Egypt settles $37mln taxes for exporters in return for subsidy arrears

Egypt has settled taxes worth 600 million Egyptian pounds ($37.2 million) with exporters over the past three months in return for overdue incentive as part of export support programme, Deputy Finance Minister Ahmed Kojak said.

He also told Amwal Al Ghad on the side lines of Akhbar Al Youm Economic Conference that the government is adopting a plan to implement five initiative in order to settle the export subsidy arrears that amount to 20 million Egyptian pounds as part of the new export support programme.

He added that his ministry has received requests for tax settlements in return for export support dues worth 1 billion Egyptian pounds  ($62 billion).

He said that the ministry is reviewing new requests from 23 exporters after settling around 37 requests.

The government increased the allocation for export support to 6 billion pounds ($372 million) in this year’s budget, up from 4 billion pounds previously.