Cairo – Mubasher: Egypt has approved new incentives for industrial companies and establishments that operate in line with the temporary admission regulations in a bid to support national industry and maximise its contribution to the country's gross domestic product (GDP).
The Minister of Finance, Mohamed Maait, said that these incentives will lead to creating new jobs, boosting production capacities, and improve the competitiveness of Egyptian products in international markets, according to a statement on Monday.
Companies that comply with the temporary admission regulations will be temporarily exempted from customs duties, taxes, and charges for imported raw materials and components which will be manufactured and re-exported in exchange for a guarantee not less than 60% of the value of due customs duties, taxes, and other charges for ready-made garments, of which 30% should be a cash or banking guarantee.
