Egypt’s Steel Tycoon Urges Exempting Capital Commodities from Sales Tax

Egypt’s steel tycoon Ahmed Abu Hashima – owner of the Egyptian Steel Group – has renewed demands to exempt capital commodities from sales tax and impose customs duties on imported iron products.

During the second day of Builders of Egypt 2014 Forum, Abu Hashima further clarified that Egypt is among few countries that impose such kind of taxes on the capital commodities, which are used in manufacturing, production and employment activities.

He also urged Egyptian authorities to continue imposing protective tariffs that were recently announced on imported iron with a maximum of EGP 290 to turn them into customs duties so as to protect and support the local iron industry.