real estate tax in installments until September 2020.
2- Specifying EGP100 billion to counter covid-19.
3- Subsidizing gas for industrial sector.
4- Cancelling all administrative freezing on assets in exchange for 10%.
5- Supporting electricity for medium, high and extra voltage.
6- Availing EGP1 billion to exporters in March and April.
7- Lowering income tax.
8- Lowering clearance services by 20% (with maximum EGP5000).
9- Reducing the fees for services on securities exchange to 0.125% (from 0.15%) for foreign investors and 0.05% (down from 0.15%) for local investors.
10- Reducing the fees for services on securities exchange for small and medium companies by 17% (with maximum EGP1000).
11- Eliminating fees for electronic tax filing by natural taxpayers.
12- The subscription in investor protection trust (for securities exchange) is reduced by 50%.
13- The subscription of companies working in formation and management of securities becomes 5 in 1000 (with maximum EGP1000).
Insights
Disclaimer
The information included in this publication/client alert is not legal advice or any other advice. Publications and client alerts on this site are current as of their date of publication and do not necessarily reflect the present law or regulations. Please feel free to contact us should you need any legal advice related to the publication/client alert. Sharkawy & Sarhan (the “Firm”) will not be held liable for any compensatory, special, direct, incidental, indirect, or consequential damages, exemplary damages or any damages whatsoever arising out of or in connection with the use of the data, information or material included in this publication/client alert. This publication/client alert may contain links to third-party websites that are not controlled by the Firm. These third-party links are made available to you as a convenience and you agree to use these links at your own risk. Please be aware that the Firm is not responsible for the content or services offered by and of third-party websites, links as included in the Newsletter nor are we responsible for the privacy policy or practices of third-party websites links included therein.
Authorization of Use
The data, information, and material included in this publication/client alert are solely owned by the Firm. All rights related are reserved under the laws of the Arab Republic of Egypt. No part of this publication/client alert can be redistributed, copied, or reproduced without the prior written consent of the Firm.