Egypt: New Textile Materials Tax Introduced
Type
E-journal
Date
7 Jun 2012
Jurisdiction
Egypt
Taxonomy
Trade & Freedom to Trade, General Tax Law, Customs & Excise Duties
Copyright
LexisNexis
Analysis
Egypt's Industry and External Trade Minister, Dr Mahmoud Issa, has issued a new poly and propylene tax on goods imported to protect the local market from imported goods flooding in. Local industrial institutions had raised concerns about the impact of imported goods on the market. The minister confirmed the new 15% tax will last for 200 days to verify the market hasn't been overwhelmed with imported goods.
The tax will be cancelled if there are no signs of market flooding.
The Minister added the decision aims to protect the country's petrochemical sector.
For full story see: http://www.ahram.org.eg/Economy/News/153745.aspx