20 June 2014

Egypt: Investment Minister - No Plans to Go Back On Bourse Revenues Tax

Minister of Investment Sherif Salman said that the government has no plans to go back on the tax levied on bourse trading revenues.

In statements at the inauguration of the general assembly of the African Reinsurance Corporation, he added that his first priority is attracting more investments into Egypt and tapping new markets for Egyptian investments abroad through removing all hindrances on this score.

The Minister further highlighted in this regard the necessity of settling all disputes with the various investment parties along with introducing new legislations for attracting more investments.

Salman asserted that Egypt is an investment-attracting destination given the fact that it ranks second, after Brazil, on the list of countries where investor could attain high investment revenues.

As for reports that Qatar is planning to build one million residential units in Egypt, Salman said that no investor has put forth such a proposal, pointing out that Egypt opens its arms to all investors.

He further noted that holding the general assembly by the African Reinsurance Corporation drives home a strong message that the government is keen on promoting foreign relations with other African countries.

Meanwhile, the Minister inspected Thursday the services complex at the General Authority for Investment (GAFI).

The Minister spoke with some investors present at the complex to get familiar with their opinion on the services provided and hear their suggestions.

Salman was accompanied by senior officials at the Ministry and the GAFI.

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