The Federation of Egyptian Industries (FEI) termed on Wednesday as excellent and encouraging the decisions taken by the Supreme Investment Council that held its first meeting under President Abdel Fattah El Sisi on Tuesday.

The decisions will help improve national economy, push forward production and settle investors' problems with the tax authority, head of the FEI Mohamed el Sewedy said.

Among the decisions adopted yesterday were exempting producers of basic agricultural crops that Egypt imports from taxes for five years, postponing the application of the capital gains tax on stock market transactions for another three years and authorizing the Industrial Development Authority (IDA) to issue temporary permits for unlicensed factories for one year till they settle with their conditions and obtain full permits.

Also, the council agreed to offer lands with utilities for industrial projects in Upper Egypt for free under the conditions outlined by the IDA.

Source: MENA