The Committee of Economic Affairs in the House of Representatives has finalized its review of the long awaited new investment law, Mohamed Khodeir, Head of General Authority for Investment (GAFI) said, noting that the committee has discussed all clauses in the law with him throughout the previous period.
The law is expected to be presented to the House of Representatives within the coming week, Khodeir told Alborsa, who noted that the new law encourages further investments as it includes 40% tax cuts for new projects in areas most in need of investments, and 30% tax cuts for projects in other areas.
The new law includes three main parts, according to Reuters, the first of which was the simplification of required procedures, facilitating transactions, and an acceleration in their implementation.
The second part includes the guarantees offered to investors that complied with international standards.
The third part focuses on specific sectors as well as specific areas that lack a flow of investments, where the law offers temporary incentives.
