The Egyptian government is doing everything possible to attract local and foreign investors for the country's economic recovery and development of a number of major development projects. In this regard it has decided to lower the threshold for the higher tax collections for private and corporate investors. This tells the portal NUWire Investor reports .
This measure aims to create a more attractive investment environment for large monetary investments. And the amount of income tax for both private and corporate investors decreased to 22.5% from 25%. Also declared the abolition of the Egyptian "Tax millionaires", which was levied primarily on income in excess of 1 million Egyptian pounds a year, and amounted to an additional 5%.
Angus Blair, president of the Economic Institute of the Signet Institute, located in Cairo, said that this measure is fully justified in order to attract funds from abroad. "Definitely, it makes Egypt more attractive for foreign investors", - said Blair, calling the former Government's decision to increase the amount of tax a "mistake".
Egypt is an attractive destination for investment due to its favorable geographical position, but the country was hit hard by the financial crisis, due to political instability. Particularly affected tourism, and reduced the amount of foreign investment. If you made $ 13 billion, then in 2014 they were estimated as $ 4.2 billion in economic recovery in the pre-crisis 2007 the volume of direct investments -. The main task of the Egyptian government, which is taking this serious action. Egypt Investment Minister Ashraf Salman predicts an increase in foreign investment up to $ 8 billion by the end of this year.
Soon after the conference will be held in Sharm El-Sheikh, which will be attended by key figures in the investment world, including heads of international companies from the West and the Middle East. Among the participants - the head of the International Monetary Fund Christine Lagarde, US Secretary of State John Kerry and other important figures. Officials of the country believe that the forthcoming conference will be directly related to the economic recovery of Egypt as a key "cross-border" areas.
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