|
The People's Assembly approved an amendment to the Law on Investment Incentives and Guarantees by extending the status of free zone projects to refinery projects. The new amendment reverses a 2008 law that repealed this status and cancelled licenses of free zones for oil refining projects. The change emphasizes Egypt's need for new refineries and to attract major investments. The change will result in the abolition of taxes and duties on equipment, and ensure that enjoyment of a free zone status in accordance with the provisions of Law No. 8 of 1997.
|
