Cabinet discusses giving 5-year tax exemption to industrial projects

The Cabinet in its coming meeting under Premier Atef Ebeid will discuss the Republican decrees passed to modernize the Egyptian industry including a suggestion to give a five-year tax exemption to the establishments which will benefit from the modernization program.

Minister of Industry Mustafa A1 Rifai will present a report to the Cabinet on the ministry's plan in this regard. About 10,000 industrial establishments will benefit from the plan within the coming 10 years. Some duties will be cancelled that were paid illegally.

The Republican decree called for setting up a supreme council to supervise the modernization process and have the upper hand over a special fund that will be set up to finance the plan.

Al Rifai indicated that the plan aims at increasing the industrial production and raising the exports from LE 8 billion to LE 76 after 10 years.

The fund will provide LE 500 million besides the sums allocated by the European Union for that plan.