Tourism Businesses Given Six-month Real Estate Tax Exemption

Egypt’s President has announced tourism businesses in the country will be exempt from paying real estate taxes for six months. The announcement was contained in directives issued by the President. All amounts owed by these businesses will be postponed for three months and there will be no fines. The President has also ordered the Central Bank consider providing hotels and other tourist establishments with low-interest funding. The President has also requested support loans for the aviation sector for two years. Finally, 30% of exporters ‘dues will be paid to the Export Support Fund, or at least five million Egyptian Pounds for each exporter, before the end of the current 2019/2020 financial year. Irregular employees affected by the Coronavirus outbreak in the country will be given EGP 500 a month for three months. An emergency fund has also been set up by the Manpower Ministry with immediate effect to ensure the salaries of affected regular workers are still distributed. Full story

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