Egypt to offer EGP 1.4 bln in tax relief for producers through 2026

The government aims to alleviate burdens on citizens and support producers and investors, Maait added.

He noted that these measures align with the country's comprehensive strategy to enhance economic activity, promote domestic industries, and bolster productive endeavors.

Minister Maait highlighted that these efforts are meant to address challenges resulting from escalating geopolitical tensions.

Furthermore, Anwar Fawzy, head of the Real Estate Taxation Authority (RTA), clarified that eligible sectors include metal industries, automobile manufacturing, cement production, iron and ceramic industries, and pharmaceuticals.

Fawzy emphasized that these benefits are contingent upon the activity being conducted within the formal economy and the effective utilization of the property for the specified purpose.

Egypt faces numerous difficulties resulting from geopolitical tensions and global crises, which have caused foreign exchange outflows and a severe shortage of US dollars, leading to crises in multiple sectors and a significant inflation rate.

In 2023, Egypt witnessed a surge in headline inflation rates, peaking at 40.3 percent in September, gradually subsiding to 35.2 percent by December.