Al-Kamouny reviews impacts of decision to exempt national industry from real-estate tax for 3 years
Salah Al-Kamouny, Head of Gharbyia Chamber of Commerce and board member of Federation of Egyptian Chambers of Commerce (FEDCOC), commended the recent state decisions to exempt 19 industrial activities from paying the real-estate tax for 3 years as of beginning of January, 2022.
He stressed that the state is concerned with supporting the national industry and increasing the competitiveness of the Egyptian products, thus contributing to implement the state strategy to enhance the Egyptian exports to reach L.E. 100 billion as announced by President Al-Sisi.
In a press statement today, Al-Kamouny pointed out that this significant decision is super timely; as it maximizes the national industry, deepens the domestic products and helps manufacturers, producers and investors increase production, and also maintains the operation rates. He also assured that exempting 19 industrial activities from paying the real-estate tax for 3 years would lead in turn to increasing the operation rates at the factories affected by the current international economic crisis. This would lead to decreasing the production costs in general, followed by reduction of goods prices in the markets and availability of goods in large amounts, increasing the supply which resulted in reducing the inflation rate, added Al-Kamouny.
He also added that the exemption of 19 industrial activities from paying the real-estate tax for this duration helped increase the competitiveness of the domestic products in both domestic and international markets.