Economists praise decision of real estate exemption
A number of economists praised the recent state decisions that concern with subsidizing national industry. These decisions included exempting 19 industrial activities from the real estate tax for 3 years as of beginning of January, 2022, providing that the Ministry of Finance should bear the L.E. 3.3 billion tax due on those activities. This decision is applicable only if the activity is registered within the formal economy of the state and in case that the real properties whose tax will be afforded by the state, are actually used in practicing the activity. The economists asserted that these decisions support the industrial activities toward launching a new start, achieving the targets and recovering from the international implications.
Dr. Mostafa Badrah, the economist, asserted that start working with the decision of exempting the industrial activities from tax was "favorable" and acceptable and would be reflected on the economy. He also urged the acceleration of executing the decision by paying continual visits to the industrial cities to check upon the execution and remove any obstacles or bureaucracies that might hinder the quick implementation of the decision.
Dr. Aly Al-Edrisy, economy professor at the Arab Academy for Science, Technology and Maritime Transport, pointed out that the decision of the Ministry of Finance to bear the real estate tax was "positive" as it helped the factory owners to decrease the investment costs for some important and vital industrial activities.
Al-Edrisy added that there was flexible cooperation by the Ministry of Finance to provide the manufacturers with more tax incentives to lessen the costs they currently afforded.
Dr.Rashad Abdo, the economist, on his part commented on the decision to exempt 19 industrial activities from paying the real-estate tax for 3 years saying: "this decision directly supports the national industry, because it notably reduces costs afforded by the manufacturers."
Akhbar Al-Youm