Investment Minister Says Energy Subsidy Will Be Abolished In 4 Years

Egypt is planning to gradually abolish the energy subsidy in the next 4 years, afterwards, electricity will be according to a free price mechanism, Egypt’s minister of investment said during a meeting of Egyptian Direct Investment Association chaired by Hany Tawfik.

The minister added that the government is currently studying the tariff of electricity produced from renewable sources to put an attractive price that encourages investment in this sector.

Salman declared that no taxes will be imposed on wealth and that it does not exist in the tax system, which will be included in the Egyptian tax strategy over the next ten years.

The strategy includes imposing a 30% income tax in the first 3 years, then it decreases to 25% in 7 years afterwards, and they’ll look into reducing it to 20% in the following 5 years.

Source: AlAhram Gate & Arab Finance