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Mameesh: exempting commodaties and services at SC Economic Zone from the added value

 Vice admiral/ Mohab Mameesh head of Suez Canal Economic Zone general authority has announced approval of finance ministry and Egyptian taxes authority submission of some commodaties and services at SC Economic Zone to added value tax with (zero) price with regards to commodities and service that local market issue for the Zones projects “incoming to the Zone from abroad” ands their treatment as exported commodities. These on condition that it is a necessity for practicing the activity as projects transactions in the Zone are  to be exported abroad, hence participating in reducing manufacturing cost  and  glorifying  local component  to become analternative for importing from abroad  and this following president Sisi instructions  to facilitate investors works at the Zone and the organizational structure of the Zone’s projects.   

 

 Mameesh has also added that the Economic authority is of a special nature enjoying additional authorities over other zones in accordance with  law number 83 for the year 2003 and its amendments in 2015 to be competent with other zones around the world, assuring that the zone is seeking cooperation with state’s concerned bodies  to set bases and investment incentives for the zone in accordance with the law  and which makes it coping with developments occurring in  different investment fields.     

  

 

He also noted that the Zone enjoys tax incentives and non-tax where the Zone is classified as category “A” being higest investment zones in Egypt, where it enjoys biggest percentage of tax incentives representing 50% of investment costs that the project costed and for a period of 7 years from the actual start of the activity, reduction of net profit subjected to taxes. In addition to the Zone’s submission to taxes of zero price for commodities and services that the Zone’s projects exports abroad and also for commodities and services that local market exports for the Zone’s project: this helps in the country’s inner market traffic activation; as a result of glorifying beneffitting from ore materials and production requirements of local market and increasing added value of industrial projects.  

 Mameesh has also pointed out to law and ite executive regulations issued by Cabinet decree, where it provides for the Zone facilities and non tax exemptions for projects in accordance with their criteria.  

 

 


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